DDM Analysis: 600366.SS

Valuation Snapshot

Stable Growth	$5.73 - $13.27	$8.39
Multi-Stage	$4.04 - $4.41	$4.22
Blended Fair Value	$6.31
Current Price	$14.31
Upside	-55.92%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-7.52%	1.12%	0.08	0.14	0.16	0.13	0.06	0.12	0.18	0.13	0.12	0.11
YoY Growth	-	-	-43.35%	-11.59%	26.20%	102.28%	-47.09%	-35.60%	44.11%	6.10%	11.95%	49.94%
Dividend Yield	-	-	0.97%	2.15%	1.65%	1.13%	0.90%	1.82%	2.64%	1.36%	1.12%	0.97%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	301.83
(-) Cash Dividends Paid (M)	40.46
(=) Cash Retained (M)	261.38

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	60.37	37.73	22.64
Cash Retained (M)	261.38	261.38	261.38
(-) Cash Required (M)	-60.37	-37.73	-22.64
(=) Excess Retained (M)	201.01	223.65	238.74
(/) Shares Outstanding (M)	1,090.46	1,090.46	1,090.46
(=) Excess Retained per Share	0.18	0.21	0.22
LTM Dividend per Share	0.04	0.04	0.04
(+) Excess Retained per Share	0.18	0.21	0.22
(=) Adjusted Dividend	0.22	0.24	0.26
WACC / Discount Rate	9.57%	9.57%	9.57%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$5.73	$8.39	$13.27
Upside / Downside	-59.93%	-41.36%	-7.25%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	301.83	321.45	342.35	364.60	388.30	413.54	425.95
Payout Ratio	13.40%	28.72%	44.04%	59.36%	74.68%	90.00%	92.50%
Projected Dividends (M)	40.46	92.33	150.78	216.43	289.98	372.18	394.00

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.57%	9.57%	9.57%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	83.47	84.26	85.05
Year 2 PV (M)	123.23	125.58	127.95
Year 3 PV (M)	159.92	164.51	169.19
Year 4 PV (M)	193.71	201.16	208.83
Year 5 PV (M)	224.77	235.63	246.90
PV of Terminal Value (M)	3,619.66	3,794.49	3,976.01
Equity Value (M)	4,404.77	4,605.64	4,813.93
Shares Outstanding (M)	1,090.46	1,090.46	1,090.46
Fair Value	$4.04	$4.22	$4.41
Upside / Downside	-71.77%	-70.49%	-69.15%

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Ningbo Yunsheng Co., Ltd. (600366.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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