DDM Analysis: 600883.SS

Valuation Snapshot

Stable Growth	$2.87 - $6.11	$4.08
Multi-Stage	$2.11 - $2.30	$2.20
Blended Fair Value	$3.14
Current Price	$8.01
Upside	-60.78%
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	27.49%	13.69%	0.04	0.09	0.04	0.02	0.01	0.01	0.04	0.08	0.07	0.01
YoY Growth	-	-	-49.53%	129.02%	108.55%	199.10%	-53.28%	-64.39%	-55.16%	11.52%	501.47%	0.00%
Dividend Yield	-	-	0.64%	1.22%	0.50%	0.21%	0.07%	0.17%	0.45%	0.86%	0.51%	0.08%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	35.98
(-) Cash Dividends Paid (M)	8.68
(=) Cash Retained (M)	27.30

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	7.20	4.50	2.70
Cash Retained (M)	27.30	27.30	27.30
(-) Cash Required (M)	-7.20	-4.50	-2.70
(=) Excess Retained (M)	20.10	22.80	24.60
(/) Shares Outstanding (M)	236.26	236.26	236.26
(=) Excess Retained per Share	0.09	0.10	0.10
LTM Dividend per Share	0.04	0.04	0.04
(+) Excess Retained per Share	0.09	0.10	0.10
(=) Adjusted Dividend	0.12	0.13	0.14
WACC / Discount Rate	9.98%	9.98%	9.98%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$2.87	$4.08	$6.11
Upside / Downside	-64.18%	-49.08%	-23.75%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	35.98	38.32	40.81	43.46	46.28	49.29	50.77
Payout Ratio	24.13%	37.31%	50.48%	63.65%	76.83%	90.00%	92.50%
Projected Dividends (M)	8.68	14.29	20.60	27.66	35.56	44.36	46.96

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.98%	9.98%	9.98%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	12.88	13.00	13.12
Year 2 PV (M)	16.71	17.03	17.35
Year 3 PV (M)	20.22	20.80	21.39
Year 4 PV (M)	23.41	24.31	25.23
Year 5 PV (M)	26.30	27.57	28.89
PV of Terminal Value (M)	398.96	418.23	438.23
Equity Value (M)	498.47	520.93	544.22
Shares Outstanding (M)	236.26	236.26	236.26
Fair Value	$2.11	$2.20	$2.30
Upside / Downside	-73.66%	-72.47%	-71.24%

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Yunnan Bowin Technology Industry Co.,Ltd (600883.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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