DDM Analysis: 688312.SS

Valuation Snapshot

Stable Growth	$13.29 - $24.25	$17.83
Multi-Stage	$22.15 - $24.31	$23.21
Blended Fair Value	$20.52
Current Price	$34.45
Upside	-40.44%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	33.43%	0.00%	0.44	0.23	0.66	0.33	0.22	0.10	0.08	0.31	0.31	0.00
YoY Growth	-	-	92.56%	-65.76%	102.08%	46.03%	117.34%	22.43%	-72.77%	0.55%	0.00%	0.00%
Dividend Yield	-	-	1.45%	1.44%	3.60%	1.54%	1.00%	0.17%	0.14%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	123.92
(-) Cash Dividends Paid (M)	75.86
(=) Cash Retained (M)	48.06

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	24.78	15.49	9.29
Cash Retained (M)	48.06	48.06	48.06
(-) Cash Required (M)	-24.78	-15.49	-9.29
(=) Excess Retained (M)	23.27	32.57	38.76
(/) Shares Outstanding (M)	133.25	133.25	133.25
(=) Excess Retained per Share	0.17	0.24	0.29
LTM Dividend per Share	0.57	0.57	0.57
(+) Excess Retained per Share	0.17	0.24	0.29
(=) Adjusted Dividend	0.74	0.81	0.86
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	0.89%	1.89%	2.89%
Fair Value	$13.29	$17.83	$24.25
Upside / Downside	-61.44%	-48.24%	-29.61%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	123.92	126.26	128.64	131.07	133.55	136.07	140.16
Payout Ratio	61.22%	66.98%	72.73%	78.49%	84.24%	90.00%	92.50%
Projected Dividends (M)	75.86	84.56	93.57	102.88	112.51	122.47	129.64

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	0.89%	1.89%	2.89%
Year 1 PV (M)	78.59	79.37	80.15
Year 2 PV (M)	80.82	82.43	84.06
Year 3 PV (M)	82.59	85.07	87.60
Year 4 PV (M)	83.95	87.33	90.81
Year 5 PV (M)	84.93	89.22	93.69
PV of Terminal Value (M)	2,540.41	2,668.83	2,802.40
Equity Value (M)	2,951.30	3,092.26	3,238.70
Shares Outstanding (M)	133.25	133.25	133.25
Fair Value	$22.15	$23.21	$24.31
Upside / Downside	-35.71%	-32.64%	-29.45%

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Shenzhen Yanmade Technology Inc. (688312.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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