DDM Analysis: 000960.SZ

Valuation Snapshot

Stable Growth	$10.19 - $15.47	$12.67
Multi-Stage	$14.35 - $15.72	$15.02
Blended Fair Value	$13.85
Current Price	$23.14
Upside	-40.16%
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	5.21%	-0.92%	0.51	0.12	0.11	0.47	0.41	0.39	0.45	0.35	0.37	0.41
YoY Growth	-	-	329.42%	9.09%	-77.11%	16.83%	2.93%	-12.82%	30.29%	-6.19%	-9.17%	-26.96%
Dividend Yield	-	-	3.33%	0.78%	0.73%	2.26%	3.29%	4.77%	3.45%	2.57%	2.81%	3.37%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,906.16
(-) Cash Dividends Paid (M)	724.71
(=) Cash Retained (M)	1,181.45

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	381.23	238.27	142.96
Cash Retained (M)	1,181.45	1,181.45	1,181.45
(-) Cash Required (M)	-381.23	-238.27	-142.96
(=) Excess Retained (M)	800.22	943.18	1,038.49
(/) Shares Outstanding (M)	1,671.13	1,671.13	1,671.13
(=) Excess Retained per Share	0.48	0.56	0.62
LTM Dividend per Share	0.43	0.43	0.43
(+) Excess Retained per Share	0.48	0.56	0.62
(=) Adjusted Dividend	0.91	1.00	1.06
WACC / Discount Rate	9.23%	9.23%	9.23%
Growth Rate	0.26%	1.26%	2.26%
Fair Value	$10.19	$12.67	$15.47
Upside / Downside	-55.95%	-45.25%	-33.17%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,906.16	1,930.14	1,954.42	1,979.01	2,003.90	2,029.11	2,089.99
Payout Ratio	38.02%	48.42%	58.81%	69.21%	79.60%	90.00%	92.50%
Projected Dividends (M)	724.71	934.48	1,149.43	1,369.63	1,595.18	1,826.20	1,933.24

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.23%	9.23%	9.23%
Growth Rate	0.26%	1.26%	2.26%
Year 1 PV (M)	847.04	855.49	863.94
Year 2 PV (M)	944.37	963.30	982.42
Year 3 PV (M)	1,019.99	1,050.81	1,082.25
Year 4 PV (M)	1,076.80	1,120.41	1,165.32
Year 5 PV (M)	1,117.38	1,174.23	1,233.37
PV of Terminal Value (M)	18,973.77	19,939.08	20,943.29
Equity Value (M)	23,979.35	25,103.32	26,270.60
Shares Outstanding (M)	1,671.13	1,671.13	1,671.13
Fair Value	$14.35	$15.02	$15.72
Upside / Downside	-37.99%	-35.08%	-32.06%

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Yunnan Tin Company Limited (000960.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener