DDM Analysis: 002570.SZ

Valuation Snapshot

Stable Growth	$0.61 - $0.83	$0.72
Multi-Stage	$1.53 - $1.69	$1.61
Blended Fair Value	$1.17
Current Price	$6.17
Upside	-81.10%
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	-7.50%	-21.49%	0.03	0.04	0.05	0.06	0.06	0.05	0.06	0.06	0.04	0.01
YoY Growth	-	-	-12.53%	-21.58%	-16.03%	-6.59%	25.89%	-12.22%	-8.67%	55.14%	576.80%	-98.44%
Dividend Yield	-	-	0.71%	1.17%	1.05%	1.17%	1.21%	0.91%	0.83%	1.17%	0.31%	0.05%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	137.45
(-) Cash Dividends Paid (M)	27.61
(=) Cash Retained (M)	109.84

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	27.49	17.18	10.31
Cash Retained (M)	109.84	109.84	109.84
(-) Cash Required (M)	-27.49	-17.18	-10.31
(=) Excess Retained (M)	82.35	92.66	99.53
(/) Shares Outstanding (M)	1,092.70	1,092.70	1,092.70
(=) Excess Retained per Share	0.08	0.08	0.09
LTM Dividend per Share	0.03	0.03	0.03
(+) Excess Retained per Share	0.08	0.08	0.09
(=) Adjusted Dividend	0.10	0.11	0.12
WACC / Discount Rate	7.33%	7.33%	7.33%
Growth Rate	-7.81%	-6.81%	-5.81%
Fair Value	$0.61	$0.72	$0.83
Upside / Downside	-90.08%	-88.25%	-86.49%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	137.45	128.08	119.35	111.22	103.64	96.58	99.47
Payout Ratio	20.08%	34.07%	48.05%	62.03%	76.02%	90.00%	92.50%
Projected Dividends (M)	27.61	43.63	57.35	68.99	78.78	86.92	92.01

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.33%	7.33%	7.33%
Growth Rate	-7.81%	-6.81%	-5.81%
Year 1 PV (M)	40.22	40.65	41.09
Year 2 PV (M)	48.72	49.78	50.85
Year 3 PV (M)	54.02	55.80	57.61
Year 4 PV (M)	56.85	59.36	61.95
Year 5 PV (M)	57.81	61.01	64.36
PV of Terminal Value (M)	1,412.09	1,490.36	1,572.07
Equity Value (M)	1,669.71	1,756.96	1,847.93
Shares Outstanding (M)	1,092.70	1,092.70	1,092.70
Fair Value	$1.53	$1.61	$1.69
Upside / Downside	-75.23%	-73.94%	-72.59%

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FRD	Friedman Industries, Incorporated	0.80%	$0.16	9.82%
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HCI	HCI Group, Inc.	0.77%	$1.42	9.00%
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TOL	Toll Brothers, Inc.	0.73%	$0.99	7.16%
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Beingmate Co., Ltd. (002570.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener