DDM Analysis: 002692.SZ

Valuation Snapshot

Stable Growth	$1.69 - $3.62	$2.41
Multi-Stage	$7.54 - $8.32	$7.92
Blended Fair Value	$5.16
Current Price	$5.30
Upside	-2.60%
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	-6.25%	-7.60%	0.05	0.06	0.04	0.04	0.08	0.07	0.09	0.10	0.14	0.11
YoY Growth	-	-	-8.96%	36.45%	-1.32%	-41.09%	0.27%	-13.00%	-13.72%	-28.32%	21.62%	-4.23%
Dividend Yield	-	-	0.91%	1.48%	1.16%	1.20%	2.63%	2.04%	1.78%	1.10%	1.36%	1.40%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	68.22
(-) Cash Dividends Paid (M)	23.42
(=) Cash Retained (M)	44.81

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	13.64	8.53	5.12
Cash Retained (M)	44.81	44.81	44.81
(-) Cash Required (M)	-13.64	-8.53	-5.12
(=) Excess Retained (M)	31.16	36.28	39.69
(/) Shares Outstanding (M)	718.63	718.63	718.63
(=) Excess Retained per Share	0.04	0.05	0.06
LTM Dividend per Share	0.03	0.03	0.03
(+) Excess Retained per Share	0.04	0.05	0.06
(=) Adjusted Dividend	0.08	0.08	0.09
WACC / Discount Rate	3.16%	3.16%	3.16%
Growth Rate	-1.28%	-0.28%	0.72%
Fair Value	$1.69	$2.41	$3.62
Upside / Downside	-68.17%	-54.62%	-31.72%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	68.22	68.03	67.84	67.64	67.45	67.26	69.28
Payout Ratio	34.32%	45.46%	56.59%	67.73%	78.86%	90.00%	92.50%
Projected Dividends (M)	23.42	30.92	38.39	45.82	53.20	60.54	64.09

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	3.16%	3.16%	3.16%
Growth Rate	-1.28%	-0.28%	0.72%
Year 1 PV (M)	29.68	29.98	30.28
Year 2 PV (M)	35.35	36.07	36.80
Year 3 PV (M)	40.49	41.73	43.00
Year 4 PV (M)	45.11	46.97	48.88
Year 5 PV (M)	49.27	51.81	54.46
PV of Terminal Value (M)	5,215.32	5,484.88	5,765.47
Equity Value (M)	5,415.22	5,691.44	5,978.90
Shares Outstanding (M)	718.63	718.63	718.63
Fair Value	$7.54	$7.92	$8.32
Upside / Downside	42.18%	49.43%	56.98%

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Yuan Cheng Cable Co.,Ltd. (002692.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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