DDM Analysis: 603267.SS

Valuation Snapshot

Stable Growth	$20.54 - $44.23	$29.32
Multi-Stage	$15.51 - $16.95	$16.22
Blended Fair Value	$22.77
Current Price	$58.66
Upside	-61.18%
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	-0.55%	17.54%	0.39	0.44	0.46	0.41	0.02	0.40	0.05	0.16	0.33	0.42
YoY Growth	-	-	-11.86%	-4.21%	12.12%	1,671.58%	-94.20%	685.87%	-67.98%	-52.41%	-21.23%	448.81%
Dividend Yield	-	-	0.75%	1.25%	0.59%	0.32%	0.02%	1.19%	0.24%	0.76%	1.59%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	248.73
(-) Cash Dividends Paid (M)	42.85
(=) Cash Retained (M)	205.88

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	49.75	31.09	18.65
Cash Retained (M)	205.88	205.88	205.88
(-) Cash Required (M)	-49.75	-31.09	-18.65
(=) Excess Retained (M)	156.13	174.79	187.22
(/) Shares Outstanding (M)	230.73	230.73	230.73
(=) Excess Retained per Share	0.68	0.76	0.81
LTM Dividend per Share	0.19	0.19	0.19
(+) Excess Retained per Share	0.68	0.76	0.81
(=) Adjusted Dividend	0.86	0.94	1.00
WACC / Discount Rate	9.60%	9.60%	9.60%
Growth Rate	5.19%	6.19%	7.19%
Fair Value	$20.54	$29.32	$44.23
Upside / Downside	-64.98%	-50.02%	-24.60%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	248.73	264.12	280.45	297.80	316.22	335.78	345.86
Payout Ratio	17.23%	31.78%	46.34%	60.89%	75.45%	90.00%	92.50%
Projected Dividends (M)	42.85	83.94	129.95	181.33	238.58	302.20	319.92

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.60%	9.60%	9.60%
Growth Rate	5.19%	6.19%	7.19%
Year 1 PV (M)	75.87	76.59	77.31
Year 2 PV (M)	106.15	108.18	110.23
Year 3 PV (M)	133.87	137.73	141.66
Year 4 PV (M)	159.19	165.33	171.65
Year 5 PV (M)	182.25	191.08	200.24
PV of Terminal Value (M)	2,922.21	3,063.78	3,210.79
Equity Value (M)	3,579.54	3,742.68	3,911.87
Shares Outstanding (M)	230.73	230.73	230.73
Fair Value	$15.51	$16.22	$16.95
Upside / Downside	-73.55%	-72.35%	-71.10%

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Beijing Yuanliu Hongyuan Electronic Technology Co., Ltd. (603267.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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