DDM Analysis: 6983.TWO

Valuation Snapshot

Stable Growth	$50.81 - $79.53	$64.02
Multi-Stage	$121.09 - $133.45	$127.15
Blended Fair Value	$95.58
Current Price	$141.50
Upside	-32.45%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020
DPS	0.00%	0.00%	1.50	0.33	0.33	0.00	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	351.28%	-0.17%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	1.30%	0.42%	0.45%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	83.76
(-) Cash Dividends Paid (M)	23.85
(=) Cash Retained (M)	59.91

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	16.75	10.47	6.28
Cash Retained (M)	59.91	59.91	59.91
(-) Cash Required (M)	-16.75	-10.47	-6.28
(=) Excess Retained (M)	43.16	49.44	53.63
(/) Shares Outstanding (M)	15.91	15.91	15.91
(=) Excess Retained per Share	2.71	3.11	3.37
LTM Dividend per Share	1.50	1.50	1.50
(+) Excess Retained per Share	2.71	3.11	3.37
(=) Adjusted Dividend	4.21	4.61	4.87
WACC / Discount Rate	6.12%	6.12%	6.12%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$50.81	$64.02	$79.53
Upside / Downside	-64.09%	-54.76%	-43.80%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	83.76	82.92	82.09	81.27	80.46	79.65	82.04
Payout Ratio	28.47%	40.78%	53.08%	65.39%	77.69%	90.00%	92.50%
Projected Dividends (M)	23.85	33.82	43.58	53.14	62.51	71.69	75.89

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.12%	6.12%	6.12%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	31.54	31.86	32.19
Year 2 PV (M)	37.92	38.69	39.48
Year 3 PV (M)	43.13	44.47	45.83
Year 4 PV (M)	47.33	49.29	51.31
Year 5 PV (M)	50.62	53.26	56.01
PV of Terminal Value (M)	1,716.09	1,805.45	1,898.49
Equity Value (M)	1,926.63	2,023.02	2,123.30
Shares Outstanding (M)	15.91	15.91	15.91
Fair Value	$121.09	$127.15	$133.45
Upside / Downside	-14.42%	-10.14%	-5.69%

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UA YANG Precision Machinery Co., Ltd. (6983.TWO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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