DDM Analysis: 603901.SS

Valuation Snapshot

Stable Growth	$3.35 - $9.27	$5.19
Multi-Stage	$2.32 - $2.53	$2.42
Blended Fair Value	$3.80
Current Price	$11.74
Upside	-67.59%
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	27.94%	13.37%	0.18	0.14	0.17	0.13	0.07	0.05	0.04	0.07	0.03	0.03
YoY Growth	-	-	29.62%	-19.30%	34.80%	91.82%	26.75%	19.02%	-38.92%	151.87%	-12.46%	-36.17%
Dividend Yield	-	-	1.71%	1.52%	1.14%	0.94%	0.59%	0.64%	0.52%	0.83%	0.20%	0.21%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	63.69
(-) Cash Dividends Paid (M)	27.92
(=) Cash Retained (M)	35.77

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	12.74	7.96	4.78
Cash Retained (M)	35.77	35.77	35.77
(-) Cash Required (M)	-12.74	-7.96	-4.78
(=) Excess Retained (M)	23.03	27.81	30.99
(/) Shares Outstanding (M)	460.59	460.59	460.59
(=) Excess Retained per Share	0.05	0.06	0.07
LTM Dividend per Share	0.06	0.06	0.06
(+) Excess Retained per Share	0.05	0.06	0.07
(=) Adjusted Dividend	0.11	0.12	0.13
WACC / Discount Rate	8.98%	8.98%	8.98%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$3.35	$5.19	$9.27
Upside / Downside	-71.47%	-55.81%	-21.07%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	63.69	67.83	72.24	76.93	81.93	87.26	89.87
Payout Ratio	43.84%	53.07%	62.30%	71.54%	80.77%	90.00%	92.50%
Projected Dividends (M)	27.92	36.00	45.01	55.03	66.17	78.53	83.13

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.98%	8.98%	8.98%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	32.72	33.03	33.34
Year 2 PV (M)	37.18	37.89	38.61
Year 3 PV (M)	41.33	42.51	43.72
Year 4 PV (M)	45.17	46.91	48.69
Year 5 PV (M)	48.72	51.08	53.52
PV of Terminal Value (M)	862.00	903.63	946.86
Equity Value (M)	1,067.12	1,115.05	1,164.75
Shares Outstanding (M)	460.59	460.59	460.59
Fair Value	$2.32	$2.42	$2.53
Upside / Downside	-80.27%	-79.38%	-78.46%

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Hangzhou Youngsun Intelligent Equipment Co., Ltd. (603901.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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