DDM Analysis: 300971.SZ

Valuation Snapshot

Stable Growth	$7.62 - $11.71	$9.52
Multi-Stage	$9.66 - $10.58	$10.11
Blended Fair Value	$9.82
Current Price	$22.79
Upside	-56.92%
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	-4.51%	3.13%	0.24	0.24	0.37	0.39	0.28	0.30	0.22	0.23	0.23	0.07
YoY Growth	-	-	1.54%	-35.92%	-6.08%	38.38%	-6.13%	36.74%	-2.76%	-2.91%	218.83%	-58.33%
Dividend Yield	-	-	1.43%	1.62%	2.19%	1.80%	0.88%	0.93%	0.68%	0.70%	0.72%	0.23%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	73.75
(-) Cash Dividends Paid (M)	21.66
(=) Cash Retained (M)	52.10

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	14.75	9.22	5.53
Cash Retained (M)	52.10	52.10	52.10
(-) Cash Required (M)	-14.75	-9.22	-5.53
(=) Excess Retained (M)	37.35	42.88	46.56
(/) Shares Outstanding (M)	91.35	91.35	91.35
(=) Excess Retained per Share	0.41	0.47	0.51
LTM Dividend per Share	0.24	0.24	0.24
(+) Excess Retained per Share	0.41	0.47	0.51
(=) Adjusted Dividend	0.65	0.71	0.75
WACC / Discount Rate	9.71%	9.71%	9.71%
Growth Rate	1.13%	2.13%	3.13%
Fair Value	$7.62	$9.52	$11.71
Upside / Downside	-66.58%	-58.21%	-48.61%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	73.75	75.32	76.93	78.57	80.25	81.96	84.42
Payout Ratio	29.36%	41.49%	53.62%	65.75%	77.87%	90.00%	92.50%
Projected Dividends (M)	21.66	31.25	41.25	51.66	62.49	73.76	78.09

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.71%	9.71%	9.71%
Growth Rate	1.13%	2.13%	3.13%
Year 1 PV (M)	28.21	28.49	28.77
Year 2 PV (M)	33.60	34.27	34.94
Year 3 PV (M)	37.98	39.12	40.28
Year 4 PV (M)	41.47	43.14	44.85
Year 5 PV (M)	44.18	46.41	48.73
PV of Terminal Value (M)	697.20	732.35	768.92
Equity Value (M)	882.64	923.78	966.49
Shares Outstanding (M)	91.35	91.35	91.35
Fair Value	$9.66	$10.11	$10.58
Upside / Downside	-57.60%	-55.63%	-53.58%

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Xiangyang BOYA Precision Industrial Equipments Co., Ltd (300971.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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