DDM Analysis: 605020.SS

Valuation Snapshot

Stable Growth	$67.98 - $260.52	$194.92
Multi-Stage	$32.08 - $35.10	$33.56
Blended Fair Value	$114.24
Current Price	$28.38
Upside	302.53%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017
DPS	85.54%	0.00%	0.29	0.27	0.23	0.03	0.04	0.01	0.06	0.04	0.00	0.00
YoY Growth	-	-	5.45%	16.57%	633.33%	-20.46%	206.67%	-77.76%	50.43%	0.00%	0.00%	0.00%
Dividend Yield	-	-	1.26%	0.92%	0.69%	0.18%	0.56%	0.18%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	574.12
(-) Cash Dividends Paid (M)	160.97
(=) Cash Retained (M)	413.14

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	114.82	71.76	43.06
Cash Retained (M)	413.14	413.14	413.14
(-) Cash Required (M)	-114.82	-71.76	-43.06
(=) Excess Retained (M)	298.32	341.38	370.09
(/) Shares Outstanding (M)	438.27	438.27	438.27
(=) Excess Retained per Share	0.68	0.78	0.84
LTM Dividend per Share	0.37	0.37	0.37
(+) Excess Retained per Share	0.68	0.78	0.84
(=) Adjusted Dividend	1.05	1.15	1.21
WACC / Discount Rate	7.13%	7.13%	7.13%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$67.98	$194.92	$260.52
Upside / Downside	139.55%	586.81%	817.97%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	574.12	611.44	651.18	693.51	738.59	786.59	810.19
Payout Ratio	28.04%	40.43%	52.82%	65.22%	77.61%	90.00%	92.50%
Projected Dividends (M)	160.97	247.21	343.97	452.27	573.20	707.93	749.43

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.13%	7.13%	7.13%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	228.60	230.76	232.93
Year 2 PV (M)	294.13	299.73	305.39
Year 3 PV (M)	357.62	367.89	378.35
Year 4 PV (M)	419.11	435.23	451.81
Year 5 PV (M)	478.66	501.78	525.78
PV of Terminal Value (M)	12,280.20	12,873.34	13,489.18
Equity Value (M)	14,058.32	14,708.73	15,383.44
Shares Outstanding (M)	438.27	438.27	438.27
Fair Value	$32.08	$33.56	$35.10
Upside / Downside	13.03%	18.25%	23.68%

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Zhejiang Yonghe Refrigerant Co., Ltd. (605020.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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