DDM Analysis: 600177.SS

Valuation Snapshot

Stable Growth	$7.96 - $14.55	$10.69
Multi-Stage	$14.22 - $15.60	$14.89
Blended Fair Value	$12.79
Current Price	$7.41
Upside	72.65%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	16.57%	13.22%	0.82	0.49	0.49	0.50	0.20	0.38	0.31	0.27	0.44	0.24
YoY Growth	-	-	66.75%	0.00%	-0.12%	149.99%	-48.30%	25.00%	12.00%	-37.50%	83.83%	0.00%
Dividend Yield	-	-	10.22%	6.93%	7.59%	7.31%	2.44%	6.02%	4.59%	4.52%	6.16%	3.09%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	2,604.67
(-) Cash Dividends Paid (M)	2,225.30
(=) Cash Retained (M)	379.38

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	520.93	325.58	195.35
Cash Retained (M)	379.38	379.38	379.38
(-) Cash Required (M)	-520.93	-325.58	-195.35
(=) Excess Retained (M)	-141.56	53.79	184.03
(/) Shares Outstanding (M)	4,673.01	4,673.01	4,673.01
(=) Excess Retained per Share	-0.03	0.01	0.04
LTM Dividend per Share	0.48	0.48	0.48
(+) Excess Retained per Share	-0.03	0.01	0.04
(=) Adjusted Dividend	0.45	0.49	0.52
WACC / Discount Rate	6.33%	6.33%	6.33%
Growth Rate	0.70%	1.70%	2.70%
Fair Value	$7.96	$10.69	$14.55
Upside / Downside	7.47%	44.30%	96.38%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	2,604.67	2,648.85	2,693.77	2,739.45	2,785.91	2,833.16	2,918.15
Payout Ratio	85.43%	86.35%	87.26%	88.17%	89.09%	90.00%	92.50%
Projected Dividends (M)	2,225.30	2,287.22	2,350.60	2,415.48	2,481.88	2,549.84	2,699.29

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.33%	6.33%	6.33%
Growth Rate	0.70%	1.70%	2.70%
Year 1 PV (M)	2,129.82	2,150.97	2,172.12
Year 2 PV (M)	2,038.21	2,078.89	2,119.98
Year 3 PV (M)	1,950.32	2,009.01	2,068.86
Year 4 PV (M)	1,866.03	1,941.27	2,018.76
Year 5 PV (M)	1,785.19	1,875.61	1,969.66
PV of Terminal Value (M)	56,675.57	59,546.22	62,532.02
Equity Value (M)	66,445.13	69,601.96	72,881.39
Shares Outstanding (M)	4,673.01	4,673.01	4,673.01
Fair Value	$14.22	$14.89	$15.60
Upside / Downside	91.89%	101.00%	110.48%

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Youngor Group Co.,Ltd (600177.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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