DDM Analysis: 002696.SZ

Valuation Snapshot

Stable Growth	$1.76 - $2.96	$2.29
Multi-Stage	$3.55 - $3.90	$3.72
Blended Fair Value	$3.00
Current Price	$6.22
Upside	-51.70%
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	-17.19%	7.40%	0.10	0.09	0.11	0.13	0.16	0.27	0.33	0.21	0.12	0.16
YoY Growth	-	-	10.54%	-14.39%	-17.49%	-15.70%	-40.84%	-18.08%	53.18%	81.11%	-28.24%	221.35%
Dividend Yield	-	-	2.02%	1.74%	1.63%	2.17%	2.92%	4.03%	3.73%	1.80%	0.90%	1.15%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	51.46
(-) Cash Dividends Paid (M)	26.96
(=) Cash Retained (M)	24.50

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	10.29	6.43	3.86
Cash Retained (M)	24.50	24.50	24.50
(-) Cash Required (M)	-10.29	-6.43	-3.86
(=) Excess Retained (M)	14.21	18.07	20.64
(/) Shares Outstanding (M)	345.80	345.80	345.80
(=) Excess Retained per Share	0.04	0.05	0.06
LTM Dividend per Share	0.08	0.08	0.08
(+) Excess Retained per Share	0.04	0.05	0.06
(=) Adjusted Dividend	0.12	0.13	0.14
WACC / Discount Rate	6.31%	6.31%	6.31%
Growth Rate	-0.41%	0.59%	1.59%
Fair Value	$1.76	$2.29	$2.96
Upside / Downside	-71.63%	-63.18%	-52.36%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	51.46	51.76	52.07	52.38	52.69	53.00	54.59
Payout Ratio	52.38%	59.91%	67.43%	74.95%	82.48%	90.00%	92.50%
Projected Dividends (M)	26.96	31.01	35.11	39.26	43.45	47.70	50.49

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.31%	6.31%	6.31%
Growth Rate	-0.41%	0.59%	1.59%
Year 1 PV (M)	28.88	29.17	29.46
Year 2 PV (M)	30.45	31.07	31.69
Year 3 PV (M)	31.71	32.67	33.66
Year 4 PV (M)	32.69	34.02	35.39
Year 5 PV (M)	33.41	35.13	36.91
PV of Terminal Value (M)	1,068.74	1,123.49	1,180.45
Equity Value (M)	1,225.88	1,285.54	1,347.56
Shares Outstanding (M)	345.80	345.80	345.80
Fair Value	$3.55	$3.72	$3.90
Upside / Downside	-43.01%	-40.23%	-37.35%

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Baiyang Investment Group, Inc. (002696.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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