DDM Analysis: 002952.SZ

Valuation Snapshot

Stable Growth	$13.52 - $15.93	$14.93
Multi-Stage	$11.00 - $12.07	$11.52
Blended Fair Value	$13.22
Current Price	$19.16
Upside	-30.98%
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	5.47%	93.80%	0.42	0.36	0.13	0.32	0.28	0.32	0.00	0.24	0.35	0.09
YoY Growth	-	-	17.97%	180.22%	-60.23%	15.38%	-13.97%	0.00%	-100.00%	-30.10%	269.99%	16,655.04%
Dividend Yield	-	-	2.15%	1.25%	0.68%	2.39%	1.87%	2.16%	0.00%	1.54%	2.20%	0.59%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	12.37
(-) Cash Dividends Paid (M)	8.14
(=) Cash Retained (M)	4.23

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	2.47	1.55	0.93
Cash Retained (M)	4.23	4.23	4.23
(-) Cash Required (M)	-2.47	-1.55	-0.93
(=) Excess Retained (M)	1.76	2.69	3.30
(/) Shares Outstanding (M)	154.49	154.49	154.49
(=) Excess Retained per Share	0.01	0.02	0.02
LTM Dividend per Share	0.05	0.05	0.05
(+) Excess Retained per Share	0.01	0.02	0.02
(=) Adjusted Dividend	0.06	0.07	0.07
WACC / Discount Rate	-1.21%	-1.21%	-1.21%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$13.52	$14.93	$15.93
Upside / Downside	-29.45%	-22.10%	-16.87%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	12.37	13.18	14.03	14.94	15.92	16.95	17.46
Payout Ratio	65.79%	70.63%	75.48%	80.32%	85.16%	90.00%	92.50%
Projected Dividends (M)	8.14	9.31	10.59	12.00	13.55	15.26	16.15

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	-1.21%	-1.21%	-1.21%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	9.33	9.42	9.51
Year 2 PV (M)	10.65	10.85	11.06
Year 3 PV (M)	12.10	12.45	12.80
Year 4 PV (M)	13.71	14.23	14.77
Year 5 PV (M)	15.47	16.22	16.99
PV of Terminal Value (M)	1,637.56	1,716.65	1,798.77
Equity Value (M)	1,698.82	1,779.82	1,863.91
Shares Outstanding (M)	154.49	154.49	154.49
Fair Value	$11.00	$11.52	$12.07
Upside / Downside	-42.61%	-39.87%	-37.03%

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Yes Optoelectronics (Group) Co., Ltd. (002952.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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