DDM Analysis: 605128.SS

Valuation Snapshot

Stable Growth	$156.26 - $184.10	$172.53
Multi-Stage	$126.18 - $138.48	$132.21
Blended Fair Value	$152.37
Current Price	$44.38
Upside	243.34%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	54.09%	0.00%	0.21	0.07	0.05	0.30	0.01	0.02	0.13	0.28	0.38	0.05
YoY Growth	-	-	197.01%	36.28%	-82.62%	2,690.67%	-55.75%	-80.60%	-55.21%	-25.99%	597.53%	0.00%
Dividend Yield	-	-	0.77%	0.33%	0.28%	2.37%	0.08%	0.16%	0.83%	1.84%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	155.13
(-) Cash Dividends Paid (M)	58.35
(=) Cash Retained (M)	96.78

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	31.03	19.39	11.63
Cash Retained (M)	96.78	96.78	96.78
(-) Cash Required (M)	-31.03	-19.39	-11.63
(=) Excess Retained (M)	65.75	77.39	85.15
(/) Shares Outstanding (M)	167.58	167.58	167.58
(=) Excess Retained per Share	0.39	0.46	0.51
LTM Dividend per Share	0.35	0.35	0.35
(+) Excess Retained per Share	0.39	0.46	0.51
(=) Adjusted Dividend	0.74	0.81	0.86
WACC / Discount Rate	-1.16%	-1.16%	-1.16%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$156.26	$172.53	$184.10
Upside / Downside	252.10%	288.76%	314.83%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	155.13	165.21	175.95	187.39	199.57	212.54	218.92
Payout Ratio	37.61%	48.09%	58.57%	69.05%	79.52%	90.00%	92.50%
Projected Dividends (M)	58.35	79.45	103.05	129.38	158.70	191.29	202.50

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	-1.16%	-1.16%	-1.16%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	79.63	80.38	81.14
Year 2 PV (M)	103.51	105.49	107.48
Year 3 PV (M)	130.26	133.99	137.80
Year 4 PV (M)	160.13	166.29	172.62
Year 5 PV (M)	193.44	202.79	212.49
PV of Terminal Value (M)	20,477.97	21,467.06	22,494.01
Equity Value (M)	21,144.94	22,156.00	23,205.54
Shares Outstanding (M)	167.58	167.58	167.58
Fair Value	$126.18	$132.21	$138.48
Upside / Downside	184.32%	197.91%	212.02%

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Shanghai Yanpu Metal Products Co.,Ltd (605128.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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