DDM Analysis: 001268.SZ

Valuation Snapshot

Stable Growth	$61.35 - $150.26	$140.82
Multi-Stage	$22.29 - $24.37	$23.31
Blended Fair Value	$82.07
Current Price	$33.01
Upside	148.61%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018
DPS	51.40%	0.00%	0.28	0.14	0.34	0.36	0.34	0.03	0.04	0.00	0.00	0.00
YoY Growth	-	-	96.66%	-58.68%	-5.28%	6.77%	867.94%	-4.51%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	1.29%	0.70%	1.36%	1.29%	1.21%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	80.79
(-) Cash Dividends Paid (M)	52.18
(=) Cash Retained (M)	28.61

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	16.16	10.10	6.06
Cash Retained (M)	28.61	28.61	28.61
(-) Cash Required (M)	-16.16	-10.10	-6.06
(=) Excess Retained (M)	12.45	18.51	22.55
(/) Shares Outstanding (M)	106.92	106.92	106.92
(=) Excess Retained per Share	0.12	0.17	0.21
LTM Dividend per Share	0.49	0.49	0.49
(+) Excess Retained per Share	0.12	0.17	0.21
(=) Adjusted Dividend	0.60	0.66	0.70
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$61.35	$140.82	$150.26
Upside / Downside	85.87%	326.60%	355.21%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	80.79	86.04	91.63	97.58	103.93	110.68	114.00
Payout Ratio	64.59%	69.67%	74.75%	79.84%	84.92%	90.00%	92.50%
Projected Dividends (M)	52.18	59.94	68.50	77.91	88.25	99.61	105.45

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	55.73	56.26	56.79
Year 2 PV (M)	59.22	60.35	61.48
Year 3 PV (M)	62.63	64.42	66.26
Year 4 PV (M)	65.96	68.50	71.11
Year 5 PV (M)	69.23	72.57	76.04
PV of Terminal Value (M)	2,070.60	2,170.61	2,274.45
Equity Value (M)	2,383.37	2,492.71	2,606.13
Shares Outstanding (M)	106.92	106.92	106.92
Fair Value	$22.29	$23.31	$24.37
Upside / Downside	-32.47%	-29.37%	-26.16%

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Guangdong Yangshan United Precision Manufacturing Co., Ltd. (001268.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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