DDM Analysis: 002375.SZ

Valuation Snapshot

Stable Growth	$1.21 - $1.66	$1.44
Multi-Stage	$3.70 - $4.10	$3.90
Blended Fair Value	$2.67
Current Price	$3.80
Upside	-29.80%
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	-13.90%	-6.05%	0.06	0.07	0.08	0.09	0.10	0.13	0.10	0.11	0.11	0.12
YoY Growth	-	-	-10.18%	-19.20%	-6.63%	-10.06%	-22.36%	30.55%	-8.90%	-1.54%	-12.71%	10.80%
Dividend Yield	-	-	1.61%	1.68%	1.71%	1.53%	1.13%	1.82%	1.40%	1.56%	0.97%	0.91%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	314.82
(-) Cash Dividends Paid (M)	125.87
(=) Cash Retained (M)	188.95

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	62.96	39.35	23.61
Cash Retained (M)	188.95	188.95	188.95
(-) Cash Required (M)	-62.96	-39.35	-23.61
(=) Excess Retained (M)	125.98	149.59	165.34
(/) Shares Outstanding (M)	1,319.27	1,319.27	1,319.27
(=) Excess Retained per Share	0.10	0.11	0.13
LTM Dividend per Share	0.10	0.10	0.10
(+) Excess Retained per Share	0.10	0.11	0.13
(=) Adjusted Dividend	0.19	0.21	0.22
WACC / Discount Rate	6.44%	6.44%	6.44%
Growth Rate	-8.05%	-7.05%	-6.05%
Fair Value	$1.21	$1.44	$1.66
Upside / Downside	-68.12%	-62.14%	-56.31%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	314.82	292.63	272.01	252.84	235.02	218.46	225.01
Payout Ratio	39.98%	49.99%	59.99%	69.99%	80.00%	90.00%	92.50%
Projected Dividends (M)	125.87	146.28	163.18	176.97	188.01	196.61	208.14

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.44%	6.44%	6.44%
Growth Rate	-8.05%	-7.05%	-6.05%
Year 1 PV (M)	135.94	137.42	138.90
Year 2 PV (M)	140.93	144.02	147.13
Year 3 PV (M)	142.05	146.73	151.52
Year 4 PV (M)	140.25	146.45	152.85
Year 5 PV (M)	136.30	143.88	151.79
PV of Terminal Value (M)	4,188.94	4,421.72	4,664.74
Equity Value (M)	4,884.41	5,140.22	5,406.93
Shares Outstanding (M)	1,319.27	1,319.27	1,319.27
Fair Value	$3.70	$3.90	$4.10
Upside / Downside	-2.57%	2.53%	7.85%

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Zhejiang Yasha Decoration Co.,Ltd (002375.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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