DDM Analysis: 002409.SZ

Valuation Snapshot

Stable Growth	$308.69 - $384.00	$359.87
Multi-Stage	$65.32 - $71.55	$68.38
Blended Fair Value	$214.12
Current Price	$73.75
Upside	190.34%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	54.11%	32.81%	0.86	0.42	0.27	0.21	0.14	0.10	0.01	0.03	0.06	0.05
YoY Growth	-	-	105.99%	55.34%	25.97%	50.42%	43.37%	839.19%	-58.54%	-56.56%	25.38%	-7.40%
Dividend Yield	-	-	1.40%	0.75%	0.52%	0.42%	0.26%	0.32%	0.06%	0.10%	0.26%	0.33%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	918.94
(-) Cash Dividends Paid (M)	226.30
(=) Cash Retained (M)	692.64

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	183.79	114.87	68.92
Cash Retained (M)	692.64	692.64	692.64
(-) Cash Required (M)	-183.79	-114.87	-68.92
(=) Excess Retained (M)	508.85	577.77	623.72
(/) Shares Outstanding (M)	475.92	475.92	475.92
(=) Excess Retained per Share	1.07	1.21	1.31
LTM Dividend per Share	0.48	0.48	0.48
(+) Excess Retained per Share	1.07	1.21	1.31
(=) Adjusted Dividend	1.54	1.69	1.79
WACC / Discount Rate	6.03%	6.03%	6.03%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$308.69	$359.87	$384.00
Upside / Downside	318.57%	387.95%	420.68%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	918.94	978.67	1,042.29	1,110.04	1,182.19	1,259.03	1,296.80
Payout Ratio	24.63%	37.70%	50.78%	63.85%	76.93%	90.00%	92.50%
Projected Dividends (M)	226.30	368.97	529.23	708.77	909.40	1,133.13	1,199.54

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.03%	6.03%	6.03%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	344.73	348.00	351.26
Year 2 PV (M)	461.97	470.77	479.65
Year 3 PV (M)	578.03	594.62	611.53
Year 4 PV (M)	692.93	719.57	746.98
Year 5 PV (M)	806.66	845.63	886.08
PV of Terminal Value (M)	28,202.27	29,564.45	30,978.76
Equity Value (M)	31,086.59	32,543.04	34,054.27
Shares Outstanding (M)	475.92	475.92	475.92
Fair Value	$65.32	$68.38	$71.55
Upside / Downside	-11.43%	-7.28%	-2.98%

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Jiangsu Yoke Technology Co., Ltd. (002409.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener