DDM Analysis: 002756.SZ

Valuation Snapshot

Stable Growth	$113.38 - $226.80	$212.55
Multi-Stage	$36.15 - $39.50	$37.79
Blended Fair Value	$125.17
Current Price	$38.76
Upside	222.94%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	29.44%	38.66%	2.53	4.94	0.39	0.25	0.33	0.70	0.69	0.09	0.08	0.10
YoY Growth	-	-	-48.82%	1,172.27%	54.70%	-23.53%	-52.83%	0.49%	683.53%	17.00%	-23.95%	3.23%
Dividend Yield	-	-	7.60%	9.86%	0.60%	0.27%	0.92%	5.92%	5.48%	0.52%	0.34%	0.57%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	604.14
(-) Cash Dividends Paid (M)	534.33
(=) Cash Retained (M)	69.81

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	120.83	75.52	45.31
Cash Retained (M)	69.81	69.81	69.81
(-) Cash Required (M)	-120.83	-75.52	-45.31
(=) Excess Retained (M)	-51.02	-5.71	24.50
(/) Shares Outstanding (M)	529.75	529.75	529.75
(=) Excess Retained per Share	-0.10	-0.01	0.05
LTM Dividend per Share	1.01	1.01	1.01
(+) Excess Retained per Share	-0.10	-0.01	0.05
(=) Adjusted Dividend	0.91	1.00	1.05
WACC / Discount Rate	6.35%	6.35%	6.35%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$113.38	$212.55	$226.80
Upside / Downside	192.51%	448.37%	485.15%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	604.14	643.41	685.23	729.77	777.20	827.72	852.55
Payout Ratio	88.45%	88.76%	89.07%	89.38%	89.69%	90.00%	92.50%
Projected Dividends (M)	534.33	571.07	610.32	652.25	697.07	744.95	788.61

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.35%	6.35%	6.35%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	531.93	536.97	542.02
Year 2 PV (M)	529.53	539.62	549.80
Year 3 PV (M)	527.14	542.27	557.69
Year 4 PV (M)	524.75	544.93	565.69
Year 5 PV (M)	522.37	547.60	573.79
PV of Terminal Value (M)	16,512.17	17,309.71	18,137.78
Equity Value (M)	19,147.89	20,021.10	20,926.77
Shares Outstanding (M)	529.75	529.75	529.75
Fair Value	$36.15	$37.79	$39.50
Upside / Downside	-6.75%	-2.49%	1.92%

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Yongxing Special Materials Technology Co.,Ltd (002756.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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