DDM Analysis: 2755.TWO

Valuation Snapshot

Stable Growth	$372.03 - $1,088.00	$1,019.61
Multi-Stage	$151.33 - $165.50	$158.29
Blended Fair Value	$588.95
Current Price	$123.64
Upside	376.34%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019
DPS	22.11%	0.00%	2.95	0.96	1.09	1.09	0.49	1.09	0.00	0.00	0.00	0.00
YoY Growth	-	-	208.25%	-12.00%	0.00%	122.22%	-54.95%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	2.91%	1.19%	1.28%	0.00%	0.00%	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)	200.94
(-) Cash Dividends Paid (M)	108.50
(=) Cash Retained (M)	92.44

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	40.19	25.12	15.07
Cash Retained (M)	92.44	92.44	92.44
(-) Cash Required (M)	-40.19	-25.12	-15.07
(=) Excess Retained (M)	52.25	67.32	77.37
(/) Shares Outstanding (M)	36.73	36.73	36.73
(=) Excess Retained per Share	1.42	1.83	2.11
LTM Dividend per Share	2.95	2.95	2.95
(+) Excess Retained per Share	1.42	1.83	2.11
(=) Adjusted Dividend	4.38	4.79	5.06
WACC / Discount Rate	6.74%	6.74%	6.74%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$372.03	$1,019.61	$1,088.00
Upside / Downside	200.90%	724.66%	779.97%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	200.94	214.01	227.92	242.73	258.51	275.31	283.57
Payout Ratio	54.00%	61.20%	68.40%	75.60%	82.80%	90.00%	92.50%
Projected Dividends (M)	108.50	130.97	155.89	183.50	214.04	247.78	262.30

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.74%	6.74%	6.74%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	121.54	122.70	123.85
Year 2 PV (M)	134.26	136.82	139.40
Year 3 PV (M)	146.67	150.88	155.17
Year 4 PV (M)	158.78	164.88	171.16
Year 5 PV (M)	170.58	178.82	187.37
PV of Terminal Value (M)	4,826.76	5,059.90	5,301.96
Equity Value (M)	5,558.60	5,814.00	6,078.91
Shares Outstanding (M)	36.73	36.73	36.73
Fair Value	$151.33	$158.29	$165.50
Upside / Downside	22.40%	28.02%	33.86%

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YoungQin International Co., Ltd. (2755.TWO)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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