DDM Analysis: 300637.SZ

Valuation Snapshot

Stable Growth	$7.71 - $9.10	$8.52
Multi-Stage	$8.16 - $9.02	$8.58
Blended Fair Value	$8.55
Current Price	$13.44
Upside	-36.37%
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	-17.16%	-1.27%	0.07	0.08	0.07	0.09	0.14	0.17	0.11	0.16	0.18	0.10
YoY Growth	-	-	-22.49%	21.76%	-21.44%	-38.19%	-14.89%	60.11%	-35.95%	-8.45%	74.59%	37.72%
Dividend Yield	-	-	0.70%	0.91%	0.82%	1.17%	1.77%	1.70%	0.61%	1.58%	2.46%	1.41%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	11.70
(-) Cash Dividends Paid (M)	10.87
(=) Cash Retained (M)	0.84

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	2.34	1.46	0.88
Cash Retained (M)	0.84	0.84	0.84
(-) Cash Required (M)	-2.34	-1.46	-0.88
(=) Excess Retained (M)	-1.50	-0.63	-0.04
(/) Shares Outstanding (M)	234.81	234.81	234.81
(=) Excess Retained per Share	-0.01	0.00	0.00
LTM Dividend per Share	0.05	0.05	0.05
(+) Excess Retained per Share	-0.01	0.00	0.00
(=) Adjusted Dividend	0.04	0.04	0.05
WACC / Discount Rate	-12.51%	-12.51%	-12.51%
Growth Rate	-3.27%	-2.27%	-1.27%
Fair Value	$7.71	$8.52	$9.10
Upside / Downside	-42.61%	-36.58%	-32.27%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	11.70	11.44	11.18	10.92	10.68	10.44	10.75
Payout Ratio	92.86%	92.29%	91.72%	91.14%	90.57%	90.00%	92.50%
Projected Dividends (M)	10.87	10.56	10.25	9.96	9.67	9.39	9.94

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	-12.51%	-12.51%	-12.51%
Growth Rate	-3.27%	-2.27%	-1.27%
Year 1 PV (M)	11.94	12.06	12.19
Year 2 PV (M)	13.12	13.39	13.67
Year 3 PV (M)	14.42	14.87	15.33
Year 4 PV (M)	15.84	16.51	17.19
Year 5 PV (M)	17.40	18.32	19.28
PV of Terminal Value (M)	1,842.33	1,939.54	2,040.82
Equity Value (M)	1,915.05	2,014.70	2,118.48
Shares Outstanding (M)	234.81	234.81	234.81
Fair Value	$8.16	$8.58	$9.02
Upside / Downside	-39.32%	-36.16%	-32.87%

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Yangfan New Materials (Zhejiang) Co., Ltd. (300637.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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