DDM Analysis: 600817.SS

Valuation Snapshot

Stable Growth	$38.69 - $107.12	$100.39
Multi-Stage	$14.86 - $16.26	$15.55
Blended Fair Value	$57.97
Current Price	$11.60
Upside	399.73%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	21.06%	0.00%	0.51	0.38	0.35	0.01	0.59	0.20	0.00	0.00	0.00	0.00
YoY Growth	-	-	33.28%	8.48%	4,229.13%	-98.61%	198.51%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	4.25%	4.43%	2.98%	0.08%	3.46%	2.11%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	283.51
(-) Cash Dividends Paid (M)	66.45
(=) Cash Retained (M)	217.06

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	56.70	35.44	21.26
Cash Retained (M)	217.06	217.06	217.06
(-) Cash Required (M)	-56.70	-35.44	-21.26
(=) Excess Retained (M)	160.36	181.62	195.80
(/) Shares Outstanding (M)	526.33	526.33	526.33
(=) Excess Retained per Share	0.30	0.35	0.37
LTM Dividend per Share	0.13	0.13	0.13
(+) Excess Retained per Share	0.30	0.35	0.37
(=) Adjusted Dividend	0.43	0.47	0.50
WACC / Discount Rate	6.68%	6.68%	6.68%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$38.69	$100.39	$107.12
Upside / Downside	233.52%	765.43%	823.48%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	283.51	301.94	321.56	342.46	364.72	388.43	400.08
Payout Ratio	23.44%	36.75%	50.06%	63.37%	76.69%	90.00%	92.50%
Projected Dividends (M)	66.45	110.96	160.98	217.04	279.70	349.59	370.08

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.68%	6.68%	6.68%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	103.04	104.02	104.99
Year 2 PV (M)	138.82	141.47	144.13
Year 3 PV (M)	173.80	178.79	183.87
Year 4 PV (M)	207.99	215.99	224.22
Year 5 PV (M)	241.41	253.07	265.18
PV of Terminal Value (M)	6,953.83	7,289.70	7,638.43
Equity Value (M)	7,818.89	8,183.04	8,560.83
Shares Outstanding (M)	526.33	526.33	526.33
Fair Value	$14.86	$15.55	$16.26
Upside / Downside	28.06%	34.03%	40.22%

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Financial Statements

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Sector

Yutong Heavy Industries Co.,Ltd. (600817.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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