DDM Analysis: 000877.SZ

Valuation Snapshot

Stable Growth	$16.63 - $53.36	$50.01
Multi-Stage	$7.39 - $8.07	$7.72
Blended Fair Value	$28.87
Current Price	$6.02
Upside	379.50%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	47.58%	19.25%	0.56	0.76	2.09	1.78	0.77	0.08	0.05	0.06	0.06	0.09
YoY Growth	-	-	-26.92%	-63.65%	17.67%	130.06%	873.18%	67.17%	-16.69%	-11.83%	-25.60%	-9.06%
Dividend Yield	-	-	10.02%	10.91%	23.62%	13.49%	4.51%	0.70%	0.38%	0.54%	0.43%	1.33%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,968.96
(-) Cash Dividends Paid (M)	1,845.70
(=) Cash Retained (M)	123.26

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	393.79	246.12	147.67
Cash Retained (M)	123.26	123.26	123.26
(-) Cash Required (M)	-393.79	-246.12	-147.67
(=) Excess Retained (M)	-270.53	-122.86	-24.41
(/) Shares Outstanding (M)	7,338.22	7,338.22	7,338.22
(=) Excess Retained per Share	-0.04	-0.02	0.00
LTM Dividend per Share	0.25	0.25	0.25
(+) Excess Retained per Share	-0.04	-0.02	0.00
(=) Adjusted Dividend	0.21	0.23	0.25
WACC / Discount Rate	6.86%	6.86%	6.86%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$16.63	$50.01	$53.36
Upside / Downside	176.28%	730.69%	786.40%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,968.96	2,096.94	2,233.24	2,378.40	2,533.00	2,697.64	2,778.57
Payout Ratio	93.74%	92.99%	92.24%	91.50%	90.75%	90.00%	92.50%
Projected Dividends (M)	1,845.70	1,949.98	2,060.03	2,176.14	2,298.64	2,427.88	2,570.18

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.86%	6.86%	6.86%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	1,807.64	1,824.77	1,841.91
Year 2 PV (M)	1,770.25	1,803.97	1,838.01
Year 3 PV (M)	1,733.53	1,783.29	1,834.00
Year 4 PV (M)	1,697.45	1,762.73	1,829.87
Year 5 PV (M)	1,662.01	1,742.28	1,825.63
PV of Terminal Value (M)	45,562.24	47,762.91	50,047.81
Equity Value (M)	54,233.12	56,679.96	59,217.23
Shares Outstanding (M)	7,338.22	7,338.22	7,338.22
Fair Value	$7.39	$7.72	$8.07
Upside / Downside	22.77%	28.30%	34.05%

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Tianshan Material Co., Ltd. (000877.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener