DDM Analysis: 300148.SZ

Valuation Snapshot

Stable Growth	$0.38 - $0.51	$0.45
Multi-Stage	$0.68 - $0.76	$0.72
Blended Fair Value	$0.58
Current Price	$4.73
Upside	-87.65%
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	19.86%	-6.58%	0.00	0.01	0.01	0.00	0.00	0.00	0.02	0.04	0.02	0.02
YoY Growth	-	-	-8.56%	-13.19%	31.09%	99.42%	19.23%	-88.79%	-52.56%	73.15%	37.12%	61.98%
Dividend Yield	-	-	0.11%	0.16%	0.15%	0.12%	0.07%	0.05%	0.33%	0.54%	0.13%	0.11%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	67.79
(-) Cash Dividends Paid (M)	2.93
(=) Cash Retained (M)	64.86

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	13.56	8.47	5.08
Cash Retained (M)	64.86	64.86	64.86
(-) Cash Required (M)	-13.56	-8.47	-5.08
(=) Excess Retained (M)	51.30	56.39	59.78
(/) Shares Outstanding (M)	815.81	815.81	815.81
(=) Excess Retained per Share	0.06	0.07	0.07
LTM Dividend per Share	0.00	0.00	0.00
(+) Excess Retained per Share	0.06	0.07	0.07
(=) Adjusted Dividend	0.07	0.07	0.08
WACC / Discount Rate	9.42%	9.42%	9.42%
Growth Rate	-6.84%	-5.84%	-4.84%
Fair Value	$0.38	$0.45	$0.51
Upside / Downside	-91.94%	-90.51%	-89.15%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	67.79	63.84	60.11	56.60	53.30	50.19	51.69
Payout Ratio	4.33%	21.46%	38.60%	55.73%	72.87%	90.00%	92.50%
Projected Dividends (M)	2.93	13.70	23.20	31.55	38.84	45.17	47.82

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.42%	9.42%	9.42%
Growth Rate	-6.84%	-5.84%	-4.84%
Year 1 PV (M)	12.39	12.52	12.65
Year 2 PV (M)	18.97	19.38	19.79
Year 3 PV (M)	23.32	24.08	24.86
Year 4 PV (M)	25.96	27.10	28.27
Year 5 PV (M)	27.31	28.80	30.37
PV of Terminal Value (M)	450.51	475.22	500.99
Equity Value (M)	558.46	587.10	616.93
Shares Outstanding (M)	815.81	815.81	815.81
Fair Value	$0.68	$0.72	$0.76
Upside / Downside	-85.53%	-84.79%	-84.01%

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Tangel Culture Co., Ltd. (300148.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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