DDM Analysis: 001379.SZ

Valuation Snapshot

Stable Growth	$3.15 - $4.64	$3.86
Multi-Stage	$5.70 - $6.27	$5.98
Blended Fair Value	$4.92
Current Price	$20.19
Upside	-75.63%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019
DPS	0.00%	0.00%	0.18	0.01	0.32	0.26	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	3,496.03%	-98.46%	26.74%	55,206.20%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.86%	0.03%	1.34%	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)	82.28
(-) Cash Dividends Paid (M)	29.95
(=) Cash Retained (M)	52.32

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	16.46	10.28	6.17
Cash Retained (M)	52.32	52.32	52.32
(-) Cash Required (M)	-16.46	-10.28	-6.17
(=) Excess Retained (M)	35.87	42.04	46.15
(/) Shares Outstanding (M)	204.69	204.69	204.69
(=) Excess Retained per Share	0.18	0.21	0.23
LTM Dividend per Share	0.15	0.15	0.15
(+) Excess Retained per Share	0.18	0.21	0.23
(=) Adjusted Dividend	0.32	0.35	0.37
WACC / Discount Rate	8.02%	8.02%	8.02%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$3.15	$3.86	$4.64
Upside / Downside	-84.42%	-80.87%	-77.03%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	82.28	81.45	80.64	79.83	79.03	78.24	80.59
Payout Ratio	36.41%	47.13%	57.84%	68.56%	79.28%	90.00%	92.50%
Projected Dividends (M)	29.95	38.39	46.64	54.73	62.66	70.42	74.55

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.02%	8.02%	8.02%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	35.18	35.54	35.90
Year 2 PV (M)	39.17	39.98	40.79
Year 3 PV (M)	42.13	43.43	44.76
Year 4 PV (M)	44.20	46.03	47.92
Year 5 PV (M)	45.52	47.89	50.36
PV of Terminal Value (M)	960.60	1,010.62	1,062.70
Equity Value (M)	1,166.79	1,223.48	1,282.42
Shares Outstanding (M)	204.69	204.69	204.69
Fair Value	$5.70	$5.98	$6.27
Upside / Downside	-71.77%	-70.40%	-68.97%

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CL	Colgate-Palmolive Company	2.88%	$2.24	62.40%
TCBK	TriCo Bancshares	2.87%	$1.35	37.83%
0U6R.L	Bunge Limited	2.86%	$3.05	31.37%
FBMS	The First Bancshares, Inc.	2.86%	$0.97	39.72%
RILYG	B. Riley Financial, Inc. 5.00% Senior Notes due 2026	2.86%	$0.58	56.91%
CNS	Cohen & Steers, Inc.	2.85%	$1.81	56.91%
MRBK	Meridian Corporation	2.85%	$0.49	27.85%
AMGN	Amgen Inc.	2.84%	$9.31	72.03%
BKH	Black Hills Corporation	2.84%	$1.98	50.60%
GABC	German American Bancorp, Inc.	2.84%	$1.11	40.35%
HOMB	Home Bancshares, Inc.	2.84%	$0.79	34.17%
KO	The Coca-Cola Company	2.84%	$1.96	65.04%
SBFG	SB Financial Group, Inc.	2.84%	$0.61	28.02%
TSBK	Timberland Bancorp, Inc.	2.84%	$1.00	27.24%
CATY	Cathay General Bancorp	2.83%	$1.38	31.20%
CWT	California Water Service Group	2.83%	$1.22	53.25%
EBIX	Ebix, Inc.	2.83%	$0.08	46.85%
CMS-PB	Consumers Energy Company	2.82%	$2.17	62.27%
EPRT	Essential Properties Realty Trust, Inc.	2.82%	$0.85	70.58%
GPK	Graphic Packaging Holding Company	2.82%	$0.43	24.85%
VALSX	Value Line Select Growth Fund	2.82%	$0.87	56.29%
CCNE	CNB Financial Corporation	2.81%	$0.72	35.05%
ORRF	Orrstown Financial Services, Inc.	2.81%	$0.98	26.05%
TXNM	TXNM Energy, Inc.	2.80%	$1.65	86.75%
STC	Stewart Information Services Corporation	2.79%	$1.95	54.56%
CVLY	Codorus Valley Bancorp, Inc.	2.77%	$0.67	28.98%
KKRS	KKR Group Finance Co. IX LLC 4.	2.77%	$0.49	7.61%
SHBI	Shore Bancshares, Inc.	2.77%	$0.48	28.28%
HNNA	Hennessy Advisors, Inc.	2.76%	$0.27	21.11%
HONE	HarborOne Bancorp, Inc.	2.76%	$0.33	51.05%
KMT	Kennametal Inc.	2.76%	$0.80	65.12%
PNM	PNM Resources, Inc.	2.76%	$1.12	57.65%
HWC	Hancock Whitney Corporation	2.75%	$1.77	31.35%
YOU	Clear Secure, Inc.	2.75%	$0.95	50.89%
0HE2.L	Ameren Corporation	2.74%	$2.78	53.51%
MTDR	Matador Resources Company	2.74%	$1.19	18.96%
OFG	OFG Bancorp	2.74%	$1.12	25.13%
VLO	Valero Energy Corporation	2.74%	$4.53	93.65%
YORW	The York Water Company	2.73%	$0.87	62.37%
CCZ	Comcast Holdings Corp.	2.72%	$1.63	26.92%
K	Kellanova	2.72%	$2.27	62.18%
ADT	ADT Inc.	2.71%	$0.22	29.95%
AVT	Avnet, Inc.	2.71%	$1.34	48.46%
BKU	BankUnited, Inc.	2.71%	$1.21	34.19%
CNOB	ConnectOne Bancorp, Inc.	2.71%	$0.71	48.64%
GBX	The Greenbrier Companies, Inc.	2.71%	$1.28	19.40%
PBHC	Pathfinder Bancorp, Inc.	2.71%	$0.38	26.39%
TRIN	Trinity Capital Inc.	2.71%	$0.41	20.50%
RILYN	B. Riley Financial, Inc. - 6.50	2.70%	$0.58	56.91%
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Shandong Tengda Fa (001379.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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