DDM Analysis: 1729.HK

Valuation Snapshot

Stable Growth	$14.10 - $59.72	$35.09
Multi-Stage	$6.89 - $7.55	$7.21
Blended Fair Value	$21.15
Current Price	$4.11
Upside	414.68%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2023	2022	2021	2020	2019	2018	2017	2016
DPS	0.00%	0.00%	0.02	0.01	0.01	0.02	0.03	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	267.58%	-55.56%	-36.61%	-16.58%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.60%	0.52%	0.82%	2.07%	6.67%	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)	584.66
(-) Cash Dividends Paid (M)	9.73
(=) Cash Retained (M)	574.93

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	116.93	73.08	43.85
Cash Retained (M)	574.93	574.93	574.93
(-) Cash Required (M)	-116.93	-73.08	-43.85
(=) Excess Retained (M)	458.00	501.85	531.08
(/) Shares Outstanding (M)	1,946.88	1,946.88	1,946.88
(=) Excess Retained per Share	0.24	0.26	0.27
LTM Dividend per Share	0.00	0.00	0.00
(+) Excess Retained per Share	0.24	0.26	0.27
(=) Adjusted Dividend	0.24	0.26	0.28
WACC / Discount Rate	7.30%	7.30%	7.30%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$14.10	$35.09	$59.72
Upside / Downside	243.10%	753.86%	1,353.13%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	584.66	622.67	663.14	706.25	752.15	801.04	825.07
Payout Ratio	1.66%	19.33%	37.00%	54.67%	72.33%	90.00%	92.50%
Projected Dividends (M)	9.73	120.37	245.35	386.07	544.05	720.94	763.19

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.30%	7.30%	7.30%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	111.13	112.18	113.24
Year 2 PV (M)	209.13	213.11	217.13
Year 3 PV (M)	303.82	312.54	321.42
Year 4 PV (M)	395.27	410.47	426.11
Year 5 PV (M)	483.58	506.93	531.18
PV of Terminal Value (M)	11,912.20	12,487.56	13,084.95
Equity Value (M)	13,415.12	14,042.80	14,694.03
Shares Outstanding (M)	1,946.88	1,946.88	1,946.88
Fair Value	$6.89	$7.21	$7.55
Upside / Downside	67.65%	75.50%	83.64%

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Time Interconnect Technology Limited (1729.HK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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