DDM Analysis: 300650.SZ

Valuation Snapshot

Stable Growth	$42.61 - $50.21	$47.05
Multi-Stage	$28.55 - $31.33	$29.91
Blended Fair Value	$38.48
Current Price	$21.74
Upside	77.01%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	10.01%	26.77%	0.14	0.14	0.22	0.08	0.10	0.09	0.09	0.01	0.01	0.00
YoY Growth	-	-	-1.36%	-36.95%	193.60%	-26.11%	19.41%	-3.97%	1,028.14%	8.20%	0.00%	-100.00%
Dividend Yield	-	-	1.02%	1.29%	1.75%	0.48%	0.87%	1.03%	0.92%	0.05%	0.11%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	54.60
(-) Cash Dividends Paid (M)	18.48
(=) Cash Retained (M)	36.12

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	10.92	6.82	4.09
Cash Retained (M)	36.12	36.12	36.12
(-) Cash Required (M)	-10.92	-6.82	-4.09
(=) Excess Retained (M)	25.20	29.29	32.02
(/) Shares Outstanding (M)	216.27	216.27	216.27
(=) Excess Retained per Share	0.12	0.14	0.15
LTM Dividend per Share	0.09	0.09	0.09
(+) Excess Retained per Share	0.12	0.14	0.15
(=) Adjusted Dividend	0.20	0.22	0.23
WACC / Discount Rate	2.63%	2.63%	2.63%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$42.61	$47.05	$50.21
Upside / Downside	96.02%	116.43%	130.94%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	54.60	58.15	61.93	65.95	70.24	74.81	77.05
Payout Ratio	33.85%	45.08%	56.31%	67.54%	78.77%	90.00%	92.50%
Projected Dividends (M)	18.48	26.21	34.87	44.55	55.33	67.32	71.27

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	2.63%	2.63%	2.63%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	25.30	25.54	25.78
Year 2 PV (M)	32.49	33.11	33.73
Year 3 PV (M)	40.06	41.21	42.38
Year 4 PV (M)	48.03	49.88	51.78
Year 5 PV (M)	56.41	59.14	61.96
PV of Terminal Value (M)	5,971.75	6,260.19	6,559.66
Equity Value (M)	6,174.04	6,469.06	6,775.30
Shares Outstanding (M)	216.27	216.27	216.27
Fair Value	$28.55	$29.91	$31.33
Upside / Downside	31.31%	37.59%	44.10%

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Tecnon Electronics Co., Ltd. (300650.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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