DDM Analysis: 600082.SS

Valuation Snapshot

Stable Growth	$0.46 - $0.63	$0.55
Multi-Stage	$1.51 - $1.66	$1.58
Blended Fair Value	$1.06
Current Price	$4.07
Upside	-73.84%
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	-6.50%	0.40%	0.10	0.11	0.10	0.11	0.12	0.14	0.15	0.11	0.11	0.10
YoY Growth	-	-	-11.73%	8.92%	-10.77%	-4.79%	-12.52%	-9.37%	35.53%	-2.51%	13.59%	7.08%
Dividend Yield	-	-	3.44%	3.94%	3.13%	1.80%	4.10%	4.05%	2.74%	1.96%	1.51%	1.65%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	60.43
(-) Cash Dividends Paid (M)	43.98
(=) Cash Retained (M)	16.46

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	12.09	7.55	4.53
Cash Retained (M)	16.46	16.46	16.46
(-) Cash Required (M)	-12.09	-7.55	-4.53
(=) Excess Retained (M)	4.37	8.90	11.93
(/) Shares Outstanding (M)	646.71	646.71	646.71
(=) Excess Retained per Share	0.01	0.01	0.02
LTM Dividend per Share	0.07	0.07	0.07
(+) Excess Retained per Share	0.01	0.01	0.02
(=) Adjusted Dividend	0.07	0.08	0.09
WACC / Discount Rate	6.34%	6.34%	6.34%
Growth Rate	-8.50%	-7.50%	-6.50%
Fair Value	$0.46	$0.55	$0.63
Upside / Downside	-88.68%	-86.58%	-84.54%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	60.43	55.90	51.71	47.83	44.24	40.92	42.15
Payout Ratio	72.77%	76.21%	79.66%	83.11%	86.55%	90.00%	92.50%
Projected Dividends (M)	43.98	42.60	41.19	39.75	38.29	36.83	38.99

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.34%	6.34%	6.34%
Growth Rate	-8.50%	-7.50%	-6.50%
Year 1 PV (M)	39.63	40.06	40.50
Year 2 PV (M)	35.64	36.42	37.21
Year 3 PV (M)	31.99	33.05	34.13
Year 4 PV (M)	28.67	29.94	31.25
Year 5 PV (M)	25.65	27.08	28.57
PV of Terminal Value (M)	811.73	857.07	904.41
Equity Value (M)	973.30	1,023.62	1,076.08
Shares Outstanding (M)	646.71	646.71	646.71
Fair Value	$1.51	$1.58	$1.66
Upside / Downside	-63.02%	-61.11%	-59.12%

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Tianjin Hi-Tech Development Co.,Ltd. (600082.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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