DDM Analysis: 688819.SS

Valuation Snapshot

Stable Growth	$26.27 - $54.51	$37.00
Multi-Stage	$36.71 - $40.28	$38.46
Blended Fair Value	$37.73
Current Price	$32.70
Upside	15.39%
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	-12.86%	11.06%	0.92	0.81	0.83	0.60	0.97	1.84	1.15	0.31	0.56	0.42
YoY Growth	-	-	14.31%	-2.44%	38.00%	-38.34%	-47.04%	60.13%	265.99%	-43.59%	33.16%	29.01%
Dividend Yield	-	-	3.34%	2.72%	2.40%	1.86%	2.08%	2.99%	1.87%	0.51%	0.90%	0.68%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,450.15
(-) Cash Dividends Paid (M)	587.29
(=) Cash Retained (M)	862.85

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	290.03	181.27	108.76
Cash Retained (M)	862.85	862.85	862.85
(-) Cash Required (M)	-290.03	-181.27	-108.76
(=) Excess Retained (M)	572.82	681.58	754.09
(/) Shares Outstanding (M)	972.03	972.03	972.03
(=) Excess Retained per Share	0.59	0.70	0.78
LTM Dividend per Share	0.60	0.60	0.60
(+) Excess Retained per Share	0.59	0.70	0.78
(=) Adjusted Dividend	1.19	1.31	1.38
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	1.91%	2.91%	3.91%
Fair Value	$26.27	$37.00	$54.51
Upside / Downside	-19.67%	13.16%	66.71%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,450.15	1,492.31	1,535.69	1,580.34	1,626.29	1,673.57	1,723.77
Payout Ratio	40.50%	50.40%	60.30%	70.20%	80.10%	90.00%	92.50%
Projected Dividends (M)	587.29	752.11	926.01	1,109.39	1,302.65	1,506.21	1,594.49

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	1.91%	2.91%	3.91%
Year 1 PV (M)	699.10	705.96	712.82
Year 2 PV (M)	800.07	815.85	831.78
Year 3 PV (M)	890.95	917.44	944.44
Year 4 PV (M)	972.42	1,011.15	1,051.03
Year 5 PV (M)	1,045.12	1,097.41	1,151.78
PV of Terminal Value (M)	31,274.37	32,839.23	34,466.12
Equity Value (M)	35,682.02	37,387.04	39,157.97
Shares Outstanding (M)	972.03	972.03	972.03
Fair Value	$36.71	$38.46	$40.28
Upside / Downside	12.26%	17.62%	23.19%

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Tianneng Battery Group Co., Ltd. (688819.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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