DDM Analysis: 002337.SZ

Valuation Snapshot

Stable Growth	$1.98 - $6.82	$3.25
Multi-Stage	$1.29 - $1.42	$1.35
Blended Fair Value	$2.30
Current Price	$5.91
Upside	-61.02%
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	43.61%	-8.82%	0.03	0.03	0.00	0.00	0.02	0.01	0.01	0.00	0.00	0.00
YoY Growth	-	-	23.64%	4,163.60%	436.26%	-99.41%	265.19%	-55.26%	781.67%	-69.68%	0.00%	-100.00%
Dividend Yield	-	-	0.59%	0.52%	0.01%	0.00%	0.66%	0.16%	0.20%	0.03%	0.06%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	43.30
(-) Cash Dividends Paid (M)	12.76
(=) Cash Retained (M)	30.54

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	8.66	5.41	3.25
Cash Retained (M)	30.54	30.54	30.54
(-) Cash Required (M)	-8.66	-5.41	-3.25
(=) Excess Retained (M)	21.88	25.13	27.29
(/) Shares Outstanding (M)	608.16	608.16	608.16
(=) Excess Retained per Share	0.04	0.04	0.04
LTM Dividend per Share	0.02	0.02	0.02
(+) Excess Retained per Share	0.04	0.04	0.04
(=) Adjusted Dividend	0.06	0.06	0.07
WACC / Discount Rate	8.44%	8.44%	8.44%
Growth Rate	5.40%	6.40%	7.40%
Fair Value	$1.98	$3.25	$6.82
Upside / Downside	-66.55%	-44.94%	15.40%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	43.30	46.07	49.02	52.16	55.50	59.06	60.83
Payout Ratio	29.47%	41.58%	53.68%	65.79%	77.89%	90.00%	92.50%
Projected Dividends (M)	12.76	19.16	26.32	34.32	43.23	53.15	56.27

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.44%	8.44%	8.44%
Growth Rate	5.40%	6.40%	7.40%
Year 1 PV (M)	17.50	17.67	17.83
Year 2 PV (M)	21.96	22.38	22.80
Year 3 PV (M)	26.16	26.91	27.68
Year 4 PV (M)	30.11	31.27	32.46
Year 5 PV (M)	33.81	35.45	37.14
PV of Terminal Value (M)	657.91	689.72	722.74
Equity Value (M)	787.45	823.39	860.65
Shares Outstanding (M)	608.16	608.16	608.16
Fair Value	$1.29	$1.35	$1.42
Upside / Downside	-78.09%	-77.09%	-76.05%

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Tianjin Saixiang Technology Co.,Ltd (002337.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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