DDM Analysis: 300332.SZ

Valuation Snapshot

Stable Growth	$17.44 - $20.55	$19.26
Multi-Stage	$12.16 - $13.34	$12.74
Blended Fair Value	$16.00
Current Price	$5.77
Upside	177.24%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-8.63%	7.88%	0.11	0.13	0.09	0.06	0.10	0.17	0.20	0.11	0.12	0.09
YoY Growth	-	-	-16.53%	40.17%	63.82%	-46.46%	-37.94%	-14.65%	73.48%	-3.27%	29.03%	81.49%
Dividend Yield	-	-	2.18%	1.93%	0.78%	0.62%	1.98%	4.40%	3.36%	1.92%	1.14%	0.98%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	88.96
(-) Cash Dividends Paid (M)	27.33
(=) Cash Retained (M)	61.63

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	17.79	11.12	6.67
Cash Retained (M)	61.63	61.63	61.63
(-) Cash Required (M)	-17.79	-11.12	-6.67
(=) Excess Retained (M)	43.84	50.51	54.96
(/) Shares Outstanding (M)	861.00	861.00	861.00
(=) Excess Retained per Share	0.05	0.06	0.06
LTM Dividend per Share	0.03	0.03	0.03
(+) Excess Retained per Share	0.05	0.06	0.06
(=) Adjusted Dividend	0.08	0.09	0.10
WACC / Discount Rate	1.80%	1.80%	1.80%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$17.44	$19.26	$20.55
Upside / Downside	202.26%	233.73%	256.12%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	88.96	94.74	100.90	107.46	114.44	121.88	125.54
Payout Ratio	30.72%	42.58%	54.43%	66.29%	78.14%	90.00%	92.50%
Projected Dividends (M)	27.33	40.34	54.92	71.23	89.43	109.69	116.12

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	1.80%	1.80%	1.80%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	39.25	39.63	40.00
Year 2 PV (M)	52.01	53.00	54.00
Year 3 PV (M)	65.64	67.53	69.45
Year 4 PV (M)	80.20	83.28	86.46
Year 5 PV (M)	95.73	100.35	105.15
PV of Terminal Value (M)	10,133.72	10,623.18	11,131.37
Equity Value (M)	10,466.55	10,966.96	11,486.42
Shares Outstanding (M)	861.00	861.00	861.00
Fair Value	$12.16	$12.74	$13.34
Upside / Downside	110.68%	120.75%	131.21%

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Top Resource Energy Co., Ltd. Class A (300332.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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