DDM Analysis: 000657.SZ

Valuation Snapshot

Stable Growth	$22.92 - $104.14	$40.19
Multi-Stage	$14.03 - $15.33	$14.67
Blended Fair Value	$27.43
Current Price	$18.63
Upside	47.23%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	21.07%	4.20%	0.13	0.12	0.11	0.05	0.05	0.05	0.04	0.04	0.04	0.06
YoY Growth	-	-	6.37%	10.07%	119.68%	8.66%	-6.91%	16.18%	16.00%	-4.00%	-35.32%	-30.73%
Dividend Yield	-	-	1.28%	1.16%	1.05%	0.57%	0.76%	1.17%	0.78%	0.60%	0.49%	0.65%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,579.12
(-) Cash Dividends Paid (M)	432.48
(=) Cash Retained (M)	1,146.64

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	315.82	197.39	118.43
Cash Retained (M)	1,146.64	1,146.64	1,146.64
(-) Cash Required (M)	-315.82	-197.39	-118.43
(=) Excess Retained (M)	830.82	949.25	1,028.21
(/) Shares Outstanding (M)	2,153.73	2,153.73	2,153.73
(=) Excess Retained per Share	0.39	0.44	0.48
LTM Dividend per Share	0.20	0.20	0.20
(+) Excess Retained per Share	0.39	0.44	0.48
(=) Adjusted Dividend	0.59	0.64	0.68
WACC / Discount Rate	8.20%	8.20%	8.20%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$22.92	$40.19	$104.14
Upside / Downside	23.02%	115.72%	458.97%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,579.12	1,681.76	1,791.07	1,907.49	2,031.48	2,163.53	2,228.43
Payout Ratio	27.39%	39.91%	52.43%	64.95%	77.48%	90.00%	92.50%
Projected Dividends (M)	432.48	671.19	939.10	1,239.01	1,573.94	1,947.17	2,061.30

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.20%	8.20%	8.20%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	614.49	620.32	626.14
Year 2 PV (M)	787.16	802.15	817.29
Year 3 PV (M)	950.82	978.12	1,005.93
Year 4 PV (M)	1,105.83	1,148.36	1,192.10
Year 5 PV (M)	1,252.51	1,313.00	1,375.82
PV of Terminal Value (M)	25,497.83	26,729.39	28,008.08
Equity Value (M)	30,208.65	31,591.34	33,025.36
Shares Outstanding (M)	2,153.73	2,153.73	2,153.73
Fair Value	$14.03	$14.67	$15.33
Upside / Downside	-24.71%	-21.27%	-17.69%

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China Tungsten And Hightech Materals Co.,Ltd (000657.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener