DDM Analysis: 300321.SZ

Valuation Snapshot

Stable Growth	$0.47 - $0.64	$0.55
Multi-Stage	$0.81 - $0.89	$0.85
Blended Fair Value	$0.70
Current Price	$41.11
Upside	-98.29%
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	0.00%	0.00%	0.00	0.03	0.03	0.20	0.40	0.06	0.06	0.10	0.18	0.09
YoY Growth	-	-	-100.00%	9.29%	-84.00%	-50.00%	566.67%	0.00%	-40.00%	-43.66%	100.56%	59.46%
Dividend Yield	-	-	0.00%	0.19%	0.19%	1.11%	2.35%	0.36%	0.37%	0.56%	0.58%	0.27%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	7.96
(-) Cash Dividends Paid (M)	3.82
(=) Cash Retained (M)	4.15

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1.59	1.00	0.60
Cash Retained (M)	4.15	4.15	4.15
(-) Cash Required (M)	-1.59	-1.00	-0.60
(=) Excess Retained (M)	2.55	3.15	3.55
(/) Shares Outstanding (M)	88.77	88.77	88.77
(=) Excess Retained per Share	0.03	0.04	0.04
LTM Dividend per Share	0.04	0.04	0.04
(+) Excess Retained per Share	0.03	0.04	0.04
(=) Adjusted Dividend	0.07	0.08	0.08
WACC / Discount Rate	9.96%	9.96%	9.96%
Growth Rate	-4.70%	-3.70%	-2.70%
Fair Value	$0.47	$0.55	$0.64
Upside / Downside	-98.86%	-98.65%	-98.45%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	7.96	7.67	7.39	7.11	6.85	6.60	6.80
Payout Ratio	47.95%	56.36%	64.77%	73.18%	81.59%	90.00%	92.50%
Projected Dividends (M)	3.82	4.32	4.78	5.21	5.59	5.94	6.29

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.96%	9.96%	9.96%
Growth Rate	-4.70%	-3.70%	-2.70%
Year 1 PV (M)	3.89	3.93	3.97
Year 2 PV (M)	3.87	3.96	4.04
Year 3 PV (M)	3.79	3.91	4.04
Year 4 PV (M)	3.67	3.82	3.98
Year 5 PV (M)	3.51	3.69	3.89
PV of Terminal Value (M)	53.30	56.15	59.13
Equity Value (M)	72.03	75.47	79.05
Shares Outstanding (M)	88.77	88.77	88.77
Fair Value	$0.81	$0.85	$0.89
Upside / Downside	-98.03%	-97.93%	-97.83%

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Shandong Tongda Island New Materials Co.,Ltd. (300321.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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