DDM Analysis: 300394.SZ

Valuation Snapshot

Stable Growth	$65.22 - $175.73	$100.21
Multi-Stage	$44.76 - $48.88	$46.78
Blended Fair Value	$73.50
Current Price	$167.80
Upside	-56.20%
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	56.56%	44.87%	1.01	0.30	0.24	0.20	0.12	0.11	0.09	0.09	0.06	0.06
YoY Growth	-	-	241.28%	25.67%	20.66%	63.61%	11.11%	20.40%	0.00%	42.86%	12.00%	124.62%
Dividend Yield	-	-	1.67%	0.36%	0.89%	1.38%	1.02%	0.97%	0.94%	1.61%	0.75%	0.57%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,832.43
(-) Cash Dividends Paid (M)	554.54
(=) Cash Retained (M)	1,277.89

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	366.49	229.05	137.43
Cash Retained (M)	1,277.89	1,277.89	1,277.89
(-) Cash Required (M)	-366.49	-229.05	-137.43
(=) Excess Retained (M)	911.40	1,048.84	1,140.46
(/) Shares Outstanding (M)	667.13	667.13	667.13
(=) Excess Retained per Share	1.37	1.57	1.71
LTM Dividend per Share	0.83	0.83	0.83
(+) Excess Retained per Share	1.37	1.57	1.71
(=) Adjusted Dividend	2.20	2.40	2.54
WACC / Discount Rate	9.05%	9.05%	9.05%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$65.22	$100.21	$175.73
Upside / Downside	-61.13%	-40.28%	4.72%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,832.43	1,951.54	2,078.39	2,213.49	2,357.36	2,510.59	2,585.91
Payout Ratio	30.26%	42.21%	54.16%	66.11%	78.05%	90.00%	92.50%
Projected Dividends (M)	554.54	823.75	1,125.61	1,463.23	1,839.98	2,259.53	2,391.97

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.05%	9.05%	9.05%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	748.26	755.35	762.45
Year 2 PV (M)	928.77	946.46	964.31
Year 3 PV (M)	1,096.71	1,128.19	1,160.27
Year 4 PV (M)	1,252.72	1,300.90	1,350.45
Year 5 PV (M)	1,397.39	1,464.89	1,534.97
PV of Terminal Value (M)	24,433.89	25,614.06	26,839.39
Equity Value (M)	29,857.75	31,209.85	32,611.84
Shares Outstanding (M)	667.13	667.13	667.13
Fair Value	$44.76	$46.78	$48.88
Upside / Downside	-73.33%	-72.12%	-70.87%

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Suzhou TFC Optical Communication Co., Ltd. (300394.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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