DDM Analysis: 600846.SS

Valuation Snapshot

Stable Growth	$3.48 - $5.29	$4.33
Multi-Stage	$26.32 - $29.27	$27.76
Blended Fair Value	$16.05
Current Price	$13.77
Upside	16.53%
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	-5.74%	1.02%	0.29	0.24	0.35	0.62	0.51	0.39	0.40	0.29	0.40	0.29
YoY Growth	-	-	22.40%	-32.27%	-43.28%	21.66%	30.06%	-3.55%	40.76%	-27.79%	37.48%	10.33%
Dividend Yield	-	-	3.21%	2.86%	4.00%	7.32%	5.03%	4.73%	3.88%	3.16%	4.59%	2.82%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	264.11
(-) Cash Dividends Paid (M)	46.62
(=) Cash Retained (M)	217.50

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	52.82	33.01	19.81
Cash Retained (M)	217.50	217.50	217.50
(-) Cash Required (M)	-52.82	-33.01	-19.81
(=) Excess Retained (M)	164.67	184.48	197.69
(/) Shares Outstanding (M)	622.73	622.73	622.73
(=) Excess Retained per Share	0.26	0.30	0.32
LTM Dividend per Share	0.07	0.07	0.07
(+) Excess Retained per Share	0.26	0.30	0.32
(=) Adjusted Dividend	0.34	0.37	0.39
WACC / Discount Rate	1.25%	1.25%	1.25%
Growth Rate	-7.74%	-6.74%	-5.74%
Fair Value	$3.48	$4.33	$5.29
Upside / Downside	-74.72%	-68.56%	-61.60%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	264.11	246.31	229.70	214.21	199.77	186.31	191.89
Payout Ratio	17.65%	32.12%	46.59%	61.06%	75.53%	90.00%	92.50%
Projected Dividends (M)	46.62	79.11	107.02	130.80	150.89	167.67	177.50

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	1.25%	1.25%	1.25%
Growth Rate	-7.74%	-6.74%	-5.74%
Year 1 PV (M)	77.30	78.13	78.97
Year 2 PV (M)	102.16	104.39	106.64
Year 3 PV (M)	122.00	126.01	130.10
Year 4 PV (M)	137.50	143.56	149.82
Year 5 PV (M)	149.29	157.56	166.19
PV of Terminal Value (M)	15,803.98	16,679.25	17,592.89
Equity Value (M)	16,392.22	17,288.90	18,224.60
Shares Outstanding (M)	622.73	622.73	622.73
Fair Value	$26.32	$27.76	$29.27
Upside / Downside	91.16%	101.62%	112.53%

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Shanghai Tongji Science&Technology Industrial Co.,Ltd (600846.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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