DDM Analysis: 688259.SS

Valuation Snapshot

Stable Growth	$39.28 - $150.53	$112.60
Multi-Stage	$18.52 - $20.26	$19.38
Blended Fair Value	$65.99
Current Price	$46.91
Upside	40.67%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017
DPS	106.12%	0.00%	0.23	0.27	0.22	0.00	0.01	0.01	0.01	0.00	0.00	0.00
YoY Growth	-	-	-15.97%	23.37%	5,324.42%	-58.20%	58.28%	-26.27%	80.99%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.51%	0.68%	0.40%	0.01%	0.02%	0.01%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	82.31
(-) Cash Dividends Paid (M)	22.25
(=) Cash Retained (M)	60.06

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	16.46	10.29	6.17
Cash Retained (M)	60.06	60.06	60.06
(-) Cash Required (M)	-16.46	-10.29	-6.17
(=) Excess Retained (M)	43.60	49.77	53.89
(/) Shares Outstanding (M)	108.75	108.75	108.75
(=) Excess Retained per Share	0.40	0.46	0.50
LTM Dividend per Share	0.20	0.20	0.20
(+) Excess Retained per Share	0.40	0.46	0.50
(=) Adjusted Dividend	0.61	0.66	0.70
WACC / Discount Rate	7.13%	7.13%	7.13%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$39.28	$112.60	$150.53
Upside / Downside	-16.27%	140.03%	220.88%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	82.31	87.66	93.36	99.43	105.89	112.78	116.16
Payout Ratio	27.03%	39.63%	52.22%	64.81%	77.41%	90.00%	92.50%
Projected Dividends (M)	22.25	34.74	48.75	64.45	81.97	101.50	107.45

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.13%	7.13%	7.13%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	32.12	32.43	32.73
Year 2 PV (M)	41.69	42.48	43.29
Year 3 PV (M)	50.96	52.42	53.91
Year 4 PV (M)	59.93	62.24	64.61
Year 5 PV (M)	68.63	71.94	75.38
PV of Terminal Value (M)	1,760.60	1,845.64	1,933.93
Equity Value (M)	2,013.93	2,107.15	2,203.85
Shares Outstanding (M)	108.75	108.75	108.75
Fair Value	$18.52	$19.38	$20.26
Upside / Downside	-60.52%	-58.70%	-56.80%

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Triductor Technology (Suzhou) Inc. (688259.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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