DDM Analysis: 003027.SZ

Valuation Snapshot

Stable Growth	$6.70 - $10.94	$8.59
Multi-Stage	$20.44 - $22.53	$21.46
Blended Fair Value	$15.03
Current Price	$19.41
Upside	-22.58%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	23.32%	0.00%	0.11	0.25	0.30	0.33	0.15	0.04	0.15	0.01	0.01	0.00
YoY Growth	-	-	-57.05%	-17.77%	-8.33%	122.23%	296.45%	-74.78%	1,713.60%	41.22%	0.00%	0.00%
Dividend Yield	-	-	0.70%	1.40%	1.21%	1.62%	0.45%	0.10%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	81.51
(-) Cash Dividends Paid (M)	40.82
(=) Cash Retained (M)	40.70

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	16.30	10.19	6.11
Cash Retained (M)	40.70	40.70	40.70
(-) Cash Required (M)	-16.30	-10.19	-6.11
(=) Excess Retained (M)	24.39	30.51	34.58
(/) Shares Outstanding (M)	132.32	132.32	132.32
(=) Excess Retained per Share	0.18	0.23	0.26
LTM Dividend per Share	0.31	0.31	0.31
(+) Excess Retained per Share	0.18	0.23	0.26
(=) Adjusted Dividend	0.49	0.54	0.57
WACC / Discount Rate	5.21%	5.21%	5.21%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$6.70	$8.59	$10.94
Upside / Downside	-65.49%	-55.73%	-43.66%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	81.51	80.70	79.89	79.09	78.30	77.52	79.85
Payout Ratio	50.08%	58.06%	66.05%	74.03%	82.02%	90.00%	92.50%
Projected Dividends (M)	40.82	46.85	52.76	58.55	64.22	69.77	73.86

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	5.21%	5.21%	5.21%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	44.08	44.53	44.98
Year 2 PV (M)	46.71	47.67	48.64
Year 3 PV (M)	48.77	50.28	51.82
Year 4 PV (M)	50.33	52.41	54.56
Year 5 PV (M)	51.44	54.12	56.91
PV of Terminal Value (M)	2,462.91	2,591.16	2,724.70
Equity Value (M)	2,704.24	2,840.17	2,981.60
Shares Outstanding (M)	132.32	132.32	132.32
Fair Value	$20.44	$21.46	$22.53
Upside / Downside	5.29%	10.58%	16.09%

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Tongxing Environmental Protection Technology Co.,Ltd (003027.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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