DDM Analysis: 300789.SZ

Valuation Snapshot

Stable Growth	$7.98 - $17.76	$11.52
Multi-Stage	$5.88 - $6.41	$6.14
Blended Fair Value	$8.83
Current Price	$28.65
Upside	-69.19%
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%	51.47%	0.23	0.19	0.14	0.09	0.12	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	18.57%	37.61%	54.93%	-22.87%	0.00%	0.00%	0.00%	-100.00%	-49.29%	17.24%
Dividend Yield	-	-	0.95%	1.29%	0.91%	0.66%	0.84%	0.00%	0.00%	0.00%	0.01%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	57.72
(-) Cash Dividends Paid (M)	22.16
(=) Cash Retained (M)	35.56

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	11.54	7.21	4.33
Cash Retained (M)	35.56	35.56	35.56
(-) Cash Required (M)	-11.54	-7.21	-4.33
(=) Excess Retained (M)	24.02	28.35	31.23
(/) Shares Outstanding (M)	143.81	143.81	143.81
(=) Excess Retained per Share	0.17	0.20	0.22
LTM Dividend per Share	0.15	0.15	0.15
(+) Excess Retained per Share	0.17	0.20	0.22
(=) Adjusted Dividend	0.32	0.35	0.37
WACC / Discount Rate	9.75%	9.75%	9.75%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$7.98	$11.52	$17.76
Upside / Downside	-72.16%	-59.80%	-38.01%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	57.72	61.47	65.47	69.72	74.25	79.08	81.45
Payout Ratio	38.39%	48.71%	59.03%	69.36%	79.68%	90.00%	92.50%
Projected Dividends (M)	22.16	29.94	38.65	48.36	59.16	71.17	75.34

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.75%	9.75%	9.75%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	27.03	27.28	27.54
Year 2 PV (M)	31.49	32.09	32.69
Year 3 PV (M)	35.56	36.58	37.62
Year 4 PV (M)	39.27	40.78	42.34
Year 5 PV (M)	42.64	44.70	46.84
PV of Terminal Value (M)	669.05	701.37	734.92
Equity Value (M)	845.04	882.81	921.95
Shares Outstanding (M)	143.81	143.81	143.81
Fair Value	$5.88	$6.14	$6.41
Upside / Downside	-79.49%	-78.57%	-77.62%

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Chengdu Tangyuan Electric Co.,Ltd. (300789.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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