DDM Analysis: 002283.SZ

Valuation Snapshot

Stable Growth	$24.90 - $61.01	$57.18
Multi-Stage	$9.05 - $9.90	$9.47
Blended Fair Value	$33.32
Current Price	$6.63
Upside	402.61%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	32.15%	16.69%	0.23	0.06	0.10	0.06	0.05	0.06	0.08	0.05	0.05	0.05
YoY Growth	-	-	296.01%	-41.48%	74.42%	21.45%	-17.90%	-25.95%	55.04%	5.80%	-2.47%	-1.97%
Dividend Yield	-	-	3.44%	1.05%	1.74%	0.80%	0.71%	1.68%	1.74%	0.99%	0.66%	1.14%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	343.85
(-) Cash Dividends Paid (M)	224.81
(=) Cash Retained (M)	119.04

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	68.77	42.98	25.79
Cash Retained (M)	119.04	119.04	119.04
(-) Cash Required (M)	-68.77	-42.98	-25.79
(=) Excess Retained (M)	50.27	76.06	93.25
(/) Shares Outstanding (M)	1,120.83	1,120.83	1,120.83
(=) Excess Retained per Share	0.04	0.07	0.08
LTM Dividend per Share	0.20	0.20	0.20
(+) Excess Retained per Share	0.04	0.07	0.08
(=) Adjusted Dividend	0.25	0.27	0.28
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$24.90	$57.18	$61.01
Upside / Downside	275.63%	762.38%	820.22%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	343.85	366.20	390.00	415.35	442.35	471.10	485.23
Payout Ratio	65.38%	70.30%	75.23%	80.15%	85.08%	90.00%	92.50%
Projected Dividends (M)	224.81	257.45	293.39	332.91	376.33	423.99	448.84

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	239.38	241.65	243.92
Year 2 PV (M)	253.65	258.48	263.35
Year 3 PV (M)	267.61	275.29	283.12
Year 4 PV (M)	281.28	292.10	303.22
Year 5 PV (M)	294.65	308.89	323.66
PV of Terminal Value (M)	8,812.23	9,237.87	9,679.79
Equity Value (M)	10,148.80	10,614.27	11,097.07
Shares Outstanding (M)	1,120.83	1,120.83	1,120.83
Fair Value	$9.05	$9.47	$9.90
Upside / Downside	36.57%	42.84%	49.33%

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Tianrun Industry Technology Co., Ltd. (002283.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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