DDM Analysis: 003003.SZ

Valuation Snapshot

Stable Growth	$37.29 - $71.78	$67.27
Multi-Stage	$11.34 - $12.40	$11.86
Blended Fair Value	$39.56
Current Price	$12.16
Upside	225.37%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	191.88%	22.71%	0.11	0.03	0.10	0.15	0.03	0.00	0.00	0.00	0.01	0.01
YoY Growth	-	-	259.97%	-69.66%	-33.33%	462.74%	5,069.98%	0.00%	-100.00%	-50.54%	-34.01%	-16.97%
Dividend Yield	-	-	1.14%	0.32%	0.98%	1.39%	0.16%	0.00%	0.00%	0.03%	0.05%	0.08%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	63.06
(-) Cash Dividends Paid (M)	36.92
(=) Cash Retained (M)	26.14

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	12.61	7.88	4.73
Cash Retained (M)	26.14	26.14	26.14
(-) Cash Required (M)	-12.61	-7.88	-4.73
(=) Excess Retained (M)	13.53	18.26	21.41
(/) Shares Outstanding (M)	174.71	174.71	174.71
(=) Excess Retained per Share	0.08	0.10	0.12
LTM Dividend per Share	0.21	0.21	0.21
(+) Excess Retained per Share	0.08	0.10	0.12
(=) Adjusted Dividend	0.29	0.32	0.33
WACC / Discount Rate	6.32%	6.32%	6.32%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$37.29	$67.27	$71.78
Upside / Downside	206.64%	453.19%	490.29%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	63.06	67.16	71.52	76.17	81.12	86.40	88.99
Payout Ratio	58.54%	64.83%	71.13%	77.42%	83.71%	90.00%	92.50%
Projected Dividends (M)	36.92	43.54	50.87	58.97	67.91	77.76	82.31

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.32%	6.32%	6.32%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	40.57	40.95	41.34
Year 2 PV (M)	44.16	45.01	45.85
Year 3 PV (M)	47.70	49.07	50.47
Year 4 PV (M)	51.18	53.15	55.17
Year 5 PV (M)	54.61	57.24	59.98
PV of Terminal Value (M)	1,742.74	1,826.92	1,914.31
Equity Value (M)	1,980.96	2,072.34	2,167.13
Shares Outstanding (M)	174.71	174.71	174.71
Fair Value	$11.34	$11.86	$12.40
Upside / Downside	-6.76%	-2.46%	2.01%

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Guangdong Tengen Industrial Group Co.,Ltd. (003003.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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