DDM Analysis: 300342.SZ

Valuation Snapshot

Stable Growth	$0.81 - $1.12	$0.96
Multi-Stage	$1.35 - $1.48	$1.42
Blended Fair Value	$1.19
Current Price	$17.90
Upside	-93.36%
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	-10.98%	-1.51%	0.10	0.01	0.12	0.17	0.16	0.18	0.20	0.16	0.15	0.12
YoY Growth	-	-	1,726.53%	-95.21%	-30.74%	3.03%	-10.48%	-7.72%	22.95%	4.09%	30.43%	-0.22%
Dividend Yield	-	-	0.61%	0.04%	1.18%	1.64%	1.48%	1.16%	2.09%	1.14%	0.86%	0.63%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	59.40
(-) Cash Dividends Paid (M)	27.95
(=) Cash Retained (M)	31.44

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	11.88	7.42	4.45
Cash Retained (M)	31.44	31.44	31.44
(-) Cash Required (M)	-11.88	-7.42	-4.45
(=) Excess Retained (M)	19.56	24.02	26.99
(/) Shares Outstanding (M)	425.17	425.17	425.17
(=) Excess Retained per Share	0.05	0.06	0.06
LTM Dividend per Share	0.07	0.07	0.07
(+) Excess Retained per Share	0.05	0.06	0.06
(=) Adjusted Dividend	0.11	0.12	0.13
WACC / Discount Rate	9.87%	9.87%	9.87%
Growth Rate	-3.51%	-2.51%	-1.51%
Fair Value	$0.81	$0.96	$1.12
Upside / Downside	-95.50%	-94.62%	-93.75%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	59.40	57.91	56.45	55.04	53.66	52.31	53.88
Payout Ratio	47.06%	55.65%	64.24%	72.83%	81.41%	90.00%	92.50%
Projected Dividends (M)	27.95	32.23	36.27	40.08	43.68	47.08	49.84

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.87%	9.87%	9.87%
Growth Rate	-3.51%	-2.51%	-1.51%
Year 1 PV (M)	29.03	29.33	29.63
Year 2 PV (M)	29.43	30.04	30.66
Year 3 PV (M)	29.30	30.22	31.16
Year 4 PV (M)	28.77	29.98	31.23
Year 5 PV (M)	27.93	29.41	30.95
PV of Terminal Value (M)	430.32	453.09	476.81
Equity Value (M)	574.78	602.07	630.43
Shares Outstanding (M)	425.17	425.17	425.17
Fair Value	$1.35	$1.42	$1.48
Upside / Downside	-92.45%	-92.09%	-91.72%

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Changshu Tianyin Electromechanical Co.,Ltd (300342.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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