DDM Analysis: 300872.SZ

Valuation Snapshot

Stable Growth	$0.74 - $1.05	$0.90
Multi-Stage	$1.19 - $1.30	$1.25
Blended Fair Value	$1.07
Current Price	$22.76
Upside	-95.29%
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%	0.00%	0.08	0.00	0.05	0.10	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	0.00%	-100.00%	-50.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.51%	0.00%	0.33%	0.54%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	50.00
(-) Cash Dividends Paid (M)	28.52
(=) Cash Retained (M)	21.48

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	10.00	6.25	3.75
Cash Retained (M)	21.48	21.48	21.48
(-) Cash Required (M)	-10.00	-6.25	-3.75
(=) Excess Retained (M)	11.48	15.23	17.73
(/) Shares Outstanding (M)	448.73	448.73	448.73
(=) Excess Retained per Share	0.03	0.03	0.04
LTM Dividend per Share	0.06	0.06	0.06
(+) Excess Retained per Share	0.03	0.03	0.04
(=) Adjusted Dividend	0.09	0.10	0.10
WACC / Discount Rate	9.77%	9.77%	9.77%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$0.74	$0.90	$1.05
Upside / Downside	-96.74%	-96.06%	-95.37%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	50.00	49.50	49.01	48.52	48.03	47.55	48.98
Payout Ratio	57.03%	63.63%	70.22%	76.81%	83.41%	90.00%	92.50%
Projected Dividends (M)	28.52	31.50	34.41	37.27	40.06	42.80	45.30

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.77%	9.77%	9.77%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	28.40	28.69	28.98
Year 2 PV (M)	27.98	28.56	29.14
Year 3 PV (M)	27.33	28.17	29.04
Year 4 PV (M)	26.49	27.59	28.72
Year 5 PV (M)	25.52	26.85	28.23
PV of Terminal Value (M)	398.87	419.64	441.27
Equity Value (M)	534.59	559.50	585.37
Shares Outstanding (M)	448.73	448.73	448.73
Fair Value	$1.19	$1.25	$1.30
Upside / Downside	-94.77%	-94.52%	-94.27%

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Tansun Technology Co., Ltd. (300872.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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