DDM Analysis: 600089.SS

Valuation Snapshot

Stable Growth	$178.16 - $209.91	$196.71
Multi-Stage	$117.42 - $128.88	$123.04
Blended Fair Value	$159.88
Current Price	$17.80
Upside	798.19%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	2.35%	6.63%	0.48	1.17	0.78	0.15	0.45	0.43	0.40	0.31	0.30	0.27
YoY Growth	-	-	-59.05%	49.13%	405.47%	-65.31%	4.89%	6.85%	30.19%	1.95%	11.58%	6.89%
Dividend Yield	-	-	3.97%	7.49%	4.68%	0.99%	5.18%	7.57%	6.08%	4.51%	3.61%	3.97%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	5,321.65
(-) Cash Dividends Paid (M)	938.54
(=) Cash Retained (M)	4,383.11

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,064.33	665.21	399.12
Cash Retained (M)	4,383.11	4,383.11	4,383.11
(-) Cash Required (M)	-1,064.33	-665.21	-399.12
(=) Excess Retained (M)	3,318.78	3,717.91	3,983.99
(/) Shares Outstanding (M)	5,041.95	5,041.95	5,041.95
(=) Excess Retained per Share	0.66	0.74	0.79
LTM Dividend per Share	0.19	0.19	0.19
(+) Excess Retained per Share	0.66	0.74	0.79
(=) Adjusted Dividend	0.84	0.92	0.98
WACC / Discount Rate	2.90%	2.90%	2.90%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$178.16	$196.71	$209.91
Upside / Downside	900.92%	1,005.14%	1,079.26%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	5,321.65	5,667.56	6,035.95	6,428.29	6,846.13	7,291.12	7,509.86
Payout Ratio	17.64%	32.11%	46.58%	61.05%	75.53%	90.00%	92.50%
Projected Dividends (M)	938.54	1,819.80	2,811.65	3,924.76	5,170.69	6,562.01	6,946.62

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	2.90%	2.90%	2.90%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	1,751.85	1,768.46	1,785.06
Year 2 PV (M)	2,605.62	2,655.25	2,705.34
Year 3 PV (M)	3,501.36	3,601.87	3,704.28
Year 4 PV (M)	4,440.65	4,611.42	4,787.08
Year 5 PV (M)	5,425.12	5,687.15	5,959.22
PV of Terminal Value (M)	574,309.18	602,048.53	630,849.53
Equity Value (M)	592,033.77	620,372.68	649,790.51
Shares Outstanding (M)	5,041.95	5,041.95	5,041.95
Fair Value	$117.42	$123.04	$128.88
Upside / Downside	559.67%	591.25%	624.03%

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TBEA Co., Ltd. (600089.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener