DDM Analysis: 000752.SZ

Valuation Snapshot

Stable Growth	$5.58 - $8.84	$7.07
Multi-Stage	$14.02 - $15.46	$14.72
Blended Fair Value	$10.90
Current Price	$11.12
Upside	-2.02%
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%	0.00	0.00	0.00	0.00	0.00	0.00	0.02	0.04	0.06	0.03
YoY Growth	-	-	0.00%	0.00%	0.00%	0.00%	0.00%	-100.00%	-57.41%	-39.83%	120.83%	-62.49%
Dividend Yield	-	-	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.19%	0.27%	0.39%	0.20%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	147.11
(-) Cash Dividends Paid (M)	20.00
(=) Cash Retained (M)	127.11

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	29.42	18.39	11.03
Cash Retained (M)	127.11	127.11	127.11
(-) Cash Required (M)	-29.42	-18.39	-11.03
(=) Excess Retained (M)	97.69	108.72	116.08
(/) Shares Outstanding (M)	263.67	263.67	263.67
(=) Excess Retained per Share	0.37	0.41	0.44
LTM Dividend per Share	0.08	0.08	0.08
(+) Excess Retained per Share	0.37	0.41	0.44
(=) Adjusted Dividend	0.45	0.49	0.52
WACC / Discount Rate	5.84%	5.84%	5.84%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$5.58	$7.07	$8.84
Upside / Downside	-49.82%	-36.45%	-20.52%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	147.11	145.64	144.18	142.74	141.31	139.90	144.10
Payout Ratio	13.60%	28.88%	44.16%	59.44%	74.72%	90.00%	92.50%
Projected Dividends (M)	20.00	42.06	63.67	84.84	105.59	125.91	133.29

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	5.84%	5.84%	5.84%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	39.33	39.74	40.14
Year 2 PV (M)	55.69	56.84	57.99
Year 3 PV (M)	69.41	71.56	73.75
Year 4 PV (M)	80.80	84.15	87.60
Year 5 PV (M)	90.11	94.81	99.69
PV of Terminal Value (M)	3,360.10	3,535.07	3,717.25
Equity Value (M)	3,695.45	3,882.15	4,076.42
Shares Outstanding (M)	263.67	263.67	263.67
Fair Value	$14.02	$14.72	$15.46
Upside / Downside	26.04%	32.40%	39.03%

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Tibet Development Co., Ltd. (000752.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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