DDM Analysis: 002117.SZ

Valuation Snapshot

Stable Growth	$2.18 - $3.03	$2.60
Multi-Stage	$6.52 - $7.20	$6.85
Blended Fair Value	$4.73
Current Price	$11.48
Upside	-58.81%
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	-8.42%	10.46%	0.31	0.23	0.32	0.42	0.42	0.49	0.28	0.21	0.21	0.21
YoY Growth	-	-	36.75%	-27.56%	-24.19%	0.00%	-14.23%	75.00%	33.33%	0.00%	-0.01%	79.94%
Dividend Yield	-	-	2.33%	2.70%	3.22%	4.92%	5.13%	4.46%	1.92%	1.99%	1.04%	0.97%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	200.72
(-) Cash Dividends Paid (M)	136.27
(=) Cash Retained (M)	64.44

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	40.14	25.09	15.05
Cash Retained (M)	64.44	64.44	64.44
(-) Cash Required (M)	-40.14	-25.09	-15.05
(=) Excess Retained (M)	24.30	39.35	49.39
(/) Shares Outstanding (M)	524.95	524.95	524.95
(=) Excess Retained per Share	0.05	0.07	0.09
LTM Dividend per Share	0.26	0.26	0.26
(+) Excess Retained per Share	0.05	0.07	0.09
(=) Adjusted Dividend	0.31	0.33	0.35
WACC / Discount Rate	6.45%	6.45%	6.45%
Growth Rate	-6.67%	-5.67%	-4.67%
Fair Value	$2.18	$2.60	$3.03
Upside / Downside	-81.04%	-77.31%	-73.58%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	200.72	189.34	178.61	168.48	158.93	149.92	154.42
Payout Ratio	67.89%	72.31%	76.74%	81.16%	85.58%	90.00%	92.50%
Projected Dividends (M)	136.27	136.92	137.05	136.74	136.01	134.93	142.84

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.45%	6.45%	6.45%
Growth Rate	-6.67%	-5.67%	-4.67%
Year 1 PV (M)	127.26	128.62	129.99
Year 2 PV (M)	118.40	120.95	123.53
Year 3 PV (M)	109.79	113.36	117.00
Year 4 PV (M)	101.51	105.93	110.49
Year 5 PV (M)	93.60	98.72	104.06
PV of Terminal Value (M)	2,872.53	3,029.76	3,193.79
Equity Value (M)	3,423.09	3,597.33	3,778.86
Shares Outstanding (M)	524.95	524.95	524.95
Fair Value	$6.52	$6.85	$7.20
Upside / Downside	-43.20%	-40.31%	-37.30%

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Tungkong Inc. (002117.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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