DDM Analysis: 002772.SZ

Valuation Snapshot

Stable Growth	$66.97 - $127.66	$119.64
Multi-Stage	$20.35 - $22.25	$21.28
Blended Fair Value	$70.46
Current Price	$10.37
Upside	579.46%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	20.66%	22.94%	0.53	0.56	0.45	0.39	0.27	0.21	0.13	0.14	0.08	0.09
YoY Growth	-	-	-5.33%	23.76%	14.57%	43.26%	32.97%	56.75%	-8.94%	74.09%	-11.70%	40.62%
Dividend Yield	-	-	7.32%	7.10%	5.24%	4.94%	3.04%	2.49%	1.59%	1.36%	0.47%	0.38%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	243.73
(-) Cash Dividends Paid (M)	168.42
(=) Cash Retained (M)	75.31

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	48.75	30.47	18.28
Cash Retained (M)	75.31	75.31	75.31
(-) Cash Required (M)	-48.75	-30.47	-18.28
(=) Excess Retained (M)	26.56	44.84	57.03
(/) Shares Outstanding (M)	379.69	379.69	379.69
(=) Excess Retained per Share	0.07	0.12	0.15
LTM Dividend per Share	0.44	0.44	0.44
(+) Excess Retained per Share	0.07	0.12	0.15
(=) Adjusted Dividend	0.51	0.56	0.59
WACC / Discount Rate	6.31%	6.31%	6.31%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$66.97	$119.64	$127.66
Upside / Downside	545.77%	1,053.67%	1,131.05%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	243.73	259.57	276.44	294.41	313.55	333.93	343.95
Payout Ratio	69.10%	73.28%	77.46%	81.64%	85.82%	90.00%	92.50%
Projected Dividends (M)	168.42	190.22	214.13	240.36	269.09	300.53	318.15

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.31%	6.31%	6.31%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	177.25	178.93	180.61
Year 2 PV (M)	185.93	189.47	193.05
Year 3 PV (M)	194.47	200.06	205.74
Year 4 PV (M)	202.87	210.67	218.70
Year 5 PV (M)	211.13	221.33	231.92
PV of Terminal Value (M)	6,754.55	7,080.80	7,419.53
Equity Value (M)	7,726.21	8,081.26	8,449.55
Shares Outstanding (M)	379.69	379.69	379.69
Fair Value	$20.35	$21.28	$22.25
Upside / Downside	96.23%	105.24%	114.60%

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Tianshui Zhongxing Bio-technology Co.,Ltd. (002772.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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