DDM Analysis: 0322.HK

Valuation Snapshot

Stable Growth	$16.34 - $42.29	$24.80
Multi-Stage	$19.90 - $21.84	$20.85
Blended Fair Value	$22.83
Current Price	$10.49
Upside	117.59%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	4.64%	9.42%	0.55	0.23	0.36	0.36	0.30	0.44	0.16	0.11	0.15	0.23
YoY Growth	-	-	136.83%	-35.83%	0.99%	21.95%	-32.98%	167.68%	55.11%	-29.69%	-34.46%	2.47%
Dividend Yield	-	-	4.54%	2.91%	3.18%	3.37%	2.46%	3.81%	1.54%	0.82%	1.75%	3.20%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	4,120.24
(-) Cash Dividends Paid (M)	1,558.55
(=) Cash Retained (M)	2,561.69

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	824.05	515.03	309.02
Cash Retained (M)	2,561.69	2,561.69	2,561.69
(-) Cash Required (M)	-824.05	-515.03	-309.02
(=) Excess Retained (M)	1,737.64	2,046.66	2,252.67
(/) Shares Outstanding (M)	5,636.27	5,636.27	5,636.27
(=) Excess Retained per Share	0.31	0.36	0.40
LTM Dividend per Share	0.28	0.28	0.28
(+) Excess Retained per Share	0.31	0.36	0.40
(=) Adjusted Dividend	0.58	0.64	0.68
WACC / Discount Rate	6.31%	6.31%	6.31%
Growth Rate	2.64%	3.64%	4.64%
Fair Value	$16.34	$24.80	$42.29
Upside / Downside	55.78%	136.41%	303.15%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	4,120.24	4,270.08	4,425.37	4,586.31	4,753.10	4,925.96	5,073.74
Payout Ratio	37.83%	48.26%	58.70%	69.13%	79.57%	90.00%	92.50%
Projected Dividends (M)	1,558.55	2,060.80	2,597.52	3,170.55	3,781.82	4,433.37	4,693.21

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.31%	6.31%	6.31%
Growth Rate	2.64%	3.64%	4.64%
Year 1 PV (M)	1,919.78	1,938.48	1,957.19
Year 2 PV (M)	2,254.18	2,298.32	2,342.89
Year 3 PV (M)	2,563.19	2,638.84	2,715.97
Year 4 PV (M)	2,848.15	2,960.79	3,076.73
Year 5 PV (M)	3,110.37	3,264.87	3,425.46
PV of Terminal Value (M)	99,481.07	104,422.70	109,558.78
Equity Value (M)	112,176.74	117,524.01	123,077.01
Shares Outstanding (M)	5,636.27	5,636.27	5,636.27
Fair Value	$19.90	$20.85	$21.84
Upside / Downside	89.73%	98.77%	108.17%

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Tingyi (Cayman Islands) Holding Corp. (0322.HK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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