DDM Analysis: 300129.SZ

Valuation Snapshot

Stable Growth	$6.78 - $20.12	$10.72
Multi-Stage	$4.41 - $4.83	$4.62
Blended Fair Value	$7.67
Current Price	$8.08
Upside	-5.09%
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	3.32%	13.07%	0.07	0.06	0.07	0.08	0.08	0.06	0.06	0.05	0.04	0.04
YoY Growth	-	-	21.57%	-14.67%	-16.38%	7.06%	26.77%	-2.74%	20.71%	32.02%	10.93%	68.72%
Dividend Yield	-	-	1.00%	0.74%	0.76%	1.16%	1.08%	1.41%	1.31%	0.88%	0.48%	0.50%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	249.29
(-) Cash Dividends Paid (M)	15.99
(=) Cash Retained (M)	233.31

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	49.86	31.16	18.70
Cash Retained (M)	233.31	233.31	233.31
(-) Cash Required (M)	-49.86	-31.16	-18.70
(=) Excess Retained (M)	183.45	202.15	214.61
(/) Shares Outstanding (M)	935.37	935.37	935.37
(=) Excess Retained per Share	0.20	0.22	0.23
LTM Dividend per Share	0.02	0.02	0.02
(+) Excess Retained per Share	0.20	0.22	0.23
(=) Adjusted Dividend	0.21	0.23	0.25
WACC / Discount Rate	8.82%	8.82%	8.82%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$6.78	$10.72	$20.12
Upside / Downside	-16.07%	32.67%	149.06%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	249.29	265.50	282.75	301.13	320.71	341.55	351.80
Payout Ratio	6.41%	23.13%	39.85%	56.56%	73.28%	90.00%	92.50%
Projected Dividends (M)	15.99	61.41	112.67	170.34	235.02	307.40	325.41

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.82%	8.82%	8.82%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	55.90	56.43	56.96
Year 2 PV (M)	93.37	95.15	96.95
Year 3 PV (M)	128.51	132.20	135.95
Year 4 PV (M)	161.41	167.62	174.00
Year 5 PV (M)	192.19	201.47	211.11
PV of Terminal Value (M)	3,497.63	3,666.57	3,841.97
Equity Value (M)	4,129.01	4,319.44	4,516.95
Shares Outstanding (M)	935.37	935.37	935.37
Fair Value	$4.41	$4.62	$4.83
Upside / Downside	-45.37%	-42.85%	-40.23%

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LISOX	Lazard International Strategic Equity Ptf Open Shares	0.99%	$0.13	36.87%
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NIC	Nicolet Bankshares, Inc.	0.99%	$1.19	12.58%
PAYC	Paycom Software, Inc.	0.99%	$1.51	18.80%
RRC	Range Resources Corporation	0.99%	$0.35	14.60%
WLFC	Willis Lease Finance Corporation	0.99%	$1.32	7.58%
WOR	Worthington Industries, Inc.	0.99%	$0.52	23.95%
CNXN	PC Connection, Inc.	0.98%	$0.56	16.89%
CAT	Caterpillar Inc.	0.97%	$5.78	29.40%
CNK	Cinemark Holdings, Inc.	0.97%	$0.23	18.28%
ECL	Ecolab Inc.	0.97%	$2.54	36.57%
EVR	Evercore Inc.	0.97%	$3.41	27.02%
LSBK	Lake Shore Bancorp, Inc.	0.96%	$0.14	24.34%
0ITL.L	Arthur J. Gallagher & Co.	0.95%	$2.42	39.43%
0IZI.L	W.W. Grainger, Inc.	0.95%	$9.52	26.47%
0L5V.L	The Sherwin-Williams Company	0.95%	$3.11	30.09%
0R2S.L	Stryker Corporation	0.95%	$3.28	43.09%
RRX	Regal Rexnord Corporation	0.95%	$1.39	36.07%
WT	WisdomTree, Inc.	0.95%	$0.12	18.12%
J	Jacobs Solutions Inc.	0.94%	$1.27	53.80%
ORCL	Oracle Corporation	0.94%	$1.84	34.81%
TCBS	Texas Community Bancshares, Inc.	0.94%	$0.17	19.22%
IMKTA	Ingles Markets, Incorporated	0.93%	$0.65	14.68%
ODC	Oil-Dri Corporation of America	0.93%	$0.45	12.28%
PENG	Penguin Solutions, Inc.	0.93%	$0.19	40.17%
SSBK	Southern States Bancshares, Inc.	0.93%	$0.34	9.19%
DAL	Delta Air Lines, Inc.	0.92%	$0.63	8.94%
HIFS	Hingham Institution for Savings	0.92%	$2.49	12.15%
RL	Ralph Lauren Corporation	0.92%	$3.34	24.37%
OPY	Oppenheimer Holdings Inc.	0.91%	$0.66	8.90%
BGC	BGC Group, Inc	0.90%	$0.08	23.56%
CDRE	Cadre Holdings, Inc.	0.90%	$0.37	33.35%
MBNKP	Medallion Bank	0.90%	$0.23	12.50%
JBHT	J.B. Hunt Transport Services, Inc.	0.89%	$1.75	30.14%
NYT	The New York Times Company	0.89%	$0.62	30.32%
RMD	ResMed Inc.	0.89%	$2.18	22.31%
VBFC	Village Bank and Trust Financial Corp.	0.89%	$0.72	15.35%
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LMAT	LeMaitre Vascular, Inc.	0.88%	$0.70	32.20%
NNI	Nelnet, Inc.	0.88%	$1.14	9.52%
PFSI	PennyMac Financial Services, Inc.	0.88%	$1.16	12.49%
SMBK	SmartFinancial, Inc.	0.88%	$0.32	11.76%
BYD	Boyd Gaming Corporation	0.87%	$0.75	3.22%
ROST	Ross Stores, Inc.	0.87%	$1.59	24.85%
BBSI	Barrett Business Services, Inc.	0.86%	$0.31	15.02%
BCO	The Brink's Company	0.86%	$1.00	24.81%
HXL	Hexcel Corporation	0.86%	$0.66	77.18%

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TSP Wind Power Group Co., Ltd Class A (300129.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener