DDM Analysis: 688511.SS

Valuation Snapshot

Stable Growth	$0.98 - $1.39	$1.18
Multi-Stage	$1.44 - $1.58	$1.51
Blended Fair Value	$1.34
Current Price	$23.02
Upside	-94.16%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017
DPS	12.07%	0.00%	0.29	0.00	0.49	0.01	0.31	0.16	0.01	0.01	0.00	0.00
YoY Growth	-	-	0.00%	-100.00%	3,366.51%	-95.40%	89.79%	1,021.45%	77.68%	0.00%	0.00%	0.00%
Dividend Yield	-	-	2.23%	0.00%	1.81%	0.05%	0.39%	0.21%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	15.15
(-) Cash Dividends Paid (M)	0.19
(=) Cash Retained (M)	14.96

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	3.03	1.89	1.14
Cash Retained (M)	14.96	14.96	14.96
(-) Cash Required (M)	-3.03	-1.89	-1.14
(=) Excess Retained (M)	11.93	13.06	13.82
(/) Shares Outstanding (M)	102.70	102.70	102.70
(=) Excess Retained per Share	0.12	0.13	0.13
LTM Dividend per Share	0.00	0.00	0.00
(+) Excess Retained per Share	0.12	0.13	0.13
(=) Adjusted Dividend	0.12	0.13	0.14
WACC / Discount Rate	9.82%	9.82%	9.82%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$0.98	$1.18	$1.39
Upside / Downside	-95.75%	-94.87%	-93.96%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	15.15	15.00	14.85	14.70	14.55	14.41	14.84
Payout Ratio	1.28%	19.03%	36.77%	54.51%	72.26%	90.00%	92.50%
Projected Dividends (M)	0.19	2.85	5.46	8.01	10.52	12.97	13.73

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.82%	9.82%	9.82%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	2.57	2.60	2.63
Year 2 PV (M)	4.44	4.53	4.62
Year 3 PV (M)	5.87	6.05	6.24
Year 4 PV (M)	6.94	7.23	7.53
Year 5 PV (M)	7.72	8.12	8.54
PV of Terminal Value (M)	119.87	126.12	132.61
Equity Value (M)	147.41	154.64	162.16
Shares Outstanding (M)	102.70	102.70	102.70
Fair Value	$1.44	$1.51	$1.58
Upside / Downside	-93.76%	-93.46%	-93.14%

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Sichuan Tianwei Electronic Co.,Ltd. (688511.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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