DDM Analysis: 300650.SZ

Valuation Snapshot

Stable Growth	$5.06 - $11.37	$7.33
Multi-Stage	$3.70 - $4.04	$3.86
Blended Fair Value	$5.60
Current Price	$21.74
Upside	-74.24%
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	10.01%	26.77%	0.14	0.14	0.22	0.08	0.10	0.09	0.09	0.01	0.01	0.00
YoY Growth	-	-	-1.36%	-36.95%	193.60%	-26.11%	19.41%	-3.97%	1,028.14%	8.20%	0.00%	-100.00%
Dividend Yield	-	-	1.02%	1.29%	1.75%	0.48%	0.87%	1.03%	0.92%	0.05%	0.11%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	54.60
(-) Cash Dividends Paid (M)	18.48
(=) Cash Retained (M)	36.12

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	10.92	6.82	4.09
Cash Retained (M)	36.12	36.12	36.12
(-) Cash Required (M)	-10.92	-6.82	-4.09
(=) Excess Retained (M)	25.20	29.29	32.02
(/) Shares Outstanding (M)	216.27	216.27	216.27
(=) Excess Retained per Share	0.12	0.14	0.15
LTM Dividend per Share	0.09	0.09	0.09
(+) Excess Retained per Share	0.12	0.14	0.15
(=) Adjusted Dividend	0.20	0.22	0.23
WACC / Discount Rate	9.71%	9.71%	9.71%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$5.06	$7.33	$11.37
Upside / Downside	-76.71%	-66.26%	-47.69%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	54.60	58.15	61.93	65.95	70.24	74.81	77.05
Payout Ratio	33.85%	45.08%	56.31%	67.54%	78.77%	90.00%	92.50%
Projected Dividends (M)	18.48	26.21	34.87	44.55	55.33	67.32	71.27

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.71%	9.71%	9.71%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	23.67	23.90	24.12
Year 2 PV (M)	28.43	28.97	29.52
Year 3 PV (M)	32.79	33.74	34.70
Year 4 PV (M)	36.78	38.19	39.65
Year 5 PV (M)	40.41	42.36	44.39
PV of Terminal Value (M)	637.80	668.60	700.59
Equity Value (M)	799.89	835.77	872.97
Shares Outstanding (M)	216.27	216.27	216.27
Fair Value	$3.70	$3.86	$4.04
Upside / Downside	-82.99%	-82.22%	-81.43%

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Tecnon Electronics Co., Ltd. (300650.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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