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%

High-Yield Dividend Screener

US Stocks Global Stocks

« Prev Page 25 of 30 Next »

Ticker ⇵	Company ⇵	Dividend Yield % ▼	Dividend Per Share ⇵	Payout Ratio % ⇵
MDC	M.D.C. Holdings, Inc.	0.86%	$0.54	55.94%
AXP	American Express Company	0.85%	$3.17	20.85%
FOXA	Fox Corporation	0.85%	$0.62	13.96%
LMST	Limestone Bancorp, Inc.	0.85%	$0.20	8.06%
RCL	Royal Caribbean Cruises Ltd.	0.85%	$2.41	16.19%
AZZ	AZZ Inc.	0.84%	$0.92	8.89%
HIBB	Hibbett, Inc.	0.84%	$0.74	9.00%
MAR	Marriott International, Inc.	0.84%	$2.62	27.38%
MORN	Morningstar, Inc.	0.84%	$1.77	20.03%
SGH	SMART Global Holdings, Inc.	0.84%	$0.14	30.96%
URI	United Rentals, Inc.	0.84%	$7.13	18.10%
0HYJ.L	Cintas Corporation	0.83%	$1.54	34.15%
EFX	Equifax Inc.	0.83%	$1.78	33.46%
GM	General Motors Company	0.82%	$0.66	21.22%
KVSA	Khosla Ventures Acquisition Co.	0.81%	$0.09	9.61%
WMT	Walmart Inc.	0.81%	$0.91	31.92%
BMI	Badger Meter, Inc.	0.80%	$1.41	30.10%
FRD	Friedman Industries, Incorporated	0.80%	$0.16	9.82%
ITT	ITT Inc.	0.80%	$1.40	22.66%
MLI	Mueller Industries, Inc.	0.80%	$0.94	13.89%
SSSSL	SuRo Capital Corp. 6.00% Notes due 2026	0.80%	$0.20	8.46%
RGLD	Royal Gold, Inc.	0.79%	$1.75	24.00%
VRSK	Verisk Analytics, Inc.	0.79%	$1.74	26.41%
COF	Capital One Financial Corporation	0.78%	$1.94	87.57%
EE	Excelerate Energy, Inc.	0.78%	$0.22	9.21%
0K36.L	Moody's Corporation	0.77%	$3.82	30.70%
HCI	HCI Group, Inc.	0.77%	$1.42	9.00%
PH	Parker-Hannifin Corporation	0.77%	$6.85	24.15%
SEI	Solaris Energy Infrastructure, Inc.	0.77%	$0.39	44.96%
0HQN.L	Cboe Global Markets, Inc.	0.76%	$1.90	20.31%
ASIC	Ategrity Specialty Holdings LLC	0.76%	$0.15	12.77%
GL	Globe Life Inc.	0.75%	$1.03	7.35%
0KYY.L	S&P Global Inc.	0.74%	$3.81	28.09%
PHM	PulteGroup, Inc.	0.74%	$0.89	6.67%
ROP	Roper Technologies, Inc.	0.74%	$3.20	22.09%
ZWS	Zurn Elkay Water Solutions Corporation	0.74%	$0.35	30.63%
JOE	The St. Joe Company	0.73%	$0.43	24.05%
TOL	Toll Brothers, Inc.	0.73%	$0.99	7.16%
TTEK	Tetra Tech, Inc.	0.73%	$0.25	26.25%
0HCB.L	Alcoa Corporation	0.72%	$0.40	9.08%
A	Agilent Technologies, Inc.	0.72%	$0.99	21.64%
FCFS	FirstCash Holdings, Inc	0.72%	$1.13	16.40%
TRAK	ReposiTrak, Inc.	0.72%	$0.09	22.94%
BKNG	Booking Holdings Inc.	0.71%	$37.78	24.39%
PGC	Peapack-Gladstone Financial Corporation	0.71%	$0.20	10.22%
ASO	Academy Sports and Outdoors, Inc.	0.70%	$0.37	6.63%
BRO	Brown & Brown, Inc.	0.70%	$0.54	18.02%
INTU	Intuit Inc.	0.70%	$4.39	29.97%
MSFT	Microsoft Corporation	0.70%	$3.31	23.52%
NCR	NCR Corporation	0.70%	$0.11	1.70%

Financial Statements

Fundamentals

Valuations

Miscellaneous

Mode

Ticker

Industry

Sector

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

High-Yield Dividend Screener