DDM Analysis: 300005.SZ

Valuation Snapshot

Stable Growth	$0.33 - $0.48	$0.41
Multi-Stage	$0.49 - $0.54	$0.52
Blended Fair Value	$0.46
Current Price	$8.82
Upside	-94.78%
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	101.36%	-13.10%	0.03	0.00	0.00	0.00	0.05	0.00	0.00	0.14	0.01	0.12
YoY Growth	-	-	23,267.75%	17.82%	0.00%	-100.00%	5,505.73%	-46.43%	-98.76%	1,242.20%	-91.37%	-3.44%
Dividend Yield	-	-	0.40%	0.00%	0.00%	0.00%	0.73%	0.03%	0.04%	2.76%	0.11%	1.02%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	37.91
(-) Cash Dividends Paid (M)	14.14
(=) Cash Retained (M)	23.77

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	7.58	4.74	2.84
Cash Retained (M)	23.77	23.77	23.77
(-) Cash Required (M)	-7.58	-4.74	-2.84
(=) Excess Retained (M)	16.19	19.03	20.93
(/) Shares Outstanding (M)	845.46	845.46	845.46
(=) Excess Retained per Share	0.02	0.02	0.02
LTM Dividend per Share	0.02	0.02	0.02
(+) Excess Retained per Share	0.02	0.02	0.02
(=) Adjusted Dividend	0.04	0.04	0.04
WACC / Discount Rate	9.72%	9.72%	9.72%
Growth Rate	-0.96%	0.04%	1.04%
Fair Value	$0.33	$0.41	$0.48
Upside / Downside	-96.23%	-95.40%	-94.53%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	37.91	37.93	37.95	37.96	37.98	37.99	39.13
Payout Ratio	37.30%	47.84%	58.38%	68.92%	79.46%	90.00%	92.50%
Projected Dividends (M)	14.14	18.14	22.15	26.16	30.18	34.19	36.20

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.72%	9.72%	9.72%
Growth Rate	-0.96%	0.04%	1.04%
Year 1 PV (M)	16.37	16.54	16.70
Year 2 PV (M)	18.03	18.40	18.77
Year 3 PV (M)	19.22	19.81	20.41
Year 4 PV (M)	20.00	20.82	21.66
Year 5 PV (M)	20.45	21.50	22.60
PV of Terminal Value (M)	321.99	338.57	355.84
Equity Value (M)	416.06	435.64	455.97
Shares Outstanding (M)	845.46	845.46	845.46
Fair Value	$0.49	$0.52	$0.54
Upside / Downside	-94.42%	-94.16%	-93.89%

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Toread Holdings Group Co., Ltd. (300005.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener