DDM Analysis: 003027.SZ

Valuation Snapshot

Stable Growth	$6.65 - $10.82	$8.51
Multi-Stage	$19.92 - $21.96	$20.92
Blended Fair Value	$14.72
Current Price	$19.41
Upside	-24.18%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	23.32%	0.00%	0.11	0.25	0.30	0.33	0.15	0.04	0.15	0.01	0.01	0.00
YoY Growth	-	-	-57.05%	-17.77%	-8.33%	122.23%	296.45%	-74.78%	1,713.60%	41.22%	0.00%	0.00%
Dividend Yield	-	-	0.70%	1.40%	1.21%	1.62%	0.45%	0.10%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	81.51
(-) Cash Dividends Paid (M)	40.82
(=) Cash Retained (M)	40.70

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	16.30	10.19	6.11
Cash Retained (M)	40.70	40.70	40.70
(-) Cash Required (M)	-16.30	-10.19	-6.11
(=) Excess Retained (M)	24.39	30.51	34.58
(/) Shares Outstanding (M)	132.32	132.32	132.32
(=) Excess Retained per Share	0.18	0.23	0.26
LTM Dividend per Share	0.31	0.31	0.31
(+) Excess Retained per Share	0.18	0.23	0.26
(=) Adjusted Dividend	0.49	0.54	0.57
WACC / Discount Rate	5.27%	5.27%	5.27%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$6.65	$8.51	$10.82
Upside / Downside	-65.76%	-56.14%	-44.27%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	81.51	80.70	79.89	79.09	78.30	77.52	79.85
Payout Ratio	50.08%	58.06%	66.05%	74.03%	82.02%	90.00%	92.50%
Projected Dividends (M)	40.82	46.85	52.76	58.55	64.22	69.77	73.86

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	5.27%	5.27%	5.27%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	44.06	44.51	44.96
Year 2 PV (M)	46.66	47.62	48.58
Year 3 PV (M)	48.69	50.20	51.73
Year 4 PV (M)	50.22	52.30	54.44
Year 5 PV (M)	51.30	53.97	56.75
PV of Terminal Value (M)	2,394.67	2,519.37	2,649.20
Equity Value (M)	2,635.60	2,767.96	2,905.68
Shares Outstanding (M)	132.32	132.32	132.32
Fair Value	$19.92	$20.92	$21.96
Upside / Downside	2.62%	7.77%	13.13%

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Tongxing Environmental Protection Technology Co.,Ltd (003027.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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