DDM Analysis: 300922.SZ

Valuation Snapshot

Stable Growth	$9.81 - $53.41	$19.11
Multi-Stage	$7.31 - $8.00	$7.65
Blended Fair Value	$13.38
Current Price	$27.57
Upside	-51.47%
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	13.07%	6.37%	0.15	0.10	0.25	0.25	0.00	0.08	0.32	0.35	0.04	0.02
YoY Growth	-	-	48.52%	-60.00%	0.00%	0.00%	-100.00%	-75.00%	-8.35%	752.64%	77.58%	-71.07%
Dividend Yield	-	-	0.85%	0.77%	1.43%	1.26%	0.00%	0.30%	1.21%	1.32%	0.16%	0.09%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	42.29
(-) Cash Dividends Paid (M)	27.95
(=) Cash Retained (M)	14.35

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	8.46	5.29	3.17
Cash Retained (M)	14.35	14.35	14.35
(-) Cash Required (M)	-8.46	-5.29	-3.17
(=) Excess Retained (M)	5.89	9.06	11.17
(/) Shares Outstanding (M)	155.85	155.85	155.85
(=) Excess Retained per Share	0.04	0.06	0.07
LTM Dividend per Share	0.18	0.18	0.18
(+) Excess Retained per Share	0.04	0.06	0.07
(=) Adjusted Dividend	0.22	0.24	0.25
WACC / Discount Rate	6.68%	6.68%	6.68%
Growth Rate	4.37%	5.37%	6.37%
Fair Value	$9.81	$19.11	$53.41
Upside / Downside	-64.41%	-30.69%	93.71%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	42.29	44.57	46.96	49.49	52.15	54.95	56.60
Payout Ratio	66.08%	70.86%	75.65%	80.43%	85.22%	90.00%	92.50%
Projected Dividends (M)	27.95	31.58	35.53	39.80	44.44	49.45	52.35

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.68%	6.68%	6.68%
Growth Rate	4.37%	5.37%	6.37%
Year 1 PV (M)	29.32	29.60	29.88
Year 2 PV (M)	30.62	31.21	31.81
Year 3 PV (M)	31.86	32.78	33.72
Year 4 PV (M)	33.02	34.30	35.63
Year 5 PV (M)	34.12	35.79	37.52
PV of Terminal Value (M)	980.60	1,028.48	1,078.22
Equity Value (M)	1,139.54	1,192.17	1,246.78
Shares Outstanding (M)	155.85	155.85	155.85
Fair Value	$7.31	$7.65	$8.00
Upside / Downside	-73.48%	-72.25%	-70.98%

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Qinhuangdao Tianqin Equipment Manufacturing Co.,Ltd. (300922.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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