DDM Analysis: 688003.SS

Valuation Snapshot

Stable Growth	$17.22 - $56.06	$27.92
Multi-Stage	$11.00 - $12.03	$11.51
Blended Fair Value	$19.72
Current Price	$58.06
Upside	-66.04%
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	0.00%	36.89%	0.68	0.37	0.44	0.70	0.20	0.00	0.11	0.11	0.07	0.18
YoY Growth	-	-	82.27%	-14.70%	-37.97%	250.05%	0.00%	-100.00%	2.93%	53.71%	-61.09%	525.27%
Dividend Yield	-	-	1.32%	0.99%	1.05%	2.45%	0.69%	0.00%	0.24%	0.23%	0.15%	0.39%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	123.19
(-) Cash Dividends Paid (M)	10.84
(=) Cash Retained (M)	112.35

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	24.64	15.40	9.24
Cash Retained (M)	112.35	112.35	112.35
(-) Cash Required (M)	-24.64	-15.40	-9.24
(=) Excess Retained (M)	87.71	96.95	103.11
(/) Shares Outstanding (M)	192.59	192.59	192.59
(=) Excess Retained per Share	0.46	0.50	0.54
LTM Dividend per Share	0.06	0.06	0.06
(+) Excess Retained per Share	0.46	0.50	0.54
(=) Adjusted Dividend	0.51	0.56	0.59
WACC / Discount Rate	8.63%	8.63%	8.63%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$17.22	$27.92	$56.06
Upside / Downside	-70.34%	-51.90%	-3.44%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	123.19	131.20	139.72	148.81	158.48	168.78	173.84
Payout Ratio	8.80%	25.04%	41.28%	57.52%	73.76%	90.00%	92.50%
Projected Dividends (M)	10.84	32.85	57.68	85.59	116.89	151.90	160.81

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.63%	8.63%	8.63%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	29.95	30.24	30.52
Year 2 PV (M)	47.96	48.87	49.79
Year 3 PV (M)	64.90	66.76	68.66
Year 4 PV (M)	80.82	83.93	87.13
Year 5 PV (M)	95.77	100.40	105.20
PV of Terminal Value (M)	1,799.36	1,886.27	1,976.50
Equity Value (M)	2,118.76	2,216.47	2,317.81
Shares Outstanding (M)	192.59	192.59	192.59
Fair Value	$11.00	$11.51	$12.03
Upside / Downside	-81.05%	-80.18%	-79.27%

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Suzhou TZTEK Technology Co., Ltd (688003.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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