DDM Analysis: 002043.SZ

Valuation Snapshot

Stable Growth	$17.15 - $37.34	$24.57
Multi-Stage	$12.72 - $13.87	$13.29
Blended Fair Value	$18.93
Current Price	$10.74
Upside	76.24%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	23.73%	46.79%	0.82	0.50	0.44	0.23	0.30	0.28	0.26	0.07	0.07	0.02
YoY Growth	-	-	63.80%	13.42%	89.55%	-21.32%	4.68%	10.71%	271.23%	-3.02%	307.02%	-1.27%
Dividend Yield	-	-	7.73%	5.14%	3.68%	2.28%	2.75%	3.81%	3.41%	0.63%	0.51%	0.28%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	732.10
(-) Cash Dividends Paid (M)	272.34
(=) Cash Retained (M)	459.76

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	146.42	91.51	54.91
Cash Retained (M)	459.76	459.76	459.76
(-) Cash Required (M)	-146.42	-91.51	-54.91
(=) Excess Retained (M)	313.34	368.25	404.85
(/) Shares Outstanding (M)	827.03	827.03	827.03
(=) Excess Retained per Share	0.38	0.45	0.49
LTM Dividend per Share	0.33	0.33	0.33
(+) Excess Retained per Share	0.38	0.45	0.49
(=) Adjusted Dividend	0.71	0.77	0.82
WACC / Discount Rate	9.86%	9.86%	9.86%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$17.15	$24.57	$37.34
Upside / Downside	59.66%	128.79%	247.70%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	732.10	779.69	830.37	884.34	941.83	1,003.04	1,033.14
Payout Ratio	37.20%	47.76%	58.32%	68.88%	79.44%	90.00%	92.50%
Projected Dividends (M)	272.34	372.38	484.27	609.14	748.19	902.74	955.65

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.86%	9.86%	9.86%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	335.78	338.97	342.15
Year 2 PV (M)	393.77	401.27	408.84
Year 3 PV (M)	446.62	459.44	472.50
Year 4 PV (M)	494.66	513.68	533.25
Year 5 PV (M)	538.19	564.18	591.17
PV of Terminal Value (M)	8,308.59	8,709.90	9,126.56
Equity Value (M)	10,517.61	10,987.44	11,474.48
Shares Outstanding (M)	827.03	827.03	827.03
Fair Value	$12.72	$13.29	$13.87
Upside / Downside	18.41%	23.70%	29.18%

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DeHua TB New Decoration Material Co.,Ltd (002043.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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