DDM Analysis: 002145.SZ

Valuation Snapshot

Stable Growth	$20.14 - $23.73	$22.24
Multi-Stage	$34.96 - $38.38	$36.64
Blended Fair Value	$29.44
Current Price	$5.79
Upside	408.44%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	25.21%	18.17%	0.08	0.11	0.06	0.04	0.02	0.03	0.02	0.02	0.02	0.02
YoY Growth	-	-	-24.61%	101.99%	56.85%	53.87%	-16.25%	20.80%	42.06%	-8.82%	-22.86%	42.94%
Dividend Yield	-	-	1.93%	2.61%	0.85%	0.52%	0.36%	0.95%	0.69%	0.44%	0.40%	0.48%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	433.44
(-) Cash Dividends Paid (M)	130.16
(=) Cash Retained (M)	303.28

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	86.69	54.18	32.51
Cash Retained (M)	303.28	303.28	303.28
(-) Cash Required (M)	-86.69	-54.18	-32.51
(=) Excess Retained (M)	216.59	249.10	270.77
(/) Shares Outstanding (M)	3,632.54	3,632.54	3,632.54
(=) Excess Retained per Share	0.06	0.07	0.07
LTM Dividend per Share	0.04	0.04	0.04
(+) Excess Retained per Share	0.06	0.07	0.07
(=) Adjusted Dividend	0.10	0.10	0.11
WACC / Discount Rate	-15.31%	-15.31%	-15.31%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$20.14	$22.24	$23.73
Upside / Downside	247.87%	284.09%	309.85%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	433.44	461.62	491.62	523.58	557.61	593.86	611.67
Payout Ratio	30.03%	42.02%	54.02%	66.01%	78.01%	90.00%	92.50%
Projected Dividends (M)	130.16	193.99	265.56	345.62	434.97	534.47	565.80

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	-15.31%	-15.31%	-15.31%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	226.90	229.05	231.20
Year 2 PV (M)	363.32	370.24	377.23
Year 3 PV (M)	553.08	568.95	585.13
Year 4 PV (M)	814.14	845.45	877.66
Year 5 PV (M)	1,170.10	1,226.62	1,285.30
PV of Terminal Value (M)	123,868.59	129,851.49	136,063.37
Equity Value (M)	126,996.14	133,091.81	139,419.89
Shares Outstanding (M)	3,632.54	3,632.54	3,632.54
Fair Value	$34.96	$36.64	$38.38
Upside / Downside	503.81%	532.79%	562.88%

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Tinergy Chemical Co., Ltd. (002145.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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