DDM Analysis: 002171.SZ

Valuation Snapshot

Stable Growth	$18.66 - $74.22	$50.56
Multi-Stage	$9.10 - $9.95	$9.52
Blended Fair Value	$30.04
Current Price	$9.67
Upside	210.66%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	45.86%	25.90%	0.31	0.22	0.29	0.16	0.14	0.05	0.10	0.09	0.02	0.04
YoY Growth	-	-	37.70%	-24.40%	83.59%	17.13%	194.91%	-52.86%	15.22%	316.85%	-44.60%	20.85%
Dividend Yield	-	-	3.50%	2.71%	3.94%	1.72%	1.93%	0.62%	1.44%	1.26%	0.26%	0.47%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	568.80
(-) Cash Dividends Paid (M)	242.18
(=) Cash Retained (M)	326.62

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	113.76	71.10	42.66
Cash Retained (M)	326.62	326.62	326.62
(-) Cash Required (M)	-113.76	-71.10	-42.66
(=) Excess Retained (M)	212.86	255.52	283.96
(/) Shares Outstanding (M)	1,524.14	1,524.14	1,524.14
(=) Excess Retained per Share	0.14	0.17	0.19
LTM Dividend per Share	0.16	0.16	0.16
(+) Excess Retained per Share	0.14	0.17	0.19
(=) Adjusted Dividend	0.30	0.33	0.35
WACC / Discount Rate	7.19%	7.19%	7.19%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$18.66	$50.56	$74.22
Upside / Downside	92.99%	422.88%	667.52%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	568.80	605.78	645.15	687.09	731.75	779.31	802.69
Payout Ratio	42.58%	52.06%	61.55%	71.03%	80.52%	90.00%	92.50%
Projected Dividends (M)	242.18	315.38	397.07	488.04	589.17	701.38	742.49

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.19%	7.19%	7.19%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	291.47	294.23	296.99
Year 2 PV (M)	339.14	345.60	352.12
Year 3 PV (M)	385.24	396.30	407.57
Year 4 PV (M)	429.80	446.33	463.33
Year 5 PV (M)	472.87	495.71	519.42
PV of Terminal Value (M)	11,953.35	12,530.70	13,130.15
Equity Value (M)	13,871.87	14,508.87	15,169.59
Shares Outstanding (M)	1,524.14	1,524.14	1,524.14
Fair Value	$9.10	$9.52	$9.95
Upside / Downside	-5.88%	-1.56%	2.93%

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Anhui Truchum Advanced Materials and Technology Co., Ltd. (002171.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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