DDM Analysis: 002368.SZ

Valuation Snapshot

Stable Growth	$4.92 - $8.74	$6.53
Multi-Stage	$5.97 - $6.55	$6.25
Blended Fair Value	$6.39
Current Price	$27.66
Upside	-76.89%
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	4.16%	11.69%	0.29	0.26	0.28	0.31	0.24	0.23	0.21	0.21	0.15	0.13
YoY Growth	-	-	10.49%	-8.24%	-10.08%	30.30%	3.22%	8.58%	1.17%	45.72%	14.46%	34.44%
Dividend Yield	-	-	1.15%	1.02%	0.67%	1.47%	1.13%	0.89%	0.75%	1.06%	0.67%	0.49%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	223.41
(-) Cash Dividends Paid (M)	52.61
(=) Cash Retained (M)	170.80

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	44.68	27.93	16.76
Cash Retained (M)	170.80	170.80	170.80
(-) Cash Required (M)	-44.68	-27.93	-16.76
(=) Excess Retained (M)	126.11	142.87	154.04
(/) Shares Outstanding (M)	623.13	623.13	623.13
(=) Excess Retained per Share	0.20	0.23	0.25
LTM Dividend per Share	0.08	0.08	0.08
(+) Excess Retained per Share	0.20	0.23	0.25
(=) Adjusted Dividend	0.29	0.31	0.33
WACC / Discount Rate	8.12%	8.12%	8.12%
Growth Rate	2.16%	3.16%	4.16%
Fair Value	$4.92	$6.53	$8.74
Upside / Downside	-82.21%	-76.38%	-68.42%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	223.41	230.47	237.75	245.27	253.02	261.02	268.85
Payout Ratio	23.55%	36.84%	50.13%	63.42%	76.71%	90.00%	92.50%
Projected Dividends (M)	52.61	84.90	119.19	155.55	194.09	234.91	248.68

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.12%	8.12%	8.12%
Growth Rate	2.16%	3.16%	4.16%
Year 1 PV (M)	77.77	78.53	79.29
Year 2 PV (M)	100.00	101.97	103.95
Year 3 PV (M)	119.54	123.09	126.70
Year 4 PV (M)	136.63	142.06	147.65
Year 5 PV (M)	151.47	159.03	166.89
PV of Terminal Value (M)	3,134.85	3,291.31	3,453.95
Equity Value (M)	3,720.25	3,895.98	4,078.43
Shares Outstanding (M)	623.13	623.13	623.13
Fair Value	$5.97	$6.25	$6.55
Upside / Downside	-78.42%	-77.40%	-76.34%

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Taiji Computer Corporation Limited (002368.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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