DDM Analysis: 003036.SZ

Valuation Snapshot

Stable Growth	$39.50 - $46.54	$43.62
Multi-Stage	$28.09 - $30.82	$29.43
Blended Fair Value	$36.52
Current Price	$17.40
Upside	109.89%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	0.00%	16.83%	0.44	0.17	0.08	0.06	0.00	0.00	0.00	0.48	0.04	0.12
YoY Growth	-	-	157.79%	128.90%	25.88%	16,660.76%	0.00%	0.00%	-100.00%	1,052.65%	-65.61%	28.70%
Dividend Yield	-	-	3.57%	1.72%	0.55%	0.54%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	49.97
(-) Cash Dividends Paid (M)	32.35
(=) Cash Retained (M)	17.62

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	9.99	6.25	3.75
Cash Retained (M)	17.62	17.62	17.62
(-) Cash Required (M)	-9.99	-6.25	-3.75
(=) Excess Retained (M)	7.62	11.37	13.87
(/) Shares Outstanding (M)	213.51	213.51	213.51
(=) Excess Retained per Share	0.04	0.05	0.06
LTM Dividend per Share	0.15	0.15	0.15
(+) Excess Retained per Share	0.04	0.05	0.06
(=) Adjusted Dividend	0.19	0.20	0.22
WACC / Discount Rate	1.51%	1.51%	1.51%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$39.50	$43.62	$46.54
Upside / Downside	127.03%	150.66%	167.48%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	49.97	53.21	56.67	60.36	64.28	68.46	70.51
Payout Ratio	64.74%	69.79%	74.85%	79.90%	84.95%	90.00%	92.50%
Projected Dividends (M)	32.35	37.14	42.42	48.22	54.61	61.61	65.22

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	1.51%	1.51%	1.51%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	36.24	36.59	36.93
Year 2 PV (M)	40.39	41.16	41.94
Year 3 PV (M)	44.81	46.10	47.41
Year 4 PV (M)	49.52	51.42	53.38
Year 5 PV (M)	54.52	57.16	59.89
PV of Terminal Value (M)	5,771.98	6,050.76	6,340.22
Equity Value (M)	5,997.47	6,283.19	6,579.78
Shares Outstanding (M)	213.51	213.51	213.51
Fair Value	$28.09	$29.43	$30.82
Upside / Downside	61.43%	69.12%	77.11%

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Zhejiang Taitan Co.,Ltd. (003036.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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