DDM Analysis: 300836.SZ

Valuation Snapshot

Stable Growth	$40.76 - $160.47	$112.31
Multi-Stage	$77.31 - $85.26	$81.20
Blended Fair Value	$96.76
Current Price	$56.70
Upside	70.64%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	170.17%	0.00%	0.18	0.02	0.21	0.00	0.00	0.00	0.00	0.00	0.00	0.10
YoY Growth	-	-	745.45%	-90.01%	6,186.22%	0.00%	-100.00%	0.00%	0.00%	-100.00%	-95.99%	0.00%
Dividend Yield	-	-	0.54%	0.13%	1.29%	0.02%	0.00%	0.00%	0.00%	0.00%	0.01%	0.31%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	59.94
(-) Cash Dividends Paid (M)	20.48
(=) Cash Retained (M)	39.46

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	11.99	7.49	4.50
Cash Retained (M)	39.46	39.46	39.46
(-) Cash Required (M)	-11.99	-7.49	-4.50
(=) Excess Retained (M)	27.47	31.97	34.97
(/) Shares Outstanding (M)	70.49	70.49	70.49
(=) Excess Retained per Share	0.39	0.45	0.50
LTM Dividend per Share	0.29	0.29	0.29
(+) Excess Retained per Share	0.39	0.45	0.50
(=) Adjusted Dividend	0.68	0.74	0.79
WACC / Discount Rate	1.67%	1.67%	1.67%
Growth Rate	0.00%	1.00%	2.00%
Fair Value	$40.76	$112.31	$160.47
Upside / Downside	-28.12%	98.07%	183.02%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	59.94	60.54	61.15	61.76	62.38	63.01	64.90
Payout Ratio	34.17%	45.33%	56.50%	67.67%	78.83%	90.00%	92.50%
Projected Dividends (M)	20.48	27.45	34.55	41.79	49.18	56.71	60.03

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	1.67%	1.67%	1.67%
Growth Rate	0.00%	1.00%	2.00%
Year 1 PV (M)	26.73	26.99	27.26
Year 2 PV (M)	32.76	33.42	34.09
Year 3 PV (M)	38.59	39.76	40.96
Year 4 PV (M)	44.23	46.02	47.87
Year 5 PV (M)	49.66	52.20	54.83
PV of Terminal Value (M)	5,257.26	5,525.42	5,804.42
Equity Value (M)	5,449.23	5,723.82	6,009.43
Shares Outstanding (M)	70.49	70.49	70.49
Fair Value	$77.31	$81.20	$85.26
Upside / Downside	36.35%	43.22%	50.36%

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Kunshan TopA Intelligent Equipment Co.,Ltd (300836.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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