DDM Analysis: 300872.SZ

Valuation Snapshot

Stable Growth	$0.92 - $1.38	$1.14
Multi-Stage	$1.82 - $2.00	$1.91
Blended Fair Value	$1.52
Current Price	$22.76
Upside	-93.31%
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	0.00%	0.00%	0.08	0.00	0.05	0.10	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	0.00%	-100.00%	-50.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.51%	0.00%	0.33%	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)	50.00
(-) Cash Dividends Paid (M)	28.52
(=) Cash Retained (M)	21.48

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	10.00	6.25	3.75
Cash Retained (M)	21.48	21.48	21.48
(-) Cash Required (M)	-10.00	-6.25	-3.75
(=) Excess Retained (M)	11.48	15.23	17.73
(/) Shares Outstanding (M)	448.73	448.73	448.73
(=) Excess Retained per Share	0.03	0.03	0.04
LTM Dividend per Share	0.06	0.06	0.06
(+) Excess Retained per Share	0.03	0.03	0.04
(=) Adjusted Dividend	0.09	0.10	0.10
WACC / Discount Rate	7.47%	7.47%	7.47%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$0.92	$1.14	$1.38
Upside / Downside	-95.95%	-94.99%	-93.94%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	50.00	49.50	49.01	48.52	48.03	47.55	48.98
Payout Ratio	57.03%	63.63%	70.22%	76.81%	83.41%	90.00%	92.50%
Projected Dividends (M)	28.52	31.50	34.41	37.27	40.06	42.80	45.30

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.47%	7.47%	7.47%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	29.01	29.31	29.60
Year 2 PV (M)	29.20	29.79	30.40
Year 3 PV (M)	29.12	30.02	30.94
Year 4 PV (M)	28.84	30.03	31.26
Year 5 PV (M)	28.37	29.85	31.39
PV of Terminal Value (M)	671.99	706.98	743.42
Equity Value (M)	816.53	855.99	897.02
Shares Outstanding (M)	448.73	448.73	448.73
Fair Value	$1.82	$1.91	$2.00
Upside / Downside	-92.01%	-91.62%	-91.22%

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Tansun Technology Co., Ltd. (300872.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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