DDM Analysis: 000589.SZ

Valuation Snapshot

Stable Growth	$25.12 - $61.43	$57.56
Multi-Stage	$8.87 - $9.71	$9.28
Blended Fair Value	$33.42
Current Price	$4.50
Upside	642.72%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	22.15%	6.14%	0.26	0.22	0.08	0.13	0.09	0.10	0.09	0.10	0.13	0.15
YoY Growth	-	-	19.49%	174.63%	-38.47%	38.56%	-2.78%	4.44%	-8.96%	-19.78%	-14.22%	1.95%
Dividend Yield	-	-	5.48%	3.78%	1.58%	2.85%	1.62%	2.95%	2.63%	2.93%	2.51%	3.21%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	504.97
(-) Cash Dividends Paid (M)	117.22
(=) Cash Retained (M)	387.75

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	100.99	63.12	37.87
Cash Retained (M)	387.75	387.75	387.75
(-) Cash Required (M)	-100.99	-63.12	-37.87
(=) Excess Retained (M)	286.76	324.63	349.88
(/) Shares Outstanding (M)	1,634.91	1,634.91	1,634.91
(=) Excess Retained per Share	0.18	0.20	0.21
LTM Dividend per Share	0.07	0.07	0.07
(+) Excess Retained per Share	0.18	0.20	0.21
(=) Adjusted Dividend	0.25	0.27	0.29
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$25.12	$57.56	$61.43
Upside / Downside	458.28%	1,179.22%	1,265.01%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	504.97	537.79	572.75	609.97	649.62	691.85	712.60
Payout Ratio	23.21%	36.57%	49.93%	63.29%	76.64%	90.00%	92.50%
Projected Dividends (M)	117.22	196.67	285.96	386.02	497.89	622.66	659.16

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	182.87	184.60	186.33
Year 2 PV (M)	247.23	251.94	256.69
Year 3 PV (M)	310.32	319.23	328.31
Year 4 PV (M)	372.16	386.47	401.19
Year 5 PV (M)	432.76	453.67	475.37
PV of Terminal Value (M)	12,950.14	13,575.64	14,225.07
Equity Value (M)	14,495.48	15,171.55	15,872.97
Shares Outstanding (M)	1,634.91	1,634.91	1,634.91
Fair Value	$8.87	$9.28	$9.71
Upside / Downside	97.03%	106.22%	115.75%

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Guizhou Tyre Co.,Ltd. (000589.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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