DDM Analysis: 000856.SZ

Valuation Snapshot

Stable Growth	$0.41 - $0.57	$0.49
Multi-Stage	$0.84 - $0.92	$0.88
Blended Fair Value	$0.68
Current Price	$10.77
Upside	-93.64%
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	-15.60%	-13.46%	0.02	0.03	0.04	0.07	0.09	0.06	0.08	0.08	0.07	0.13
YoY Growth	-	-	-14.09%	-24.53%	-50.09%	-19.53%	64.46%	-29.95%	2.93%	8.75%	-44.03%	25.44%
Dividend Yield	-	-	0.22%	0.34%	0.42%	0.72%	1.15%	0.53%	0.42%	0.37%	0.53%	1.10%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	18.74
(-) Cash Dividends Paid (M)	3.34
(=) Cash Retained (M)	15.40

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	3.75	2.34	1.41
Cash Retained (M)	15.40	15.40	15.40
(-) Cash Required (M)	-3.75	-2.34	-1.41
(=) Excess Retained (M)	11.65	13.05	13.99
(/) Shares Outstanding (M)	233.73	233.73	233.73
(=) Excess Retained per Share	0.05	0.06	0.06
LTM Dividend per Share	0.01	0.01	0.01
(+) Excess Retained per Share	0.05	0.06	0.06
(=) Adjusted Dividend	0.06	0.07	0.07
WACC / Discount Rate	8.42%	8.42%	8.42%
Growth Rate	-6.16%	-5.16%	-4.16%
Fair Value	$0.41	$0.49	$0.57
Upside / Downside	-96.16%	-95.45%	-94.75%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	18.74	17.78	16.86	15.99	15.17	14.38	14.81
Payout Ratio	17.85%	32.28%	46.71%	61.14%	75.57%	90.00%	92.50%
Projected Dividends (M)	3.34	5.74	7.87	9.78	11.46	12.95	13.70

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.42%	8.42%	8.42%
Growth Rate	-6.16%	-5.16%	-4.16%
Year 1 PV (M)	5.24	5.29	5.35
Year 2 PV (M)	6.56	6.70	6.84
Year 3 PV (M)	7.43	7.67	7.92
Year 4 PV (M)	7.95	8.29	8.65
Year 5 PV (M)	8.20	8.64	9.11
PV of Terminal Value (M)	160.11	168.82	177.91
Equity Value (M)	195.48	205.42	215.77
Shares Outstanding (M)	233.73	233.73	233.73
Fair Value	$0.84	$0.88	$0.92
Upside / Downside	-92.23%	-91.84%	-91.43%

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Tangshan Jidong Equipment and Engineering Co.,Ltd. (000856.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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