DDM Analysis: 002134.SZ

Valuation Snapshot

Stable Growth	$13.09 - $15.42	$14.45
Multi-Stage	$3.06 - $3.35	$3.20
Blended Fair Value	$8.83
Current Price	$20.53
Upside	-56.99%
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	78.10%	15.57%	0.05	0.01	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.01
YoY Growth	-	-	509.83%	0.00%	-100.00%	-59.60%	12.29%	0.00%	-100.00%	148.30%	-87.24%	-45.49%
Dividend Yield	-	-	0.25%	0.09%	0.00%	0.01%	0.04%	0.03%	0.00%	0.02%	0.01%	0.05%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	18.04
(-) Cash Dividends Paid (M)	16.39
(=) Cash Retained (M)	1.66

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	3.61	2.26	1.35
Cash Retained (M)	1.66	1.66	1.66
(-) Cash Required (M)	-3.61	-2.26	-1.35
(=) Excess Retained (M)	-1.95	-0.60	0.30
(/) Shares Outstanding (M)	232.67	232.67	232.67
(=) Excess Retained per Share	-0.01	0.00	0.00
LTM Dividend per Share	0.07	0.07	0.07
(+) Excess Retained per Share	-0.01	0.00	0.00
(=) Adjusted Dividend	0.06	0.07	0.07
WACC / Discount Rate	5.70%	5.70%	5.70%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$13.09	$14.45	$15.42
Upside / Downside	-36.24%	-29.60%	-24.88%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	18.04	19.22	20.47	21.80	23.21	24.72	25.46
Payout Ratio	90.82%	90.65%	90.49%	90.33%	90.16%	90.00%	92.50%
Projected Dividends (M)	16.39	17.42	18.52	19.69	20.93	22.25	23.55

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	5.70%	5.70%	5.70%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	16.33	16.48	16.64
Year 2 PV (M)	16.27	16.58	16.89
Year 3 PV (M)	16.21	16.67	17.15
Year 4 PV (M)	16.15	16.77	17.41
Year 5 PV (M)	16.09	16.87	17.67
PV of Terminal Value (M)	631.74	662.25	693.93
Equity Value (M)	712.78	745.62	779.69
Shares Outstanding (M)	232.67	232.67	232.67
Fair Value	$3.06	$3.20	$3.35
Upside / Downside	-85.08%	-84.39%	-83.68%

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Tianjin Printronics Circuit Corporation (002134.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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