DDM Analysis: 002560.SZ

Valuation Snapshot

Stable Growth	$11.86 - $32.33	$30.30
Multi-Stage	$4.75 - $5.18	$4.96
Blended Fair Value	$17.63
Current Price	$7.32
Upside	140.83%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	6.02%	13.64%	0.19	0.09	0.07	0.04	0.13	0.14	0.08	0.07	0.00	0.04
YoY Growth	-	-	123.14%	23.03%	72.20%	-68.76%	-9.30%	78.27%	14.78%	0.00%	-100.00%	-25.00%
Dividend Yield	-	-	2.92%	1.23%	0.84%	0.73%	1.82%	1.70%	1.31%	0.99%	0.00%	0.29%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	85.46
(-) Cash Dividends Paid (M)	84.39
(=) Cash Retained (M)	1.07

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	17.09	10.68	6.41
Cash Retained (M)	1.07	1.07	1.07
(-) Cash Required (M)	-17.09	-10.68	-6.41
(=) Excess Retained (M)	-16.02	-9.61	-5.34
(/) Shares Outstanding (M)	525.71	525.71	525.71
(=) Excess Retained per Share	-0.03	-0.02	-0.01
LTM Dividend per Share	0.16	0.16	0.16
(+) Excess Retained per Share	-0.03	-0.02	-0.01
(=) Adjusted Dividend	0.13	0.14	0.15
WACC / Discount Rate	6.66%	6.66%	6.66%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$11.86	$30.30	$32.33
Upside / Downside	62.01%	313.89%	341.65%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	85.46	91.01	96.93	103.23	109.94	117.09	120.60
Payout Ratio	98.75%	97.00%	95.25%	93.50%	91.75%	90.00%	92.50%
Projected Dividends (M)	84.39	88.28	92.33	96.52	100.87	105.38	111.55

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.66%	6.66%	6.66%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	82.00	82.77	83.55
Year 2 PV (M)	79.64	81.16	82.69
Year 3 PV (M)	77.33	79.55	81.81
Year 4 PV (M)	75.06	77.95	80.92
Year 5 PV (M)	72.83	76.35	80.00
PV of Terminal Value (M)	2,108.32	2,210.15	2,315.88
Equity Value (M)	2,495.18	2,607.93	2,724.86
Shares Outstanding (M)	525.71	525.71	525.71
Fair Value	$4.75	$4.96	$5.18
Upside / Downside	-35.16%	-32.23%	-29.19%

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Henan Tong-Da Cable Co., Ltd. (002560.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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