DDM Analysis: 002668.SZ

Valuation Snapshot

Stable Growth	$25.57 - $68.36	$39.20
Multi-Stage	$16.99 - $18.59	$17.78
Blended Fair Value	$28.49
Current Price	$9.66
Upside	194.89%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-42.52%	-7.24%	0.02	0.03	0.03	0.08	0.35	0.27	0.22	0.14	0.05	0.04
YoY Growth	-	-	-38.86%	-10.96%	-61.25%	-76.98%	29.23%	23.90%	55.80%	183.84%	14.09%	20.19%
Dividend Yield	-	-	0.14%	0.34%	0.49%	1.68%	5.39%	5.99%	3.02%	0.53%	0.20%	0.17%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,171.53
(-) Cash Dividends Paid (M)	9.85
(=) Cash Retained (M)	1,161.67

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	234.31	146.44	87.86
Cash Retained (M)	1,161.67	1,161.67	1,161.67
(-) Cash Required (M)	-234.31	-146.44	-87.86
(=) Excess Retained (M)	927.37	1,015.23	1,073.81
(/) Shares Outstanding (M)	1,081.16	1,081.16	1,081.16
(=) Excess Retained per Share	0.86	0.94	0.99
LTM Dividend per Share	0.01	0.01	0.01
(+) Excess Retained per Share	0.86	0.94	0.99
(=) Adjusted Dividend	0.87	0.95	1.00
WACC / Discount Rate	9.08%	9.08%	9.08%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$25.57	$39.20	$68.36
Upside / Downside	164.73%	305.76%	607.67%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,171.53	1,247.68	1,328.77	1,415.14	1,507.13	1,605.09	1,653.25
Payout Ratio	0.84%	18.67%	36.50%	54.34%	72.17%	90.00%	92.50%
Projected Dividends (M)	9.85	232.98	485.06	768.94	1,087.67	1,444.58	1,529.25

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.08%	9.08%	9.08%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	211.59	213.59	215.60
Year 2 PV (M)	400.08	407.70	415.39
Year 3 PV (M)	575.98	592.52	609.37
Year 4 PV (M)	739.93	768.38	797.65
Year 5 PV (M)	892.50	935.61	980.36
PV of Terminal Value (M)	15,549.43	16,300.47	17,080.26
Equity Value (M)	18,369.50	19,218.27	20,098.63
Shares Outstanding (M)	1,081.16	1,081.16	1,081.16
Fair Value	$16.99	$17.78	$18.59
Upside / Downside	75.89%	84.01%	92.44%

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Guangdong TCL Smart Home Appliances Co., Ltd. (002668.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener