DDM Analysis: 301571.SZ

Valuation Snapshot

Stable Growth	$41.59 - $192.50	$93.75
Multi-Stage	$92.66 - $102.41	$97.44
Blended Fair Value	$95.59
Current Price	$45.90
Upside	108.26%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019
DPS	0.00%	0.00%	0.09	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.22%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	191.55
(-) Cash Dividends Paid (M)	24.79
(=) Cash Retained (M)	166.75

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	38.31	23.94	14.37
Cash Retained (M)	166.75	166.75	166.75
(-) Cash Required (M)	-38.31	-23.94	-14.37
(=) Excess Retained (M)	128.44	142.81	152.39
(/) Shares Outstanding (M)	184.09	184.09	184.09
(=) Excess Retained per Share	0.70	0.78	0.83
LTM Dividend per Share	0.13	0.13	0.13
(+) Excess Retained per Share	0.70	0.78	0.83
(=) Adjusted Dividend	0.83	0.91	0.96
WACC / Discount Rate	-0.04%	-0.04%	-0.04%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$41.59	$93.75	$192.50
Upside / Downside	-9.39%	104.25%	319.38%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	191.55	189.63	187.74	185.86	184.00	182.16	187.62
Payout Ratio	12.94%	28.36%	43.77%	59.18%	74.59%	90.00%	92.50%
Projected Dividends (M)	24.79	53.77	82.16	109.99	137.24	163.94	173.55

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	-0.04%	-0.04%	-0.04%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	53.25	53.79	54.33
Year 2 PV (M)	80.58	82.23	83.90
Year 3 PV (M)	106.81	110.11	113.48
Year 4 PV (M)	131.98	137.45	143.09
Year 5 PV (M)	156.13	164.26	172.72
PV of Terminal Value (M)	16,528.05	17,388.71	18,284.85
Equity Value (M)	17,056.80	17,936.55	18,852.38
Shares Outstanding (M)	184.09	184.09	184.09
Fair Value	$92.66	$97.44	$102.41
Upside / Downside	101.87%	112.28%	123.12%

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Teemsun Technology Co Ltd (301571.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener