DDM Analysis: 600458.SS

Valuation Snapshot

Stable Growth	$68.45 - $137.80	$129.14
Multi-Stage	$21.24 - $23.25	$22.22
Blended Fair Value	$75.68
Current Price	$15.11
Upside	400.88%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	44.66%	17.76%	0.25	0.14	0.08	0.12	0.02	0.04	0.05	0.10	0.05	0.02
YoY Growth	-	-	83.22%	72.89%	-36.00%	400.00%	-37.50%	-20.00%	-50.00%	100.00%	203.44%	-66.67%
Dividend Yield	-	-	1.84%	1.19%	0.70%	1.16%	0.29%	0.58%	0.49%	1.15%	0.34%	0.11%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	568.33
(-) Cash Dividends Paid (M)	215.84
(=) Cash Retained (M)	352.48

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	113.67	71.04	42.62
Cash Retained (M)	352.48	352.48	352.48
(-) Cash Required (M)	-113.67	-71.04	-42.62
(=) Excess Retained (M)	238.82	281.44	309.86
(/) Shares Outstanding (M)	820.20	820.20	820.20
(=) Excess Retained per Share	0.29	0.34	0.38
LTM Dividend per Share	0.26	0.26	0.26
(+) Excess Retained per Share	0.29	0.34	0.38
(=) Adjusted Dividend	0.55	0.61	0.64
WACC / Discount Rate	6.35%	6.35%	6.35%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$68.45	$129.14	$137.80
Upside / Downside	352.98%	754.68%	812.00%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	568.33	605.27	644.61	686.51	731.13	778.66	802.01
Payout Ratio	37.98%	48.38%	58.79%	69.19%	79.60%	90.00%	92.50%
Projected Dividends (M)	215.84	292.84	378.95	475.00	581.95	700.79	741.86

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.35%	6.35%	6.35%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	272.76	275.35	277.93
Year 2 PV (M)	328.76	335.02	341.34
Year 3 PV (M)	383.83	394.85	406.08
Year 4 PV (M)	438.00	454.84	472.17
Year 5 PV (M)	491.27	515.00	539.64
PV of Terminal Value (M)	15,503.90	16,252.74	17,030.25
Equity Value (M)	17,418.52	18,227.80	19,067.40
Shares Outstanding (M)	820.20	820.20	820.20
Fair Value	$21.24	$22.22	$23.25
Upside / Downside	40.55%	47.08%	53.85%

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Zhuzhou Times New Material Technology Co., Ltd. (600458.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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