DDM Analysis: 600552.SS

Valuation Snapshot

Stable Growth	$11.32 - $33.02	$30.95
Multi-Stage	$4.70 - $5.13	$4.91
Blended Fair Value	$17.93
Current Price	$12.99
Upside	38.03%
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	6.89%	15.05%	0.15	0.15	0.31	0.21	0.20	0.11	0.09	0.12	0.04	0.03
YoY Growth	-	-	1.05%	-50.73%	44.90%	9.38%	76.84%	27.38%	-26.95%	166.25%	28.07%	-8.21%
Dividend Yield	-	-	1.31%	1.17%	2.66%	2.09%	2.37%	2.17%	1.52%	1.72%	0.55%	0.43%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	157.00
(-) Cash Dividends Paid (M)	133.94
(=) Cash Retained (M)	23.06

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	31.40	19.62	11.77
Cash Retained (M)	23.06	23.06	23.06
(-) Cash Required (M)	-31.40	-19.62	-11.77
(=) Excess Retained (M)	-8.34	3.43	11.28
(/) Shares Outstanding (M)	945.47	945.47	945.47
(=) Excess Retained per Share	-0.01	0.00	0.01
LTM Dividend per Share	0.14	0.14	0.14
(+) Excess Retained per Share	-0.01	0.00	0.01
(=) Adjusted Dividend	0.13	0.15	0.15
WACC / Discount Rate	6.74%	6.74%	6.74%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$11.32	$30.95	$33.02
Upside / Downside	-12.85%	138.25%	154.23%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	157.00	167.20	178.07	189.65	201.97	215.10	221.56
Payout Ratio	85.31%	86.25%	87.19%	88.13%	89.06%	90.00%	92.50%
Projected Dividends (M)	133.94	144.22	155.26	167.13	179.88	193.59	204.94

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.74%	6.74%	6.74%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	133.84	135.11	136.38
Year 2 PV (M)	133.73	136.28	138.85
Year 3 PV (M)	133.60	137.43	141.34
Year 4 PV (M)	133.45	138.59	143.86
Year 5 PV (M)	133.29	139.73	146.42
PV of Terminal Value (M)	3,774.95	3,957.28	4,146.59
Equity Value (M)	4,442.86	4,644.42	4,853.44
Shares Outstanding (M)	945.47	945.47	945.47
Fair Value	$4.70	$4.91	$5.13
Upside / Downside	-63.83%	-62.18%	-60.48%

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Triumph Science & Technology Co.,Ltd (600552.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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