DDM Analysis: 600749.SS

Valuation Snapshot

Stable Growth	$1.25 - $1.94	$1.57
Multi-Stage	$1.74 - $1.91	$1.82
Blended Fair Value	$1.69
Current Price	$18.43
Upside	-90.80%
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	-7.51%	-8.16%	0.04	0.04	0.03	0.04	0.02	0.06	0.03	0.06	0.00	0.10
YoY Growth	-	-	-3.10%	27.84%	-17.22%	58.92%	-58.48%	118.71%	-53.59%	0.00%	-100.00%	2.83%
Dividend Yield	-	-	0.36%	0.37%	0.25%	0.28%	0.22%	0.72%	0.23%	0.37%	0.00%	0.41%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	29.20
(-) Cash Dividends Paid (M)	5.16
(=) Cash Retained (M)	24.04

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	5.84	3.65	2.19
Cash Retained (M)	24.04	24.04	24.04
(-) Cash Required (M)	-5.84	-3.65	-2.19
(=) Excess Retained (M)	18.20	20.39	21.85
(/) Shares Outstanding (M)	223.04	223.04	223.04
(=) Excess Retained per Share	0.08	0.09	0.10
LTM Dividend per Share	0.02	0.02	0.02
(+) Excess Retained per Share	0.08	0.09	0.10
(=) Adjusted Dividend	0.10	0.11	0.12
WACC / Discount Rate	8.83%	8.83%	8.83%
Growth Rate	0.43%	1.43%	2.43%
Fair Value	$1.25	$1.57	$1.94
Upside / Downside	-93.21%	-91.48%	-89.49%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	29.20	29.62	30.04	30.47	30.90	31.34	32.28
Payout Ratio	17.67%	32.14%	46.60%	61.07%	75.53%	90.00%	92.50%
Projected Dividends (M)	5.16	9.52	14.00	18.61	23.34	28.21	29.86

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.83%	8.83%	8.83%
Growth Rate	0.43%	1.43%	2.43%
Year 1 PV (M)	8.66	8.75	8.83
Year 2 PV (M)	11.59	11.82	12.05
Year 3 PV (M)	14.01	14.44	14.87
Year 4 PV (M)	16.00	16.64	17.31
Year 5 PV (M)	17.59	18.48	19.41
PV of Terminal Value (M)	319.48	335.70	352.58
Equity Value (M)	387.32	405.83	425.05
Shares Outstanding (M)	223.04	223.04	223.04
Fair Value	$1.74	$1.82	$1.91
Upside / Downside	-90.58%	-90.13%	-89.66%

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Tibet Tourism Co.,Ltd (600749.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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