DDM Analysis: 601163.SS

Valuation Snapshot

Stable Growth	$179.08 - $211.25	$197.85
Multi-Stage	$115.33 - $127.36	$121.22
Blended Fair Value	$159.54
Current Price	$13.85
Upside	1,051.89%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	23.33%	-5.98%	0.72	0.33	0.27	0.44	0.39	0.25	0.33	0.46	0.11	1.29
YoY Growth	-	-	115.76%	25.00%	-38.88%	12.08%	54.46%	-22.96%	-29.33%	313.72%	-91.32%	-3.25%
Dividend Yield	-	-	4.76%	2.03%	2.02%	3.52%	2.35%	2.00%	2.39%	2.72%	0.37%	4.07%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	901.52
(-) Cash Dividends Paid (M)	24.64
(=) Cash Retained (M)	876.87

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	180.30	112.69	67.61
Cash Retained (M)	876.87	876.87	876.87
(-) Cash Required (M)	-180.30	-112.69	-67.61
(=) Excess Retained (M)	696.57	764.18	809.26
(/) Shares Outstanding (M)	797.65	797.65	797.65
(=) Excess Retained per Share	0.87	0.96	1.01
LTM Dividend per Share	0.03	0.03	0.03
(+) Excess Retained per Share	0.87	0.96	1.01
(=) Adjusted Dividend	0.90	0.99	1.05
WACC / Discount Rate	-1.76%	-1.76%	-1.76%
Growth Rate	-0.97%	0.03%	1.03%
Fair Value	$179.08	$197.85	$211.25
Upside / Downside	1,193.03%	1,328.53%	1,425.26%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	901.52	901.81	902.10	902.38	902.67	902.96	930.05
Payout Ratio	2.73%	20.19%	37.64%	55.09%	72.55%	90.00%	92.50%
Projected Dividends (M)	24.64	182.05	339.55	497.15	654.86	812.66	860.30

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	-1.76%	-1.76%	-1.76%
Growth Rate	-0.97%	0.03%	1.03%
Year 1 PV (M)	183.47	185.32	187.17
Year 2 PV (M)	344.86	351.86	358.93
Year 3 PV (M)	508.86	524.43	540.32
Year 4 PV (M)	675.50	703.20	731.74
Year 5 PV (M)	844.81	888.33	933.63
PV of Terminal Value (M)	89,432.05	94,039.48	98,834.87
Equity Value (M)	91,989.54	96,692.61	101,586.66
Shares Outstanding (M)	797.65	797.65	797.65
Fair Value	$115.33	$121.22	$127.36
Upside / Downside	732.68%	775.25%	819.55%

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Triangle Tyre Co., Ltd (601163.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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