DDM Analysis: 688259.SS

Valuation Snapshot

Stable Growth	$48.49 - $150.53	$141.07
Multi-Stage	$20.11 - $22.01	$21.04
Blended Fair Value	$81.05
Current Price	$46.91
Upside	72.78%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017
DPS	106.12%	0.00%	0.23	0.27	0.22	0.00	0.01	0.01	0.01	0.00	0.00	0.00
YoY Growth	-	-	-15.97%	23.37%	5,324.42%	-58.20%	58.28%	-26.27%	80.99%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.51%	0.68%	0.40%	0.01%	0.02%	0.01%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	82.31
(-) Cash Dividends Paid (M)	22.25
(=) Cash Retained (M)	60.06

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	16.46	10.29	6.17
Cash Retained (M)	60.06	60.06	60.06
(-) Cash Required (M)	-16.46	-10.29	-6.17
(=) Excess Retained (M)	43.60	49.77	53.89
(/) Shares Outstanding (M)	108.75	108.75	108.75
(=) Excess Retained per Share	0.40	0.46	0.50
LTM Dividend per Share	0.20	0.20	0.20
(+) Excess Retained per Share	0.40	0.46	0.50
(=) Adjusted Dividend	0.61	0.66	0.70
WACC / Discount Rate	6.82%	6.82%	6.82%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$48.49	$141.07	$150.53
Upside / Downside	3.36%	200.72%	220.88%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	82.31	87.66	93.36	99.43	105.89	112.78	116.16
Payout Ratio	27.03%	39.63%	52.22%	64.81%	77.41%	90.00%	92.50%
Projected Dividends (M)	22.25	34.74	48.75	64.45	81.97	101.50	107.45

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.82%	6.82%	6.82%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	32.22	32.52	32.83
Year 2 PV (M)	41.93	42.73	43.54
Year 3 PV (M)	51.40	52.88	54.38
Year 4 PV (M)	60.63	62.96	65.36
Year 5 PV (M)	69.63	72.99	76.48
PV of Terminal Value (M)	1,930.75	2,024.00	2,120.83
Equity Value (M)	2,186.55	2,288.08	2,393.41
Shares Outstanding (M)	108.75	108.75	108.75
Fair Value	$20.11	$21.04	$22.01
Upside / Downside	-57.14%	-55.15%	-53.09%

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Triductor Technology (Suzhou) Inc. (688259.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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