DDM Analysis: 688722.SS

Valuation Snapshot

Stable Growth	$105.60 - $124.42	$116.60
Multi-Stage	$69.86 - $76.68	$73.21
Blended Fair Value	$94.90
Current Price	$18.83
Upside	404.00%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017
DPS	98.14%	0.00%	0.09	0.45	0.00	0.00	0.25	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	-79.25%	70,428.45%	0.00%	-100.00%	8,043.96%	0.00%	-100.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.57%	3.36%	0.00%	0.00%	1.52%	0.02%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	141.73
(-) Cash Dividends Paid (M)	19.00
(=) Cash Retained (M)	122.72

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	28.35	17.72	10.63
Cash Retained (M)	122.72	122.72	122.72
(-) Cash Required (M)	-28.35	-17.72	-10.63
(=) Excess Retained (M)	94.38	105.01	112.10
(/) Shares Outstanding (M)	226.55	226.55	226.55
(=) Excess Retained per Share	0.42	0.46	0.49
LTM Dividend per Share	0.08	0.08	0.08
(+) Excess Retained per Share	0.42	0.46	0.49
(=) Adjusted Dividend	0.50	0.55	0.58
WACC / Discount Rate	2.81%	2.81%	2.81%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$105.60	$116.60	$124.42
Upside / Downside	460.82%	519.21%	560.74%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	141.73	150.94	160.75	171.20	182.33	194.18	200.00
Payout Ratio	13.41%	28.73%	44.04%	59.36%	74.68%	90.00%	92.50%
Projected Dividends (M)	19.00	43.36	70.80	101.63	136.17	174.76	185.00

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	2.81%	2.81%	2.81%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	41.78	42.18	42.57
Year 2 PV (M)	65.74	66.99	68.25
Year 3 PV (M)	90.92	93.53	96.19
Year 4 PV (M)	117.38	121.89	126.53
Year 5 PV (M)	145.16	152.17	159.45
PV of Terminal Value (M)	15,366.50	16,108.70	16,879.32
Equity Value (M)	15,827.46	16,585.45	17,372.31
Shares Outstanding (M)	226.55	226.55	226.55
Fair Value	$69.86	$73.21	$76.68
Upside / Downside	271.03%	288.79%	307.24%

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Beijing Tongyizhong New Material Technology Corporation (688722.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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