DDM Analysis: 1666.HK

Valuation Snapshot

Stable Growth	$18.69 - $48.34	$28.36
Multi-Stage	$32.11 - $35.30	$33.67
Blended Fair Value	$31.02
Current Price	$4.50
Upside	589.27%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-0.20%	3.61%	0.18	0.16	0.16	0.16	0.16	0.18	0.17	0.16	0.15	0.14
YoY Growth	-	-	12.50%	-0.98%	0.00%	0.00%	-11.11%	5.88%	6.25%	6.67%	7.14%	12.00%
Dividend Yield	-	-	3.66%	2.67%	3.21%	2.35%	3.92%	2.63%	1.89%	1.71%	1.17%	1.31%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,082.50
(-) Cash Dividends Paid (M)	431.18
(=) Cash Retained (M)	651.32

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	216.50	135.31	81.19
Cash Retained (M)	651.32	651.32	651.32
(-) Cash Required (M)	-216.50	-135.31	-81.19
(=) Excess Retained (M)	434.82	516.00	570.13
(/) Shares Outstanding (M)	1,280.78	1,280.78	1,280.78
(=) Excess Retained per Share	0.34	0.40	0.45
LTM Dividend per Share	0.34	0.34	0.34
(+) Excess Retained per Share	0.34	0.40	0.45
(=) Adjusted Dividend	0.68	0.74	0.78
WACC / Discount Rate	5.29%	5.29%	5.29%
Growth Rate	1.61%	2.61%	3.61%
Fair Value	$18.69	$28.36	$48.34
Upside / Downside	315.36%	530.22%	974.16%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,082.50	1,110.77	1,139.77	1,169.53	1,200.07	1,231.41	1,268.35
Payout Ratio	39.83%	49.87%	59.90%	69.93%	79.97%	90.00%	92.50%
Projected Dividends (M)	431.18	553.89	682.71	817.89	959.65	1,108.27	1,173.22

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	5.29%	5.29%	5.29%
Growth Rate	1.61%	2.61%	3.61%
Year 1 PV (M)	520.95	526.08	531.20
Year 2 PV (M)	603.92	615.87	627.93
Year 3 PV (M)	680.47	700.76	721.45
Year 4 PV (M)	750.94	780.94	811.83
Year 5 PV (M)	815.65	856.58	899.15
PV of Terminal Value (M)	37,754.54	39,649.27	41,619.31
Equity Value (M)	41,126.48	43,129.49	45,210.86
Shares Outstanding (M)	1,280.78	1,280.78	1,280.78
Fair Value	$32.11	$33.67	$35.30
Upside / Downside	613.56%	648.32%	684.43%

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Tong Ren Tang Technologies Co. Ltd. (1666.HK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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