DDM Analysis: 002627.SZ

Valuation Snapshot

Stable Growth	$1.04 - $1.55	$1.28
Multi-Stage	$2.59 - $2.84	$2.71
Blended Fair Value	$2.00
Current Price	$6.01
Upside	-66.76%
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	11.04%	11.55%	0.11	0.02	0.10	0.04	0.05	0.07	0.04	0.03	0.03	0.04
YoY Growth	-	-	504.09%	-81.95%	157.44%	-15.00%	-29.25%	70.00%	38.67%	0.00%	-25.00%	0.00%
Dividend Yield	-	-	2.17%	0.35%	1.76%	0.54%	0.82%	1.25%	0.81%	0.44%	0.37%	0.52%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	91.52
(-) Cash Dividends Paid (M)	75.99
(=) Cash Retained (M)	15.53

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	18.30	11.44	6.86
Cash Retained (M)	15.53	15.53	15.53
(-) Cash Required (M)	-18.30	-11.44	-6.86
(=) Excess Retained (M)	-2.77	4.09	8.67
(/) Shares Outstanding (M)	717.97	717.97	717.97
(=) Excess Retained per Share	0.00	0.01	0.01
LTM Dividend per Share	0.11	0.11	0.11
(+) Excess Retained per Share	0.00	0.01	0.01
(=) Adjusted Dividend	0.10	0.11	0.12
WACC / Discount Rate	6.51%	6.51%	6.51%
Growth Rate	-3.00%	-2.00%	-1.00%
Fair Value	$1.04	$1.28	$1.55
Upside / Downside	-82.71%	-78.65%	-74.16%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	91.52	89.69	87.89	86.13	84.41	82.72	85.20
Payout Ratio	83.03%	84.43%	85.82%	87.21%	88.61%	90.00%	92.50%
Projected Dividends (M)	75.99	75.72	75.43	75.12	74.79	74.45	78.81

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.51%	6.51%	6.51%
Growth Rate	-3.00%	-2.00%	-1.00%
Year 1 PV (M)	70.36	71.09	71.81
Year 2 PV (M)	65.13	66.48	67.85
Year 3 PV (M)	60.28	62.16	64.08
Year 4 PV (M)	55.77	58.10	60.51
Year 5 PV (M)	51.58	54.30	57.13
PV of Terminal Value (M)	1,553.59	1,635.34	1,720.50
Equity Value (M)	1,856.72	1,947.48	2,041.88
Shares Outstanding (M)	717.97	717.97	717.97
Fair Value	$2.59	$2.71	$2.84
Upside / Downside	-56.97%	-54.87%	-52.68%

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Hubei Three Gorges Tourism Group Co., Ltd. (002627.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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