DDM Analysis: 600006.SS

Valuation Snapshot

Stable Growth	$0.42 - $0.57	$0.50
Multi-Stage	$0.79 - $0.87	$0.83
Blended Fair Value	$0.66
Current Price	$8.06
Upside	-91.78%
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	-18.42%	-1.58%	0.02	0.03	0.04	0.06	0.05	0.06	0.02	0.02	0.08	0.03
YoY Growth	-	-	-29.67%	-23.30%	-32.85%	25.15%	-20.29%	174.92%	-8.41%	-70.89%	136.86%	35.98%
Dividend Yield	-	-	0.27%	0.36%	0.67%	1.04%	0.73%	1.40%	0.41%	0.46%	1.13%	0.53%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	245.34
(-) Cash Dividends Paid (M)	0.07
(=) Cash Retained (M)	245.27

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	49.07	30.67	18.40
Cash Retained (M)	245.27	245.27	245.27
(-) Cash Required (M)	-49.07	-30.67	-18.40
(=) Excess Retained (M)	196.20	214.60	226.87
(/) Shares Outstanding (M)	2,916.22	2,916.22	2,916.22
(=) Excess Retained per Share	0.07	0.07	0.08
LTM Dividend per Share	0.00	0.00	0.00
(+) Excess Retained per Share	0.07	0.07	0.08
(=) Adjusted Dividend	0.07	0.07	0.08
WACC / Discount Rate	8.85%	8.85%	8.85%
Growth Rate	-6.15%	-5.15%	-4.15%
Fair Value	$0.42	$0.50	$0.57
Upside / Downside	-94.78%	-93.81%	-92.88%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	245.34	232.70	220.71	209.34	198.56	188.33	193.98
Payout Ratio	0.03%	18.02%	36.02%	54.01%	72.01%	90.00%	92.50%
Projected Dividends (M)	0.07	41.94	79.50	113.07	142.98	169.50	179.43

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.85%	8.85%	8.85%
Growth Rate	-6.15%	-5.15%	-4.15%
Year 1 PV (M)	38.12	38.53	38.94
Year 2 PV (M)	65.68	67.09	68.51
Year 3 PV (M)	84.92	87.66	90.47
Year 4 PV (M)	97.61	101.83	106.20
Year 5 PV (M)	105.18	110.91	116.88
PV of Terminal Value (M)	1,902.16	2,005.69	2,113.67
Equity Value (M)	2,293.68	2,411.71	2,534.66
Shares Outstanding (M)	2,916.22	2,916.22	2,916.22
Fair Value	$0.79	$0.83	$0.87
Upside / Downside	-90.24%	-89.74%	-89.22%

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KKRS	KKR Group Finance Co. IX LLC 4.	2.77%	$0.49	7.61%
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Financial Statements

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Sector

DongFeng Automobile Co. Ltd. (600006.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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