DDM Analysis: 600578.SS

Valuation Snapshot

Stable Growth	$16.52 - $87.54	$29.85
Multi-Stage	$14.53 - $15.93	$15.21
Blended Fair Value	$22.53
Current Price	$4.13
Upside	445.58%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-0.16%	0.49%	0.32	0.37	0.25	0.36	0.35	0.33	0.26	0.31	0.31	0.29
YoY Growth	-	-	-11.65%	49.20%	-30.64%	1.84%	6.55%	24.71%	-15.71%	0.70%	4.89%	-4.67%
Dividend Yield	-	-	9.07%	10.97%	7.87%	12.69%	7.98%	11.95%	7.68%	8.98%	6.95%	6.03%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	3,477.71
(-) Cash Dividends Paid (M)	1,154.77
(=) Cash Retained (M)	2,322.94

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	695.54	434.71	260.83
Cash Retained (M)	2,322.94	2,322.94	2,322.94
(-) Cash Required (M)	-695.54	-434.71	-260.83
(=) Excess Retained (M)	1,627.39	1,888.22	2,062.11
(/) Shares Outstanding (M)	6,792.75	6,792.75	6,792.75
(=) Excess Retained per Share	0.24	0.28	0.30
LTM Dividend per Share	0.17	0.17	0.17
(+) Excess Retained per Share	0.24	0.28	0.30
(=) Adjusted Dividend	0.41	0.45	0.47
WACC / Discount Rate	6.34%	6.34%	6.34%
Growth Rate	3.76%	4.76%	5.76%
Fair Value	$16.52	$29.85	$87.54
Upside / Downside	300.07%	622.81%	2,019.67%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	3,477.71	3,643.37	3,816.92	3,998.73	4,189.21	4,388.76	4,520.42
Payout Ratio	33.20%	44.56%	55.92%	67.28%	78.64%	90.00%	92.50%
Projected Dividends (M)	1,154.77	1,623.63	2,134.53	2,690.43	3,294.44	3,949.88	4,181.39

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.34%	6.34%	6.34%
Growth Rate	3.76%	4.76%	5.76%
Year 1 PV (M)	1,512.32	1,526.89	1,541.47
Year 2 PV (M)	1,851.89	1,887.76	1,923.97
Year 3 PV (M)	2,174.15	2,237.62	2,302.30
Year 4 PV (M)	2,479.73	2,576.72	2,676.52
Year 5 PV (M)	2,769.26	2,905.30	3,046.63
PV of Terminal Value (M)	87,888.00	92,205.43	96,690.90
Equity Value (M)	98,675.35	103,339.71	108,181.79
Shares Outstanding (M)	6,792.75	6,792.75	6,792.75
Fair Value	$14.53	$15.21	$15.93
Upside / Downside	251.73%	268.36%	285.62%

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Beijing Jingneng Power Co., Ltd. (600578.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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