DDM Analysis: 600644.SS

Valuation Snapshot

Stable Growth	$0.46 - $0.73	$0.59
Multi-Stage	$1.19 - $1.31	$1.25
Blended Fair Value	$0.92
Current Price	$10.80
Upside	-91.51%
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	0.00%	-11.35%	0.05	0.05	0.05	0.07	0.00	0.00	0.04	0.03	0.03	0.06
YoY Growth	-	-	11.20%	-9.96%	-24.12%	0.00%	0.00%	-100.00%	42.20%	-16.23%	-41.17%	-68.40%
Dividend Yield	-	-	0.79%	0.79%	0.74%	1.13%	0.00%	0.00%	0.59%	0.44%	0.34%	0.73%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	26.83
(-) Cash Dividends Paid (M)	24.10
(=) Cash Retained (M)	2.73

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	5.37	3.35	2.01
Cash Retained (M)	2.73	2.73	2.73
(-) Cash Required (M)	-5.37	-3.35	-2.01
(=) Excess Retained (M)	-2.63	-0.62	0.72
(/) Shares Outstanding (M)	566.26	566.26	566.26
(=) Excess Retained per Share	0.00	0.00	0.00
LTM Dividend per Share	0.04	0.04	0.04
(+) Excess Retained per Share	0.00	0.00	0.00
(=) Adjusted Dividend	0.04	0.04	0.04
WACC / Discount Rate	5.99%	5.99%	5.99%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$0.46	$0.59	$0.73
Upside / Downside	-95.70%	-94.56%	-93.23%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	26.83	26.57	26.30	26.04	25.78	25.52	26.29
Payout Ratio	89.82%	89.86%	89.89%	89.93%	89.96%	90.00%	92.50%
Projected Dividends (M)	24.10	23.87	23.64	23.42	23.19	22.97	24.31

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	5.99%	5.99%	5.99%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	22.29	22.52	22.75
Year 2 PV (M)	20.62	21.04	21.47
Year 3 PV (M)	19.07	19.66	20.27
Year 4 PV (M)	17.64	18.37	19.13
Year 5 PV (M)	16.32	17.17	18.05
PV of Terminal Value (M)	577.26	607.32	638.62
Equity Value (M)	673.21	706.10	740.29
Shares Outstanding (M)	566.26	566.26	566.26
Fair Value	$1.19	$1.25	$1.31
Upside / Downside	-88.99%	-88.45%	-87.90%

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Leshan Electric Power Co.,Ltd (600644.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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