DDM Analysis: 600685.SS

Valuation Snapshot

Stable Growth	$3.51 - $4.89	$4.20
Multi-Stage	$6.39 - $7.04	$6.71
Blended Fair Value	$5.45
Current Price	$27.39
Upside	-80.08%
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	-18.30%	-17.23%	0.10	0.09	0.24	0.25	0.11	0.27	0.30	0.36	0.53	0.35
YoY Growth	-	-	10.91%	-63.10%	-6.10%	130.63%	-58.92%	-12.48%	-15.78%	-32.08%	53.87%	-46.15%
Dividend Yield	-	-	0.42%	0.33%	0.97%	1.50%	0.45%	1.89%	1.88%	1.59%	1.59%	1.18%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	845.12
(-) Cash Dividends Paid (M)	98.20
(=) Cash Retained (M)	746.92

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	169.02	105.64	63.38
Cash Retained (M)	746.92	746.92	746.92
(-) Cash Required (M)	-169.02	-105.64	-63.38
(=) Excess Retained (M)	577.90	641.28	683.54
(/) Shares Outstanding (M)	1,413.51	1,413.51	1,413.51
(=) Excess Retained per Share	0.41	0.45	0.48
LTM Dividend per Share	0.07	0.07	0.07
(+) Excess Retained per Share	0.41	0.45	0.48
(=) Adjusted Dividend	0.48	0.52	0.55
WACC / Discount Rate	8.72%	8.72%	8.72%
Growth Rate	-4.33%	-3.33%	-2.33%
Fair Value	$3.51	$4.20	$4.89
Upside / Downside	-87.19%	-84.67%	-82.15%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	845.12	816.99	789.79	763.49	738.07	713.50	734.91
Payout Ratio	11.62%	27.30%	42.97%	58.65%	74.32%	90.00%	92.50%
Projected Dividends (M)	98.20	223.00	339.39	447.77	548.57	642.15	679.79

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.72%	8.72%	8.72%
Growth Rate	-4.33%	-3.33%	-2.33%
Year 1 PV (M)	203.00	205.12	207.24
Year 2 PV (M)	281.24	287.15	293.12
Year 3 PV (M)	337.77	348.47	359.40
Year 4 PV (M)	376.69	392.69	409.19
Year 5 PV (M)	401.40	422.82	445.15
PV of Terminal Value (M)	7,433.41	7,830.10	8,243.56
Equity Value (M)	9,033.50	9,486.35	9,957.66
Shares Outstanding (M)	1,413.51	1,413.51	1,413.51
Fair Value	$6.39	$6.71	$7.04
Upside / Downside	-76.67%	-75.50%	-74.28%

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CSSC Offshore & Marine Engineering (Group) Company Limited (600685.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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