DDM Analysis: 600754.SS

Valuation Snapshot

Stable Growth	$58.84 - $99.10	$92.84
Multi-Stage	$49.43 - $54.43	$51.88
Blended Fair Value	$72.36
Current Price	$23.05
Upside	213.92%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	3.56%	15.00%	1.13	0.48	0.28	0.33	0.86	0.95	0.94	0.96	0.95	0.62
YoY Growth	-	-	132.50%	70.73%	-13.08%	-61.93%	-9.31%	0.45%	-2.10%	0.73%	53.02%	124.11%
Dividend Yield	-	-	4.22%	1.73%	0.45%	0.66%	1.55%	3.93%	3.08%	2.82%	3.31%	1.52%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	551.43
(-) Cash Dividends Paid (M)	262.87
(=) Cash Retained (M)	288.55

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	110.29	68.93	41.36
Cash Retained (M)	288.55	288.55	288.55
(-) Cash Required (M)	-110.29	-68.93	-41.36
(=) Excess Retained (M)	178.27	219.63	247.20
(/) Shares Outstanding (M)	1,066.07	1,066.07	1,066.07
(=) Excess Retained per Share	0.17	0.21	0.23
LTM Dividend per Share	0.25	0.25	0.25
(+) Excess Retained per Share	0.17	0.21	0.23
(=) Adjusted Dividend	0.41	0.45	0.48
WACC / Discount Rate	2.28%	2.28%	2.28%
Growth Rate	1.56%	2.56%	3.56%
Fair Value	$58.84	$92.84	$99.10
Upside / Downside	155.29%	302.77%	329.94%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	551.43	565.56	580.05	594.91	610.16	625.79	644.57
Payout Ratio	47.67%	56.14%	64.60%	73.07%	81.53%	90.00%	92.50%
Projected Dividends (M)	262.87	317.49	374.73	434.69	497.49	563.21	596.22

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	2.28%	2.28%	2.28%
Growth Rate	1.56%	2.56%	3.56%
Year 1 PV (M)	307.39	310.42	313.45
Year 2 PV (M)	351.28	358.23	365.25
Year 3 PV (M)	394.54	406.31	418.31
Year 4 PV (M)	437.17	454.65	472.64
Year 5 PV (M)	479.20	503.26	528.27
PV of Terminal Value (M)	50,728.27	53,275.32	55,923.68
Equity Value (M)	52,697.85	55,308.19	58,021.60
Shares Outstanding (M)	1,066.07	1,066.07	1,066.07
Fair Value	$49.43	$51.88	$54.43
Upside / Downside	114.45%	125.08%	136.12%

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Shanghai Jin Jiang International Hotels Co., Ltd. (600754.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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