DDM Analysis: 600848.SS

Valuation Snapshot

Stable Growth	$57.94 - $126.27	$118.33
Multi-Stage	$19.07 - $20.87	$19.95
Blended Fair Value	$69.14
Current Price	$11.50
Upside	501.21%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	18.12%	21.63%	0.58	0.55	0.59	0.51	0.45	0.25	0.70	0.05	0.06	0.06
YoY Growth	-	-	5.01%	-6.30%	15.60%	12.84%	79.18%	-63.84%	1,393.66%	-19.57%	-8.65%	-22.37%
Dividend Yield	-	-	6.15%	5.56%	4.65%	3.62%	2.96%	1.51%	2.80%	0.22%	0.35%	0.50%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,580.84
(-) Cash Dividends Paid (M)	629.13
(=) Cash Retained (M)	951.72

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	316.17	197.61	118.56
Cash Retained (M)	951.72	951.72	951.72
(-) Cash Required (M)	-316.17	-197.61	-118.56
(=) Excess Retained (M)	635.55	754.11	833.15
(/) Shares Outstanding (M)	2,489.91	2,489.91	2,489.91
(=) Excess Retained per Share	0.26	0.30	0.33
LTM Dividend per Share	0.25	0.25	0.25
(+) Excess Retained per Share	0.26	0.30	0.33
(=) Adjusted Dividend	0.51	0.56	0.59
WACC / Discount Rate	6.42%	6.42%	6.42%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$57.94	$118.33	$126.27
Upside / Downside	403.85%	928.95%	997.96%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,580.84	1,683.60	1,793.03	1,909.58	2,033.70	2,165.89	2,230.87
Payout Ratio	39.80%	49.84%	59.88%	69.92%	79.96%	90.00%	92.50%
Projected Dividends (M)	629.13	839.07	1,073.64	1,335.16	1,626.14	1,949.30	2,063.55

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.42%	6.42%	6.42%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	781.01	788.41	795.81
Year 2 PV (M)	930.20	947.92	965.80
Year 3 PV (M)	1,076.74	1,107.65	1,139.15
Year 4 PV (M)	1,220.67	1,267.61	1,315.89
Year 5 PV (M)	1,362.01	1,427.79	1,496.10
PV of Terminal Value (M)	42,099.88	44,133.32	46,244.58
Equity Value (M)	47,470.51	49,672.70	51,957.34
Shares Outstanding (M)	2,489.91	2,489.91	2,489.91
Fair Value	$19.07	$19.95	$20.87
Upside / Downside	65.78%	73.47%	81.45%

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Shanghai Lingang Holdings Co.,Ltd. (600848.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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