DDM Analysis: 600871.SS

Valuation Snapshot

Stable Growth	$0.25 - $0.37	$0.31
Multi-Stage	$0.51 - $0.56	$0.53
Blended Fair Value	$0.42
Current Price	$2.07
Upside	-79.75%
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	-4.68%	0.07%	0.04	0.04	0.03	0.03	0.04	0.05	0.03	0.04	0.02	0.02
YoY Growth	-	-	-5.56%	17.93%	-1.17%	-26.10%	-3.27%	39.33%	-13.49%	64.32%	29.66%	-50.15%
Dividend Yield	-	-	1.87%	2.01%	1.54%	1.65%	2.19%	2.21%	1.20%	1.87%	0.63%	0.36%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	624.52
(-) Cash Dividends Paid (M)	506.02
(=) Cash Retained (M)	118.50

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	124.90	78.06	46.84
Cash Retained (M)	118.50	118.50	118.50
(-) Cash Required (M)	-124.90	-78.06	-46.84
(=) Excess Retained (M)	-6.40	40.44	71.67
(/) Shares Outstanding (M)	18,675.19	18,675.19	18,675.19
(=) Excess Retained per Share	0.00	0.00	0.00
LTM Dividend per Share	0.03	0.03	0.03
(+) Excess Retained per Share	0.00	0.00	0.00
(=) Adjusted Dividend	0.03	0.03	0.03
WACC / Discount Rate	7.81%	7.81%	7.81%
Growth Rate	-2.57%	-1.57%	-0.57%
Fair Value	$0.25	$0.31	$0.37
Upside / Downside	-87.86%	-85.15%	-82.25%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	624.52	614.74	605.11	595.64	586.31	577.13	594.44
Payout Ratio	81.02%	82.82%	84.61%	86.41%	88.20%	90.00%	92.50%
Projected Dividends (M)	506.02	509.13	512.02	514.69	517.15	519.42	549.86

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.81%	7.81%	7.81%
Growth Rate	-2.57%	-1.57%	-0.57%
Year 1 PV (M)	467.46	472.26	477.05
Year 2 PV (M)	431.64	440.54	449.54
Year 3 PV (M)	398.38	410.78	423.42
Year 4 PV (M)	367.53	382.85	398.65
Year 5 PV (M)	338.93	356.68	375.17
PV of Terminal Value (M)	7,463.95	7,854.92	8,262.10
Equity Value (M)	9,467.89	9,918.03	10,385.94
Shares Outstanding (M)	18,675.19	18,675.19	18,675.19
Fair Value	$0.51	$0.53	$0.56
Upside / Downside	-75.51%	-74.34%	-73.13%

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Sinopec Oilfield Service Corporation (600871.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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