DDM Analysis: 603060.SS

Valuation Snapshot

Stable Growth	$14.92 - $42.92	$40.22
Multi-Stage	$6.05 - $6.62	$6.33
Blended Fair Value	$23.27
Current Price	$6.40
Upside	263.66%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	17.41%	18.95%	0.16	0.15	0.09	0.09	0.08	0.07	0.06	0.04	0.15	0.03
YoY Growth	-	-	6.45%	61.05%	0.63%	20.90%	6.99%	24.19%	30.65%	-70.74%	435.24%	0.00%
Dividend Yield	-	-	2.35%	1.98%	0.81%	0.86%	0.57%	0.93%	0.78%	0.73%	1.73%	0.72%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	173.58
(-) Cash Dividends Paid (M)	114.33
(=) Cash Retained (M)	59.25

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	34.72	21.70	13.02
Cash Retained (M)	59.25	59.25	59.25
(-) Cash Required (M)	-34.72	-21.70	-13.02
(=) Excess Retained (M)	24.53	37.55	46.23
(/) Shares Outstanding (M)	804.39	804.39	804.39
(=) Excess Retained per Share	0.03	0.05	0.06
LTM Dividend per Share	0.14	0.14	0.14
(+) Excess Retained per Share	0.03	0.05	0.06
(=) Adjusted Dividend	0.17	0.19	0.20
WACC / Discount Rate	6.72%	6.72%	6.72%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$14.92	$40.22	$42.92
Upside / Downside	133.10%	528.41%	570.56%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	173.58	184.86	196.88	209.68	223.31	237.82	244.96
Payout Ratio	65.87%	70.69%	75.52%	80.35%	85.17%	90.00%	92.50%
Projected Dividends (M)	114.33	130.69	148.68	168.47	190.20	214.04	226.58

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.72%	6.72%	6.72%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	121.31	122.46	123.61
Year 2 PV (M)	128.11	130.55	133.01
Year 3 PV (M)	134.73	138.60	142.54
Year 4 PV (M)	141.19	146.62	152.21
Year 5 PV (M)	147.49	154.61	162.01
PV of Terminal Value (M)	4,196.23	4,398.91	4,609.34
Equity Value (M)	4,869.06	5,091.75	5,322.72
Shares Outstanding (M)	804.39	804.39	804.39
Fair Value	$6.05	$6.33	$6.62
Upside / Downside	-5.42%	-1.09%	3.39%

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China Testing & Certification International Group Co.,Ltd. (603060.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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