DDM Analysis: 600210.SS

Valuation Snapshot

Stable Growth	$12.27 - $22.94	$16.62
Multi-Stage	$20.01 - $22.02	$20.99
Blended Fair Value	$18.81
Current Price	$7.40
Upside	154.15%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	3.55%	1.31%	0.31	0.33	0.34	0.33	0.29	0.26	0.27	0.23	0.18	0.21
YoY Growth	-	-	-6.47%	-1.24%	1.92%	15.78%	9.21%	-3.08%	16.08%	29.57%	-13.06%	-24.50%
Dividend Yield	-	-	4.45%	6.35%	5.95%	5.57%	5.98%	6.25%	5.58%	5.00%	3.32%	3.71%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,246.94
(-) Cash Dividends Paid (M)	64.79
(=) Cash Retained (M)	1,182.15

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	249.39	155.87	93.52
Cash Retained (M)	1,182.15	1,182.15	1,182.15
(-) Cash Required (M)	-249.39	-155.87	-93.52
(=) Excess Retained (M)	932.76	1,026.28	1,088.63
(/) Shares Outstanding (M)	1,515.56	1,515.56	1,515.56
(=) Excess Retained per Share	0.62	0.68	0.72
LTM Dividend per Share	0.04	0.04	0.04
(+) Excess Retained per Share	0.62	0.68	0.72
(=) Adjusted Dividend	0.66	0.72	0.76
WACC / Discount Rate	6.34%	6.34%	6.34%
Growth Rate	0.92%	1.92%	2.92%
Fair Value	$12.27	$16.62	$22.94
Upside / Downside	65.78%	124.59%	209.97%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,246.94	1,270.89	1,295.29	1,320.17	1,345.53	1,371.37	1,412.51
Payout Ratio	5.20%	22.16%	39.12%	56.08%	73.04%	90.00%	92.50%
Projected Dividends (M)	64.79	281.58	506.69	740.33	982.76	1,234.23	1,306.57

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.34%	6.34%	6.34%
Growth Rate	0.92%	1.92%	2.92%
Year 1 PV (M)	262.21	264.81	267.41
Year 2 PV (M)	439.36	448.11	456.94
Year 3 PV (M)	597.78	615.73	634.03
Year 4 PV (M)	738.94	768.66	799.28
Year 5 PV (M)	864.16	907.83	953.25
PV of Terminal Value (M)	27,427.07	28,813.11	30,254.63
Equity Value (M)	30,329.52	31,818.26	33,365.54
Shares Outstanding (M)	1,515.56	1,515.56	1,515.56
Fair Value	$20.01	$20.99	$22.02
Upside / Downside	170.43%	183.71%	197.50%

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Financial Statements

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Sector

Shanghai Zijiang Enterprise Group Co., Ltd. (600210.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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