DDM Analysis: 600600.SS

Valuation Snapshot

Stable Growth	$277.62 - $492.90	$461.92
Multi-Stage	$78.21 - $85.63	$81.85
Blended Fair Value	$271.88
Current Price	$65.92
Upside	312.44%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	33.11%	15.88%	1.47	1.33	0.81	0.56	0.40	0.35	0.32	0.26	0.29	0.33
YoY Growth	-	-	10.68%	63.97%	44.84%	40.10%	13.49%	11.11%	23.65%	-11.67%	-13.04%	-0.99%
Dividend Yield	-	-	1.93%	1.60%	0.67%	0.71%	0.47%	0.77%	0.69%	0.63%	0.88%	1.16%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	4,629.45
(-) Cash Dividends Paid (M)	1,557.67
(=) Cash Retained (M)	3,071.78

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	925.89	578.68	347.21
Cash Retained (M)	3,071.78	3,071.78	3,071.78
(-) Cash Required (M)	-925.89	-578.68	-347.21
(=) Excess Retained (M)	2,145.89	2,493.10	2,724.57
(/) Shares Outstanding (M)	1,867.90	1,867.90	1,867.90
(=) Excess Retained per Share	1.15	1.33	1.46
LTM Dividend per Share	0.83	0.83	0.83
(+) Excess Retained per Share	1.15	1.33	1.46
(=) Adjusted Dividend	1.98	2.17	2.29
WACC / Discount Rate	6.25%	6.25%	6.25%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$277.62	$461.92	$492.90
Upside / Downside	321.15%	600.72%	647.72%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	4,629.45	4,930.36	5,250.83	5,592.14	5,955.63	6,342.74	6,533.03
Payout Ratio	33.65%	44.92%	56.19%	67.46%	78.73%	90.00%	92.50%
Projected Dividends (M)	1,557.67	2,214.60	2,950.35	3,772.39	4,688.83	5,708.47	6,043.05

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.25%	6.25%	6.25%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	2,064.69	2,084.26	2,103.83
Year 2 PV (M)	2,564.44	2,613.29	2,662.59
Year 3 PV (M)	3,057.00	3,144.76	3,234.18
Year 4 PV (M)	3,542.45	3,678.68	3,818.81
Year 5 PV (M)	4,020.86	4,215.07	4,416.71
PV of Terminal Value (M)	130,830.70	137,149.87	143,710.89
Equity Value (M)	146,080.14	152,885.92	159,947.01
Shares Outstanding (M)	1,867.90	1,867.90	1,867.90
Fair Value	$78.21	$81.85	$85.63
Upside / Downside	18.64%	24.16%	29.90%

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Tsingtao Brewery Company Limited (600600.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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