DDM Analysis: 601101.SS

Valuation Snapshot

Stable Growth	$39.00 - $64.84	$60.76
Multi-Stage	$10.40 - $11.39	$10.89
Blended Fair Value	$35.83
Current Price	$7.28
Upside	392.11%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	1.84%	8.48%	0.51	0.56	0.74	0.36	0.38	0.47	0.35	0.23	0.23	0.19
YoY Growth	-	-	-9.17%	-23.77%	104.37%	-3.85%	-19.50%	35.09%	53.52%	-3.51%	20.93%	-14.82%
Dividend Yield	-	-	7.09%	7.67%	11.68%	4.06%	11.35%	13.98%	5.72%	3.97%	4.02%	3.34%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	471.36
(-) Cash Dividends Paid (M)	124.61
(=) Cash Retained (M)	346.75

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	94.27	58.92	35.35
Cash Retained (M)	346.75	346.75	346.75
(-) Cash Required (M)	-94.27	-58.92	-35.35
(=) Excess Retained (M)	252.48	287.83	311.40
(/) Shares Outstanding (M)	1,445.77	1,445.77	1,445.77
(=) Excess Retained per Share	0.17	0.20	0.22
LTM Dividend per Share	0.09	0.09	0.09
(+) Excess Retained per Share	0.17	0.20	0.22
(=) Adjusted Dividend	0.26	0.29	0.30
WACC / Discount Rate	6.21%	6.21%	6.21%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$39.00	$60.76	$64.84
Upside / Downside	435.71%	734.66%	790.64%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	471.36	501.99	534.62	569.38	606.38	645.80	665.17
Payout Ratio	26.44%	39.15%	51.86%	64.57%	77.29%	90.00%	92.50%
Projected Dividends (M)	124.61	196.52	277.26	367.67	468.66	581.22	615.29

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.21%	6.21%	6.21%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	183.30	185.04	186.78
Year 2 PV (M)	241.22	245.81	250.45
Year 3 PV (M)	298.35	306.91	315.64
Year 4 PV (M)	354.71	368.35	382.39
Year 5 PV (M)	410.32	430.13	450.71
PV of Terminal Value (M)	13,550.35	14,204.84	14,884.38
Equity Value (M)	15,038.25	15,741.09	16,470.34
Shares Outstanding (M)	1,445.77	1,445.77	1,445.77
Fair Value	$10.40	$10.89	$11.39
Upside / Downside	42.88%	49.56%	56.48%

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Beijing Haohua Energy Resource Co., Ltd. (601101.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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