DDM Analysis: 600531.SS

Valuation Snapshot

Stable Growth	$37.17 - $147.55	$100.98
Multi-Stage	$18.02 - $19.71	$18.85
Blended Fair Value	$59.92
Current Price	$12.97
Upside	361.95%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	61.41%	5.34%	0.39	0.11	0.10	0.08	0.06	0.04	0.07	0.05	0.00	0.01
YoY Growth	-	-	252.82%	4.42%	31.40%	43.33%	57.89%	-53.09%	62.00%	1,320.23%	-56.67%	-96.72%
Dividend Yield	-	-	5.28%	1.61%	1.70%	1.47%	0.98%	0.89%	1.43%	0.69%	0.04%	0.08%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	873.64
(-) Cash Dividends Paid (M)	317.66
(=) Cash Retained (M)	555.98

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	174.73	109.21	65.52
Cash Retained (M)	555.98	555.98	555.98
(-) Cash Required (M)	-174.73	-109.21	-65.52
(=) Excess Retained (M)	381.25	446.78	490.46
(/) Shares Outstanding (M)	1,177.52	1,177.52	1,177.52
(=) Excess Retained per Share	0.32	0.38	0.42
LTM Dividend per Share	0.27	0.27	0.27
(+) Excess Retained per Share	0.32	0.38	0.42
(=) Adjusted Dividend	0.59	0.65	0.69
WACC / Discount Rate	7.18%	7.18%	7.18%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$37.17	$100.98	$147.55
Upside / Downside	186.59%	678.58%	1,037.64%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	873.64	930.43	990.91	1,055.32	1,123.91	1,196.97	1,232.88
Payout Ratio	36.36%	47.09%	57.82%	68.54%	79.27%	90.00%	92.50%
Projected Dividends (M)	317.66	438.13	572.91	723.36	890.95	1,077.27	1,140.41

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.18%	7.18%	7.18%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	404.92	408.76	412.60
Year 2 PV (M)	489.36	498.68	508.09
Year 3 PV (M)	571.04	587.43	604.13
Year 4 PV (M)	650.03	675.03	700.74
Year 5 PV (M)	726.40	761.49	797.91
PV of Terminal Value (M)	18,376.03	19,263.60	20,185.13
Equity Value (M)	21,217.77	22,194.97	23,208.60
Shares Outstanding (M)	1,177.52	1,177.52	1,177.52
Fair Value	$18.02	$18.85	$19.71
Upside / Downside	38.93%	45.33%	51.96%

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Henan Yuguang Gold&Lead Co.,Ltd. (600531.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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