DDM Analysis: 600507.SS

Valuation Snapshot

Stable Growth	$2.03 - $2.81	$2.42
Multi-Stage	$4.58 - $5.06	$4.82
Blended Fair Value	$3.62
Current Price	$5.42
Upside	-33.20%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-36.86%	-4.23%	0.11	0.10	1.20	1.08	0.05	1.05	0.95	0.20	0.05	0.53
YoY Growth	-	-	8.87%	-91.87%	10.72%	1,890.21%	-94.86%	10.50%	374.77%	305.94%	-90.65%	224.90%
Dividend Yield	-	-	2.54%	2.29%	21.34%	12.52%	0.61%	19.46%	9.58%	1.82%	1.02%	15.67%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	847.69
(-) Cash Dividends Paid (M)	50.84
(=) Cash Retained (M)	796.86

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	169.54	105.96	63.58
Cash Retained (M)	796.86	796.86	796.86
(-) Cash Required (M)	-169.54	-105.96	-63.58
(=) Excess Retained (M)	627.32	690.89	733.28
(/) Shares Outstanding (M)	2,265.81	2,265.81	2,265.81
(=) Excess Retained per Share	0.28	0.30	0.32
LTM Dividend per Share	0.02	0.02	0.02
(+) Excess Retained per Share	0.28	0.30	0.32
(=) Adjusted Dividend	0.30	0.33	0.35
WACC / Discount Rate	7.57%	7.57%	7.57%
Growth Rate	-6.23%	-5.23%	-4.23%
Fair Value	$2.03	$2.42	$2.81
Upside / Downside	-62.47%	-55.27%	-48.16%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	847.69	803.40	761.42	721.64	683.93	648.20	667.64
Payout Ratio	6.00%	22.80%	39.60%	56.40%	73.20%	90.00%	92.50%
Projected Dividends (M)	50.84	183.16	301.51	406.99	500.63	583.38	617.57

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.57%	7.57%	7.57%
Growth Rate	-6.23%	-5.23%	-4.23%
Year 1 PV (M)	168.47	170.26	172.06
Year 2 PV (M)	255.09	260.56	266.08
Year 3 PV (M)	316.72	326.96	337.42
Year 4 PV (M)	358.34	373.87	389.90
Year 5 PV (M)	384.08	405.00	426.82
PV of Terminal Value (M)	8,892.89	9,377.27	9,882.54
Equity Value (M)	10,375.58	10,913.92	11,474.82
Shares Outstanding (M)	2,265.81	2,265.81	2,265.81
Fair Value	$4.58	$4.82	$5.06
Upside / Downside	-15.51%	-11.13%	-6.56%

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Fangda Special Steel Technology Co., Ltd. (600507.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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