DDM Analysis: 600839.SS

Valuation Snapshot

Stable Growth	$8.29 - $31.31	$13.95
Multi-Stage	$15.89 - $17.48	$16.67
Blended Fair Value	$15.31
Current Price	$10.47
Upside	46.21%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-7.25%	3.73%	0.22	0.23	0.18	0.01	0.25	0.32	0.30	0.21	0.11	0.09
YoY Growth	-	-	-3.47%	23.84%	1,733.96%	-95.92%	-23.24%	8.18%	39.34%	85.39%	27.53%	-41.05%
Dividend Yield	-	-	2.13%	4.03%	3.89%	0.34%	9.46%	11.78%	8.02%	6.77%	2.69%	2.25%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,366.79
(-) Cash Dividends Paid (M)	494.45
(=) Cash Retained (M)	872.34

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	273.36	170.85	102.51
Cash Retained (M)	872.34	872.34	872.34
(-) Cash Required (M)	-273.36	-170.85	-102.51
(=) Excess Retained (M)	598.98	701.49	769.83
(/) Shares Outstanding (M)	4,617.85	4,617.85	4,617.85
(=) Excess Retained per Share	0.13	0.15	0.17
LTM Dividend per Share	0.11	0.11	0.11
(+) Excess Retained per Share	0.13	0.15	0.17
(=) Adjusted Dividend	0.24	0.26	0.27
WACC / Discount Rate	4.64%	4.64%	4.64%
Growth Rate	1.73%	2.73%	3.73%
Fair Value	$8.29	$13.95	$31.31
Upside / Downside	-20.86%	33.25%	199.04%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,366.79	1,404.10	1,442.43	1,481.81	1,522.27	1,563.82	1,610.74
Payout Ratio	36.18%	46.94%	57.71%	68.47%	79.24%	90.00%	92.50%
Projected Dividends (M)	494.45	659.10	832.37	1,014.60	1,206.17	1,407.44	1,489.93

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	4.64%	4.64%	4.64%
Growth Rate	1.73%	2.73%	3.73%
Year 1 PV (M)	623.76	629.89	636.02
Year 2 PV (M)	745.50	760.23	775.10
Year 3 PV (M)	859.99	885.60	911.72
Year 4 PV (M)	967.55	1,006.16	1,045.91
Year 5 PV (M)	1,068.47	1,122.02	1,177.71
PV of Terminal Value (M)	69,091.93	72,555.20	76,155.97
Equity Value (M)	73,357.19	76,959.10	80,702.43
Shares Outstanding (M)	4,617.85	4,617.85	4,617.85
Fair Value	$15.89	$16.67	$17.48
Upside / Downside	51.72%	59.17%	66.92%

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Sichuan Changhong Electric Co.,Ltd. (600839.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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