DDM Analysis: 000895.SZ

Valuation Snapshot

Stable Growth	$21.37 - $39.20	$28.74
Multi-Stage	$37.30 - $40.97	$39.10
Blended Fair Value	$33.92
Current Price	$24.74
Upside	37.10%
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	20.01%	4.31%	1.41	1.81	1.94	1.72	1.62	0.56	1.45	1.16	2.05	0.91
YoY Growth	-	-	-22.45%	-6.67%	12.93%	5.99%	187.35%	-61.00%	24.57%	-43.25%	126.36%	-1.87%
Dividend Yield	-	-	5.21%	6.79%	7.49%	5.92%	3.96%	1.44%	5.51%	4.54%	9.08%	4.29%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	5,143.28
(-) Cash Dividends Paid (M)	2,700.21
(=) Cash Retained (M)	2,443.07

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,028.66	642.91	385.75
Cash Retained (M)	2,443.07	2,443.07	2,443.07
(-) Cash Required (M)	-1,028.66	-642.91	-385.75
(=) Excess Retained (M)	1,414.41	1,800.16	2,057.32
(/) Shares Outstanding (M)	3,464.66	3,464.66	3,464.66
(=) Excess Retained per Share	0.41	0.52	0.59
LTM Dividend per Share	0.78	0.78	0.78
(+) Excess Retained per Share	0.41	0.52	0.59
(=) Adjusted Dividend	1.19	1.30	1.37
WACC / Discount Rate	6.31%	6.31%	6.31%
Growth Rate	0.71%	1.71%	2.71%
Fair Value	$21.37	$28.74	$39.20
Upside / Downside	-13.64%	16.15%	58.46%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	5,143.28	5,231.33	5,320.89	5,411.98	5,504.63	5,598.86	5,766.83
Payout Ratio	52.50%	60.00%	67.50%	75.00%	82.50%	90.00%	92.50%
Projected Dividends (M)	2,700.21	3,138.79	3,591.59	4,058.98	4,541.32	5,038.98	5,334.32

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.31%	6.31%	6.31%
Growth Rate	0.71%	1.71%	2.71%
Year 1 PV (M)	2,923.47	2,952.50	2,981.53
Year 2 PV (M)	3,115.73	3,177.91	3,240.70
Year 3 PV (M)	3,279.63	3,378.30	3,478.93
Year 4 PV (M)	3,417.64	3,555.41	3,697.31
Year 5 PV (M)	3,532.02	3,710.89	3,896.93
PV of Terminal Value (M)	112,971.48	118,692.62	124,643.22
Equity Value (M)	129,239.97	135,467.62	141,938.62
Shares Outstanding (M)	3,464.66	3,464.66	3,464.66
Fair Value	$37.30	$39.10	$40.97
Upside / Downside	50.78%	58.04%	65.59%

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Henan Shuanghui Investment & Development Co.,Ltd. (000895.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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