DDM Analysis: 600382.SS

Valuation Snapshot

Stable Growth	$2.35 - $3.37	$2.85
Multi-Stage	$3.39 - $3.73	$3.56
Blended Fair Value	$3.20
Current Price	$6.05
Upside	-47.05%
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	0.40%	23.54%	0.13	0.24	1.12	0.20	0.06	0.13	0.12	0.07	0.05	0.02
YoY Growth	-	-	-44.29%	-78.57%	465.92%	245.08%	-56.24%	12.90%	77.00%	30.40%	112.43%	46.62%
Dividend Yield	-	-	2.95%	5.67%	24.71%	3.52%	1.03%	2.79%	1.92%	0.90%	0.54%	0.30%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	216.78
(-) Cash Dividends Paid (M)	3.18
(=) Cash Retained (M)	213.60

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	43.36	27.10	16.26
Cash Retained (M)	213.60	213.60	213.60
(-) Cash Required (M)	-43.36	-27.10	-16.26
(=) Excess Retained (M)	170.25	186.51	197.35
(/) Shares Outstanding (M)	636.54	636.54	636.54
(=) Excess Retained per Share	0.27	0.29	0.31
LTM Dividend per Share	0.00	0.00	0.00
(+) Excess Retained per Share	0.27	0.29	0.31
(=) Adjusted Dividend	0.27	0.30	0.32
WACC / Discount Rate	9.79%	9.79%	9.79%
Growth Rate	-1.60%	-0.60%	0.40%
Fair Value	$2.35	$2.85	$3.37
Upside / Downside	-61.11%	-52.90%	-44.35%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	216.78	215.48	214.18	212.90	211.61	210.34	216.65
Payout Ratio	1.47%	19.17%	36.88%	54.59%	72.29%	90.00%	92.50%
Projected Dividends (M)	3.18	41.31	78.99	116.21	152.98	189.31	200.40

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.79%	9.79%	9.79%
Growth Rate	-1.60%	-0.60%	0.40%
Year 1 PV (M)	37.25	37.63	38.01
Year 2 PV (M)	64.22	65.53	66.85
Year 3 PV (M)	85.18	87.81	90.48
Year 4 PV (M)	101.11	105.28	109.58
Year 5 PV (M)	112.81	118.66	124.75
PV of Terminal Value (M)	1,758.10	1,849.27	1,944.18
Equity Value (M)	2,158.67	2,264.18	2,373.86
Shares Outstanding (M)	636.54	636.54	636.54
Fair Value	$3.39	$3.56	$3.73
Upside / Downside	-43.95%	-41.21%	-38.36%

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Guangdong Mingzhu Group Co.,Ltd (600382.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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