DDM Analysis: 600459.SS

Valuation Snapshot

Stable Growth	$14.99 - $30.55	$20.98
Multi-Stage	$11.02 - $12.04	$11.52
Blended Fair Value	$16.25
Current Price	$17.27
Upside	-5.91%
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	8.68%	17.28%	0.35	0.29	0.38	0.37	0.30	0.23	0.20	0.11	0.08	0.08
YoY Growth	-	-	20.44%	-25.44%	3.87%	21.69%	33.59%	14.53%	76.93%	46.83%	-7.64%	18.12%
Dividend Yield	-	-	2.48%	1.90%	2.38%	1.95%	2.01%	2.32%	1.63%	1.18%	0.63%	0.90%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	634.82
(-) Cash Dividends Paid (M)	76.35
(=) Cash Retained (M)	558.47

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	126.96	79.35	47.61
Cash Retained (M)	558.47	558.47	558.47
(-) Cash Required (M)	-126.96	-79.35	-47.61
(=) Excess Retained (M)	431.51	479.12	510.86
(/) Shares Outstanding (M)	753.44	753.44	753.44
(=) Excess Retained per Share	0.57	0.64	0.68
LTM Dividend per Share	0.10	0.10	0.10
(+) Excess Retained per Share	0.57	0.64	0.68
(=) Adjusted Dividend	0.67	0.74	0.78
WACC / Discount Rate	10.24%	10.24%	10.24%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$14.99	$20.98	$30.55
Upside / Downside	-13.18%	21.47%	76.88%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	634.82	676.08	720.02	766.83	816.67	869.75	895.85
Payout Ratio	12.03%	27.62%	43.22%	58.81%	74.41%	90.00%	92.50%
Projected Dividends (M)	76.35	186.74	311.17	450.98	607.65	782.78	828.66

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	10.24%	10.24%	10.24%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	167.80	169.39	170.98
Year 2 PV (M)	251.24	256.03	260.86
Year 3 PV (M)	327.20	336.59	346.16
Year 4 PV (M)	396.15	411.39	427.06
Year 5 PV (M)	458.57	480.72	503.71
PV of Terminal Value (M)	6,702.46	7,026.20	7,362.32
Equity Value (M)	8,303.43	8,680.31	9,071.09
Shares Outstanding (M)	753.44	753.44	753.44
Fair Value	$11.02	$11.52	$12.04
Upside / Downside	-36.19%	-33.29%	-30.29%

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Sino-Platinum Metals Co.,Ltd (600459.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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