DDM Analysis: 600461.SS

Valuation Snapshot

Stable Growth	$80.25 - $155.62	$145.84
Multi-Stage	$23.99 - $26.27	$25.11
Blended Fair Value	$85.48
Current Price	$8.82
Upside	869.12%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	14.74%	13.15%	0.40	0.51	0.49	0.46	0.29	0.20	0.12	0.16	0.17	0.12
YoY Growth	-	-	-22.42%	3.81%	8.04%	59.60%	43.18%	72.23%	-29.07%	-6.77%	45.64%	4.30%
Dividend Yield	-	-	4.29%	5.32%	6.84%	6.16%	4.09%	2.94%	1.76%	2.61%	2.30%	1.62%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,200.86
(-) Cash Dividends Paid (M)	275.88
(=) Cash Retained (M)	924.98

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	240.17	150.11	90.06
Cash Retained (M)	924.98	924.98	924.98
(-) Cash Required (M)	-240.17	-150.11	-90.06
(=) Excess Retained (M)	684.81	774.88	834.92
(/) Shares Outstanding (M)	1,534.61	1,534.61	1,534.61
(=) Excess Retained per Share	0.45	0.50	0.54
LTM Dividend per Share	0.18	0.18	0.18
(+) Excess Retained per Share	0.45	0.50	0.54
(=) Adjusted Dividend	0.63	0.68	0.72
WACC / Discount Rate	6.32%	6.32%	6.32%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$80.25	$145.84	$155.62
Upside / Downside	809.89%	1,553.54%	1,664.45%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,200.86	1,278.92	1,362.05	1,450.58	1,544.87	1,645.29	1,694.65
Payout Ratio	22.97%	36.38%	49.78%	63.19%	76.59%	90.00%	92.50%
Projected Dividends (M)	275.88	465.26	678.08	916.61	1,183.29	1,480.76	1,567.55

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.32%	6.32%	6.32%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	433.48	437.59	441.70
Year 2 PV (M)	588.62	599.83	611.15
Year 3 PV (M)	741.33	762.62	784.30
Year 4 PV (M)	891.65	925.94	961.21
Year 5 PV (M)	1,039.59	1,089.81	1,141.94
PV of Terminal Value (M)	33,118.75	34,718.40	36,379.27
Equity Value (M)	36,813.42	38,534.17	40,319.56
Shares Outstanding (M)	1,534.61	1,534.61	1,534.61
Fair Value	$23.99	$25.11	$26.27
Upside / Downside	171.98%	184.70%	197.89%

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Jiangxi Hongcheng Environment Co.,Ltd. (600461.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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