DDM Analysis: 600678.SS

Valuation Snapshot

Stable Growth	$0.55 - $0.88	$0.70
Multi-Stage	$1.35 - $1.48	$1.41
Blended Fair Value	$1.06
Current Price	$9.22
Upside	-88.53%
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	-1.00%	0.31%	0.06	0.05	0.04	0.06	0.05	0.06	0.06	0.03	0.05	0.05
YoY Growth	-	-	5.81%	36.60%	-37.29%	14.17%	-8.09%	3.77%	90.04%	-37.22%	-7.47%	-5.31%
Dividend Yield	-	-	0.80%	0.74%	0.69%	0.86%	0.91%	0.92%	0.79%	0.29%	0.34%	0.37%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	19.03
(-) Cash Dividends Paid (M)	14.68
(=) Cash Retained (M)	4.36

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	3.81	2.38	1.43
Cash Retained (M)	4.36	4.36	4.36
(-) Cash Required (M)	-3.81	-2.38	-1.43
(=) Excess Retained (M)	0.55	1.98	2.93
(/) Shares Outstanding (M)	348.88	348.88	348.88
(=) Excess Retained per Share	0.00	0.01	0.01
LTM Dividend per Share	0.04	0.04	0.04
(+) Excess Retained per Share	0.00	0.01	0.01
(=) Adjusted Dividend	0.04	0.05	0.05
WACC / Discount Rate	6.06%	6.06%	6.06%
Growth Rate	-1.69%	-0.69%	0.31%
Fair Value	$0.55	$0.70	$0.88
Upside / Downside	-93.99%	-92.38%	-90.45%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	19.03	18.90	18.77	18.64	18.52	18.39	18.94
Payout Ratio	77.10%	79.68%	82.26%	84.84%	87.42%	90.00%	92.50%
Projected Dividends (M)	14.68	15.06	15.44	15.82	16.19	16.55	17.52

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.06%	6.06%	6.06%
Growth Rate	-1.69%	-0.69%	0.31%
Year 1 PV (M)	14.06	14.20	14.35
Year 2 PV (M)	13.45	13.73	14.01
Year 3 PV (M)	12.86	13.26	13.66
Year 4 PV (M)	12.28	12.79	13.32
Year 5 PV (M)	11.72	12.33	12.97
PV of Terminal Value (M)	405.41	426.45	448.36
Equity Value (M)	469.79	492.77	516.66
Shares Outstanding (M)	348.88	348.88	348.88
Fair Value	$1.35	$1.41	$1.48
Upside / Downside	-85.40%	-84.68%	-83.94%

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Sichuan Golden Summit (group) Joint-Stock Co., Ltd. (600678.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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