DDM Analysis: 600777.SS

Valuation Snapshot

Stable Growth	$13.85 - $50.13	$43.84
Multi-Stage	$6.28 - $6.88	$6.58
Blended Fair Value	$25.21
Current Price	$3.61
Upside	598.34%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	5.01%	23.22%	0.12	0.11	0.12	0.11	0.11	0.09	0.06	0.02	0.00	0.01
YoY Growth	-	-	6.77%	-5.78%	5.41%	-1.63%	22.40%	56.91%	161.65%	0.00%	-100.00%	-12.75%
Dividend Yield	-	-	5.00%	4.13%	4.59%	5.67%	7.46%	5.16%	2.18%	0.68%	0.00%	0.31%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,714.44
(-) Cash Dividends Paid (M)	363.09
(=) Cash Retained (M)	1,351.35

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	342.89	214.31	128.58
Cash Retained (M)	1,351.35	1,351.35	1,351.35
(-) Cash Required (M)	-342.89	-214.31	-128.58
(=) Excess Retained (M)	1,008.47	1,137.05	1,222.77
(/) Shares Outstanding (M)	6,801.91	6,801.91	6,801.91
(=) Excess Retained per Share	0.15	0.17	0.18
LTM Dividend per Share	0.05	0.05	0.05
(+) Excess Retained per Share	0.15	0.17	0.18
(=) Adjusted Dividend	0.20	0.22	0.23
WACC / Discount Rate	7.04%	7.04%	7.04%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$13.85	$43.84	$50.13
Upside / Downside	283.72%	1,114.49%	1,288.56%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,714.44	1,825.88	1,944.56	2,070.96	2,205.57	2,348.93	2,419.40
Payout Ratio	21.18%	34.94%	48.71%	62.47%	76.24%	90.00%	92.50%
Projected Dividends (M)	363.09	638.01	947.14	1,293.75	1,681.43	2,114.04	2,237.95

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.04%	7.04%	7.04%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	590.47	596.07	601.67
Year 2 PV (M)	811.26	826.71	842.31
Year 3 PV (M)	1,025.59	1,055.03	1,085.03
Year 4 PV (M)	1,233.60	1,281.04	1,329.84
Year 5 PV (M)	1,435.43	1,504.77	1,576.75
PV of Terminal Value (M)	37,652.81	39,471.46	41,359.71
Equity Value (M)	42,749.18	44,735.08	46,795.31
Shares Outstanding (M)	6,801.91	6,801.91	6,801.91
Fair Value	$6.28	$6.58	$6.88
Upside / Downside	74.10%	82.18%	90.57%

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Shandong Xinchao Energy Corporation Limited (600777.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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