DDM Analysis: 601369.SS

Valuation Snapshot

Stable Growth	$46.49 - $113.86	$106.71
Multi-Stage	$16.59 - $18.15	$17.36
Blended Fair Value	$62.03
Current Price	$8.41
Upside	637.60%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	21.86%	6.50%	0.62	0.39	0.34	0.31	0.25	0.23	0.15	0.15	0.20	0.24
YoY Growth	-	-	58.10%	17.41%	7.36%	25.06%	7.80%	50.35%	1.53%	-23.77%	-17.76%	-26.96%
Dividend Yield	-	-	7.08%	4.34%	3.19%	3.58%	2.85%	4.16%	2.23%	1.94%	2.63%	3.53%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	992.90
(-) Cash Dividends Paid (M)	372.84
(=) Cash Retained (M)	620.06

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	198.58	124.11	74.47
Cash Retained (M)	620.06	620.06	620.06
(-) Cash Required (M)	-198.58	-124.11	-74.47
(=) Excess Retained (M)	421.48	495.95	545.59
(/) Shares Outstanding (M)	1,734.20	1,734.20	1,734.20
(=) Excess Retained per Share	0.24	0.29	0.31
LTM Dividend per Share	0.21	0.21	0.21
(+) Excess Retained per Share	0.24	0.29	0.31
(=) Adjusted Dividend	0.46	0.50	0.53
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$46.49	$106.71	$113.86
Upside / Downside	452.81%	1,168.81%	1,253.91%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	992.90	1,057.44	1,126.17	1,199.37	1,277.33	1,360.36	1,401.17
Payout Ratio	37.55%	48.04%	58.53%	69.02%	79.51%	90.00%	92.50%
Projected Dividends (M)	372.84	507.99	659.15	827.81	1,015.61	1,224.32	1,296.08

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	472.34	476.81	481.29
Year 2 PV (M)	569.86	580.72	591.67
Year 3 PV (M)	665.44	684.54	704.00
Year 4 PV (M)	759.09	788.29	818.31
Year 5 PV (M)	850.86	891.96	934.63
PV of Terminal Value (M)	25,448.79	26,677.98	27,954.21
Equity Value (M)	28,766.38	30,100.29	31,484.11
Shares Outstanding (M)	1,734.20	1,734.20	1,734.20
Fair Value	$16.59	$17.36	$18.15
Upside / Downside	97.24%	106.38%	115.87%

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Xi'an Shaangu Power Co., Ltd. (601369.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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