DDM Analysis: 603979.SS

Valuation Snapshot

Stable Growth	$91.53 - $294.74	$147.97
Multi-Stage	$59.13 - $64.66	$61.84
Blended Fair Value	$104.91
Current Price	$69.74
Upside	50.43%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	45.99%	12.74%	0.44	0.11	0.09	0.07	0.07	0.07	0.07	0.03	0.05	0.04
YoY Growth	-	-	299.20%	20.81%	28.91%	-0.03%	6.70%	-1.35%	95.00%	-25.00%	2.04%	-66.03%
Dividend Yield	-	-	1.10%	0.21%	0.30%	0.34%	0.48%	0.85%	0.73%	0.37%	0.30%	0.28%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	2,243.73
(-) Cash Dividends Paid (M)	380.35
(=) Cash Retained (M)	1,863.38

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	448.75	280.47	168.28
Cash Retained (M)	1,863.38	1,863.38	1,863.38
(-) Cash Required (M)	-448.75	-280.47	-168.28
(=) Excess Retained (M)	1,414.63	1,582.91	1,695.10
(/) Shares Outstanding (M)	656.01	656.01	656.01
(=) Excess Retained per Share	2.16	2.41	2.58
LTM Dividend per Share	0.58	0.58	0.58
(+) Excess Retained per Share	2.16	2.41	2.58
(=) Adjusted Dividend	2.74	2.99	3.16
WACC / Discount Rate	8.65%	8.65%	8.65%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$91.53	$147.97	$294.74
Upside / Downside	31.24%	112.18%	322.62%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	2,243.73	2,389.57	2,544.89	2,710.31	2,886.48	3,074.10	3,166.33
Payout Ratio	16.95%	31.56%	46.17%	60.78%	75.39%	90.00%	92.50%
Projected Dividends (M)	380.35	754.18	1,175.00	1,647.35	2,176.13	2,766.69	2,928.85

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.65%	8.65%	8.65%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	687.60	694.12	700.63
Year 2 PV (M)	976.69	995.29	1,014.07
Year 3 PV (M)	1,248.41	1,284.25	1,320.76
Year 4 PV (M)	1,503.54	1,561.36	1,620.83
Year 5 PV (M)	1,742.80	1,826.98	1,914.38
PV of Terminal Value (M)	32,631.30	34,207.41	35,843.83
Equity Value (M)	38,790.33	40,569.40	42,414.51
Shares Outstanding (M)	656.01	656.01	656.01
Fair Value	$59.13	$61.84	$64.66
Upside / Downside	-15.21%	-11.32%	-7.29%

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JCHX Mining Management Co.,Ltd. (603979.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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