DDM Analysis: 002155.SZ

Valuation Snapshot

Stable Growth	$16.51 - $35.15	$23.47
Multi-Stage	$12.12 - $13.23	$12.66
Blended Fair Value	$18.06
Current Price	$22.44
Upside	-19.50%
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	9.11%	3.10%	0.11	0.09	0.06	0.01	0.05	0.07	0.05	0.09	0.04	0.04
YoY Growth	-	-	26.67%	39.30%	376.71%	-70.27%	-38.18%	40.56%	-37.98%	109.77%	2.16%	-53.03%
Dividend Yield	-	-	0.65%	0.86%	0.56%	0.17%	0.75%	1.23%	0.79%	1.24%	0.46%	0.58%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,208.52
(-) Cash Dividends Paid (M)	277.55
(=) Cash Retained (M)	930.97

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	241.70	151.06	90.64
Cash Retained (M)	930.97	930.97	930.97
(-) Cash Required (M)	-241.70	-151.06	-90.64
(=) Excess Retained (M)	689.26	779.90	840.33
(/) Shares Outstanding (M)	1,380.38	1,380.38	1,380.38
(=) Excess Retained per Share	0.50	0.56	0.61
LTM Dividend per Share	0.20	0.20	0.20
(+) Excess Retained per Share	0.50	0.56	0.61
(=) Adjusted Dividend	0.70	0.77	0.81
WACC / Discount Rate	9.98%	9.98%	9.98%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$16.51	$23.47	$35.15
Upside / Downside	-26.44%	4.57%	56.64%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,208.52	1,287.07	1,370.73	1,459.83	1,554.72	1,655.77	1,705.45
Payout Ratio	22.97%	36.37%	49.78%	63.19%	76.59%	90.00%	92.50%
Projected Dividends (M)	277.55	468.15	682.35	922.41	1,190.81	1,490.20	1,577.54

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.98%	9.98%	9.98%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	421.68	425.68	429.67
Year 2 PV (M)	553.62	564.16	574.81
Year 3 PV (M)	674.11	693.46	713.18
Year 4 PV (M)	783.88	814.03	845.03
Year 5 PV (M)	883.60	926.28	970.59
PV of Terminal Value (M)	13,407.34	14,054.92	14,727.29
Equity Value (M)	16,724.23	17,478.53	18,260.57
Shares Outstanding (M)	1,380.38	1,380.38	1,380.38
Fair Value	$12.12	$12.66	$13.23
Upside / Downside	-46.01%	-43.57%	-41.05%

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Hunan Gold Corporation Limited (002155.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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