DDM Analysis: 003816.SZ

Valuation Snapshot

Stable Growth	$16.01 - $37.00	$34.68
Multi-Stage	$5.88 - $6.43	$6.15
Blended Fair Value	$20.41
Current Price	$3.62
Upside	463.91%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-1.71%	14.41%	0.32	0.09	0.08	0.08	0.08	0.35	0.32	0.05	0.07	0.08
YoY Growth	-	-	264.99%	3.53%	4.98%	5.33%	-78.04%	8.31%	607.29%	-30.85%	-20.25%	-0.91%
Dividend Yield	-	-	8.75%	2.19%	2.93%	2.93%	2.68%	11.89%	8.90%	1.26%	1.82%	2.28%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	9,406.28
(-) Cash Dividends Paid (M)	8,104.90
(=) Cash Retained (M)	1,301.38

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,881.26	1,175.79	705.47
Cash Retained (M)	1,301.38	1,301.38	1,301.38
(-) Cash Required (M)	-1,881.26	-1,175.79	-705.47
(=) Excess Retained (M)	-579.88	125.59	595.91
(/) Shares Outstanding (M)	50,487.01	50,487.01	50,487.01
(=) Excess Retained per Share	-0.01	0.00	0.01
LTM Dividend per Share	0.16	0.16	0.16
(+) Excess Retained per Share	-0.01	0.00	0.01
(=) Adjusted Dividend	0.15	0.16	0.17
WACC / Discount Rate	6.34%	6.34%	6.34%
Growth Rate	5.35%	6.35%	7.35%
Fair Value	$16.01	$34.68	$37.00
Upside / Downside	342.16%	857.91%	922.17%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	9,406.28	10,004.01	10,639.71	11,315.82	12,034.88	12,799.64	13,183.63
Payout Ratio	86.16%	86.93%	87.70%	88.47%	89.23%	90.00%	92.50%
Projected Dividends (M)	8,104.90	8,696.67	9,330.91	10,010.64	10,739.08	11,519.68	12,194.86

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.34%	6.34%	6.34%
Growth Rate	5.35%	6.35%	7.35%
Year 1 PV (M)	8,101.61	8,178.51	8,255.41
Year 2 PV (M)	8,097.69	8,252.14	8,408.05
Year 3 PV (M)	8,093.15	8,325.80	8,562.87
Year 4 PV (M)	8,088.01	8,399.49	8,719.87
Year 5 PV (M)	8,082.27	8,473.20	8,879.10
PV of Terminal Value (M)	256,506.64	268,913.44	281,795.74
Equity Value (M)	296,969.37	310,542.57	324,621.04
Shares Outstanding (M)	50,487.01	50,487.01	50,487.01
Fair Value	$5.88	$6.15	$6.43
Upside / Downside	62.49%	69.92%	77.62%

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CGN Power Co., Ltd. (003816.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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