DDM Analysis: 600284.SS

Valuation Snapshot

Stable Growth	$35.27 - $76.43	$71.63
Multi-Stage	$11.94 - $13.04	$12.48
Blended Fair Value	$42.05
Current Price	$10.03
Upside	319.28%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	20.53%	-0.89%	0.47	0.30	0.27	0.20	0.18	0.19	0.14	0.13	0.22	0.33
YoY Growth	-	-	54.45%	12.68%	32.27%	16.30%	-4.99%	32.31%	8.78%	-41.87%	-32.21%	-36.59%
Dividend Yield	-	-	7.31%	5.05%	3.86%	2.89%	2.88%	2.86%	1.72%	1.95%	2.57%	4.05%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	372.89
(-) Cash Dividends Paid (M)	335.71
(=) Cash Retained (M)	37.18

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	74.58	46.61	27.97
Cash Retained (M)	37.18	37.18	37.18
(-) Cash Required (M)	-74.58	-46.61	-27.97
(=) Excess Retained (M)	-37.40	-9.43	9.21
(/) Shares Outstanding (M)	970.27	970.27	970.27
(=) Excess Retained per Share	-0.04	-0.01	0.01
LTM Dividend per Share	0.35	0.35	0.35
(+) Excess Retained per Share	-0.04	-0.01	0.01
(=) Adjusted Dividend	0.31	0.34	0.36
WACC / Discount Rate	6.42%	6.42%	6.42%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$35.27	$71.63	$76.43
Upside / Downside	251.61%	614.12%	662.02%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	372.89	397.12	422.94	450.43	479.71	510.89	526.21
Payout Ratio	90.03%	90.02%	90.02%	90.01%	90.01%	90.00%	92.50%
Projected Dividends (M)	335.71	357.51	380.72	405.44	431.76	459.80	486.75

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.42%	6.42%	6.42%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	332.79	335.94	339.10
Year 2 PV (M)	329.89	336.17	342.51
Year 3 PV (M)	327.02	336.40	345.97
Year 4 PV (M)	324.17	336.63	349.46
Year 5 PV (M)	321.34	336.87	352.98
PV of Terminal Value (M)	9,947.45	10,427.92	10,926.77
Equity Value (M)	11,582.66	12,109.94	12,656.79
Shares Outstanding (M)	970.27	970.27	970.27
Fair Value	$11.94	$12.48	$13.04
Upside / Downside	19.02%	24.44%	30.06%

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Shanghai Pudong Construction Co.,Ltd. (600284.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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