DDM Analysis: 600575.SS

Valuation Snapshot

Stable Growth	$2.39 - $3.93	$3.08
Multi-Stage	$1.94 - $2.12	$2.03
Blended Fair Value	$2.55
Current Price	$3.36
Upside	-24.03%
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	25.52%	19.19%	0.18	0.05	0.03	0.04	0.15	0.06	0.07	0.07	0.08	0.11
YoY Growth	-	-	228.06%	78.28%	-24.71%	-72.22%	154.66%	-17.93%	-1.84%	-8.23%	-26.75%	242.99%
Dividend Yield	-	-	5.32%	2.05%	1.25%	1.24%	6.46%	2.62%	2.43%	1.91%	1.32%	2.18%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	767.74
(-) Cash Dividends Paid (M)	159.98
(=) Cash Retained (M)	607.76

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	153.55	95.97	57.58
Cash Retained (M)	607.76	607.76	607.76
(-) Cash Required (M)	-153.55	-95.97	-57.58
(=) Excess Retained (M)	454.22	511.80	550.18
(/) Shares Outstanding (M)	3,843.94	3,843.94	3,843.94
(=) Excess Retained per Share	0.12	0.13	0.14
LTM Dividend per Share	0.04	0.04	0.04
(+) Excess Retained per Share	0.12	0.13	0.14
(=) Adjusted Dividend	0.16	0.17	0.18
WACC / Discount Rate	12.55%	12.55%	12.55%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$2.39	$3.08	$3.93
Upside / Downside	-28.82%	-8.42%	17.08%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	767.74	817.64	870.79	927.39	987.67	1,051.87	1,083.43
Payout Ratio	20.84%	34.67%	48.50%	62.33%	76.17%	90.00%	92.50%
Projected Dividends (M)	159.98	283.47	422.35	578.09	752.28	946.68	1,002.17

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	12.55%	12.55%	12.55%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	249.50	251.87	254.23
Year 2 PV (M)	327.19	333.42	339.71
Year 3 PV (M)	394.17	405.48	417.01
Year 4 PV (M)	451.47	468.84	486.70
Year 5 PV (M)	500.06	524.21	549.29
PV of Terminal Value (M)	5,543.92	5,811.69	6,089.71
Equity Value (M)	7,466.31	7,795.51	8,136.65
Shares Outstanding (M)	3,843.94	3,843.94	3,843.94
Fair Value	$1.94	$2.03	$2.12
Upside / Downside	-42.19%	-39.64%	-37.00%

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Huaihe Energy (Group) Co.,Ltd (600575.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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