DDM Analysis: 600720.SS

Valuation Snapshot

Stable Growth	$13.81 - $31.54	$20.12
Multi-Stage	$9.65 - $10.55	$10.09
Blended Fair Value	$15.11
Current Price	$7.53
Upside	100.60%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	22.32%	7.66%	0.36	0.88	0.28	0.24	0.21	0.13	0.13	0.09	0.11	0.19
YoY Growth	-	-	-59.16%	209.55%	18.17%	15.52%	58.65%	2.99%	43.67%	-17.60%	-42.75%	9.42%
Dividend Yield	-	-	4.22%	8.65%	2.68%	2.24%	1.41%	1.00%	1.41%	0.86%	1.11%	2.57%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,522.95
(-) Cash Dividends Paid (M)	52.11
(=) Cash Retained (M)	1,470.84

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	304.59	190.37	114.22
Cash Retained (M)	1,470.84	1,470.84	1,470.84
(-) Cash Required (M)	-304.59	-190.37	-114.22
(=) Excess Retained (M)	1,166.25	1,280.47	1,356.62
(/) Shares Outstanding (M)	2,251.92	2,251.92	2,251.92
(=) Excess Retained per Share	0.52	0.57	0.60
LTM Dividend per Share	0.02	0.02	0.02
(+) Excess Retained per Share	0.52	0.57	0.60
(=) Adjusted Dividend	0.54	0.59	0.63
WACC / Discount Rate	9.63%	9.63%	9.63%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$13.81	$20.12	$31.54
Upside / Downside	83.44%	167.19%	318.82%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,522.95	1,621.94	1,727.37	1,839.65	1,959.22	2,086.57	2,149.17
Payout Ratio	3.42%	20.74%	38.05%	55.37%	72.68%	90.00%	92.50%
Projected Dividends (M)	52.11	336.35	657.32	1,018.59	1,424.05	1,877.91	1,987.98

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.63%	9.63%	9.63%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	303.92	306.80	309.68
Year 2 PV (M)	536.66	546.89	557.20
Year 3 PV (M)	751.43	773.01	794.99
Year 4 PV (M)	949.25	985.76	1,023.31
Year 5 PV (M)	1,131.09	1,185.72	1,242.44
PV of Terminal Value (M)	18,053.64	18,925.64	19,831.01
Equity Value (M)	21,726.00	22,723.81	23,758.63
Shares Outstanding (M)	2,251.92	2,251.92	2,251.92
Fair Value	$9.65	$10.09	$10.55
Upside / Downside	28.12%	34.01%	40.11%

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CCCC Design & Consulting Group Co., Ltd. (600720.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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