DDM Analysis: 600780.SS

Valuation Snapshot

Stable Growth	$6.47 - $10.78	$8.37
Multi-Stage	$6.51 - $7.14	$6.82
Blended Fair Value	$7.60
Current Price	$5.68
Upside	33.73%
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	4.11%	-2.43%	0.19	0.01	0.03	0.13	0.13	0.15	0.19	0.23	0.14	0.28
YoY Growth	-	-	1,164.21%	-47.53%	-77.74%	-0.61%	-16.65%	-19.81%	-17.00%	62.37%	-49.00%	15.95%
Dividend Yield	-	-	3.34%	0.20%	0.31%	3.38%	2.70%	4.78%	4.68%	5.73%	2.45%	5.19%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	614.93
(-) Cash Dividends Paid (M)	6.59
(=) Cash Retained (M)	608.34

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	122.99	76.87	46.12
Cash Retained (M)	608.34	608.34	608.34
(-) Cash Required (M)	-122.99	-76.87	-46.12
(=) Excess Retained (M)	485.35	531.47	562.22
(/) Shares Outstanding (M)	1,146.33	1,146.33	1,146.33
(=) Excess Retained per Share	0.42	0.46	0.49
LTM Dividend per Share	0.01	0.01	0.01
(+) Excess Retained per Share	0.42	0.46	0.49
(=) Adjusted Dividend	0.43	0.47	0.50
WACC / Discount Rate	9.92%	9.92%	9.92%
Growth Rate	3.09%	4.09%	5.09%
Fair Value	$6.47	$8.37	$10.78
Upside / Downside	13.95%	47.40%	89.86%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	614.93	640.06	666.22	693.45	721.79	751.29	773.83
Payout Ratio	1.07%	18.86%	36.64%	54.43%	72.21%	90.00%	92.50%
Projected Dividends (M)	6.59	120.70	244.13	377.44	521.24	676.16	715.79

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.92%	9.92%	9.92%
Growth Rate	3.09%	4.09%	5.09%
Year 1 PV (M)	108.75	109.81	110.86
Year 2 PV (M)	198.18	202.04	205.94
Year 3 PV (M)	276.06	284.18	292.45
Year 4 PV (M)	343.50	357.02	370.94
Year 5 PV (M)	401.48	421.33	441.96
PV of Terminal Value (M)	6,139.76	6,443.38	6,758.91
Equity Value (M)	7,467.72	7,817.76	8,181.06
Shares Outstanding (M)	1,146.33	1,146.33	1,146.33
Fair Value	$6.51	$6.82	$7.14
Upside / Downside	14.69%	20.07%	25.65%

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Top Energy Company Ltd.Shanxi (600780.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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