DDM Analysis: 600900.SS

Valuation Snapshot

Stable Growth	$135.02 - $265.47	$248.78
Multi-Stage	$41.17 - $45.07	$43.08
Blended Fair Value	$145.93
Current Price	$27.25
Upside	435.53%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	11.07%	14.57%	1.29	1.41	1.35	0.82	0.78	0.76	0.77	0.80	0.62	0.82
YoY Growth	-	-	-8.84%	4.99%	64.77%	4.16%	2.91%	-1.61%	-3.30%	28.14%	-23.97%	148.69%
Dividend Yield	-	-	4.63%	5.71%	6.33%	3.71%	3.66%	4.41%	4.58%	4.99%	4.70%	6.69%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	32,664.12
(-) Cash Dividends Paid (M)	12,409.81
(=) Cash Retained (M)	20,254.32

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	6,532.82	4,083.02	2,449.81
Cash Retained (M)	20,254.32	20,254.32	20,254.32
(-) Cash Required (M)	-6,532.82	-4,083.02	-2,449.81
(=) Excess Retained (M)	13,721.49	16,171.30	17,804.51
(/) Shares Outstanding (M)	24,470.26	24,470.26	24,470.26
(=) Excess Retained per Share	0.56	0.66	0.73
LTM Dividend per Share	0.51	0.51	0.51
(+) Excess Retained per Share	0.56	0.66	0.73
(=) Adjusted Dividend	1.07	1.17	1.23
WACC / Discount Rate	6.33%	6.33%	6.33%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$135.02	$248.78	$265.47
Upside / Downside	395.47%	812.96%	874.20%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	32,664.12	34,787.29	37,048.47	39,456.62	42,021.30	44,752.68	46,095.26
Payout Ratio	37.99%	48.39%	58.80%	69.20%	79.60%	90.00%	92.50%
Projected Dividends (M)	12,409.81	16,834.87	21,782.76	27,302.74	33,448.29	40,277.41	42,638.12

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.33%	6.33%	6.33%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	15,683.34	15,832.00	15,980.66
Year 2 PV (M)	18,904.74	19,264.82	19,628.30
Year 3 PV (M)	22,074.61	22,708.30	23,353.99
Year 4 PV (M)	25,193.57	26,162.45	27,159.00
Year 5 PV (M)	28,262.22	29,627.30	31,044.62
PV of Terminal Value (M)	897,265.87	940,604.15	985,601.09
Equity Value (M)	1,007,384.36	1,054,199.01	1,102,767.65
Shares Outstanding (M)	24,470.26	24,470.26	24,470.26
Fair Value	$41.17	$43.08	$45.07
Upside / Downside	51.07%	58.09%	65.38%

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China Yangtze Power Co., Ltd. (600900.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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