DDM Analysis: 600956.SS

Valuation Snapshot

Stable Growth	$35.59 - $83.52	$78.27
Multi-Stage	$12.51 - $13.69	$13.09
Blended Fair Value	$45.68
Current Price	$7.70
Upside	493.26%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	42.14%	31.76%	0.65	0.20	0.17	0.13	0.12	0.11	0.09	0.06	0.01	0.03
YoY Growth	-	-	233.40%	15.57%	33.55%	8.80%	3.63%	21.36%	63.49%	320.00%	-51.61%	-32.61%
Dividend Yield	-	-	9.16%	2.34%	1.81%	0.97%	0.76%	2.45%	2.02%	1.24%	0.29%	0.61%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,735.67
(-) Cash Dividends Paid (M)	1,048.17
(=) Cash Retained (M)	687.50

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	347.13	216.96	130.17
Cash Retained (M)	687.50	687.50	687.50
(-) Cash Required (M)	-347.13	-216.96	-130.17
(=) Excess Retained (M)	340.37	470.54	557.32
(/) Shares Outstanding (M)	4,132.76	4,132.76	4,132.76
(=) Excess Retained per Share	0.08	0.11	0.13
LTM Dividend per Share	0.25	0.25	0.25
(+) Excess Retained per Share	0.08	0.11	0.13
(=) Adjusted Dividend	0.34	0.37	0.39
WACC / Discount Rate	6.50%	6.50%	6.50%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$35.59	$78.27	$83.52
Upside / Downside	362.15%	916.54%	984.71%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,735.67	1,848.48	1,968.63	2,096.60	2,232.87	2,378.01	2,449.35
Payout Ratio	60.39%	66.31%	72.23%	78.16%	84.08%	90.00%	92.50%
Projected Dividends (M)	1,048.17	1,225.76	1,422.02	1,638.61	1,877.36	2,140.21	2,265.65

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.50%	6.50%	6.50%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	1,140.19	1,150.99	1,161.80
Year 2 PV (M)	1,230.40	1,253.83	1,277.49
Year 3 PV (M)	1,318.82	1,356.68	1,395.25
Year 4 PV (M)	1,405.48	1,459.53	1,515.12
Year 5 PV (M)	1,490.40	1,562.39	1,637.13
PV of Terminal Value (M)	45,129.25	47,309.01	49,572.19
Equity Value (M)	51,714.52	54,092.42	56,558.98
Shares Outstanding (M)	4,132.76	4,132.76	4,132.76
Fair Value	$12.51	$13.09	$13.69
Upside / Downside	62.51%	69.98%	77.73%

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China Suntien Green Energy Corporation Limited (600956.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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