DDM Analysis: 600959.SS

Valuation Snapshot

Stable Growth	$0.40 - $0.53	$0.47
Multi-Stage	$0.72 - $0.79	$0.75
Blended Fair Value	$0.61
Current Price	$3.62
Upside	-83.16%
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	-15.20%	-8.58%	0.04	0.04	0.04	0.04	0.04	0.10	0.01	0.09	0.01	0.11
YoY Growth	-	-	-2.84%	22.38%	-4.65%	3.14%	-62.51%	574.58%	-82.93%	737.18%	-90.93%	6.43%
Dividend Yield	-	-	1.31%	1.42%	1.09%	1.17%	1.20%	2.75%	0.26%	1.20%	0.10%	1.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	455.94
(-) Cash Dividends Paid (M)	123.48
(=) Cash Retained (M)	332.46

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	91.19	56.99	34.20
Cash Retained (M)	332.46	332.46	332.46
(-) Cash Required (M)	-91.19	-56.99	-34.20
(=) Excess Retained (M)	241.27	275.47	298.26
(/) Shares Outstanding (M)	4,995.22	4,995.22	4,995.22
(=) Excess Retained per Share	0.05	0.06	0.06
LTM Dividend per Share	0.02	0.02	0.02
(+) Excess Retained per Share	0.05	0.06	0.06
(=) Adjusted Dividend	0.07	0.08	0.08
WACC / Discount Rate	9.89%	9.89%	9.89%
Growth Rate	-7.15%	-6.15%	-5.15%
Fair Value	$0.40	$0.47	$0.53
Upside / Downside	-89.00%	-87.09%	-85.28%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	455.94	427.92	401.62	376.94	353.77	332.03	341.99
Payout Ratio	27.08%	39.67%	52.25%	64.83%	77.42%	90.00%	92.50%
Projected Dividends (M)	123.48	169.74	209.84	244.38	273.88	298.83	316.34

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.89%	9.89%	9.89%
Growth Rate	-7.15%	-6.15%	-5.15%
Year 1 PV (M)	152.82	154.46	156.11
Year 2 PV (M)	170.10	173.78	177.50
Year 3 PV (M)	178.35	184.17	190.12
Year 4 PV (M)	179.95	187.83	195.96
Year 5 PV (M)	176.77	186.50	196.65
PV of Terminal Value (M)	2,716.91	2,866.40	3,022.39
Equity Value (M)	3,574.89	3,753.14	3,938.73
Shares Outstanding (M)	4,995.22	4,995.22	4,995.22
Fair Value	$0.72	$0.75	$0.79
Upside / Downside	-80.23%	-79.24%	-78.22%

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Jiangsu Broadcasting Cable Information Network Corporation Limited (600959.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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