DDM Analysis: 601900.SS

Valuation Snapshot

Stable Growth	$30.65 - $83.21	$47.20
Multi-Stage	$20.41 - $22.32	$21.35
Blended Fair Value	$34.28
Current Price	$13.14
Upside	160.85%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	15.32%	24.53%	0.59	0.52	0.64	0.71	0.27	0.29	0.23	0.26	0.17	0.03
YoY Growth	-	-	13.62%	-19.48%	-9.78%	161.83%	-5.63%	27.44%	-14.02%	55.50%	551.29%	-60.37%
Dividend Yield	-	-	3.71%	3.24%	6.57%	8.23%	3.39%	2.86%	2.32%	2.52%	1.16%	0.14%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,131.20
(-) Cash Dividends Paid (M)	68.87
(=) Cash Retained (M)	1,062.33

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	226.24	141.40	84.84
Cash Retained (M)	1,062.33	1,062.33	1,062.33
(-) Cash Required (M)	-226.24	-141.40	-84.84
(=) Excess Retained (M)	836.09	920.93	977.49
(/) Shares Outstanding (M)	881.39	881.39	881.39
(=) Excess Retained per Share	0.95	1.04	1.11
LTM Dividend per Share	0.08	0.08	0.08
(+) Excess Retained per Share	0.95	1.04	1.11
(=) Adjusted Dividend	1.03	1.12	1.19
WACC / Discount Rate	9.03%	9.03%	9.03%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$30.65	$47.20	$83.21
Upside / Downside	133.29%	259.23%	533.27%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,131.20	1,204.73	1,283.03	1,366.43	1,455.25	1,549.84	1,596.33
Payout Ratio	6.09%	22.87%	39.65%	56.44%	73.22%	90.00%	92.50%
Projected Dividends (M)	68.87	275.53	508.76	771.15	1,065.50	1,394.85	1,476.61

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.03%	9.03%	9.03%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	250.33	252.70	255.07
Year 2 PV (M)	419.95	427.95	436.02
Year 3 PV (M)	578.31	594.92	611.83
Year 4 PV (M)	725.97	753.89	782.61
Year 5 PV (M)	863.45	905.16	948.46
PV of Terminal Value (M)	15,149.31	15,881.03	16,640.75
Equity Value (M)	17,987.33	18,815.64	19,674.75
Shares Outstanding (M)	881.39	881.39	881.39
Fair Value	$20.41	$21.35	$22.32
Upside / Downside	55.31%	62.46%	69.88%

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Southern Publishing and Media Co.,Ltd. (601900.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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