DDM Analysis: 000708.SZ

Valuation Snapshot

Stable Growth	$108.27 - $216.52	$202.91
Multi-Stage	$33.82 - $37.00	$35.38
Blended Fair Value	$119.14
Current Price	$13.62
Upside	774.78%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-3.52%	43.69%	0.72	0.89	1.39	0.82	0.86	0.86	0.71	0.02	0.01	0.02
YoY Growth	-	-	-18.99%	-36.21%	69.90%	-4.52%	-0.29%	21.24%	3,452.04%	41.47%	-32.88%	9.75%
Dividend Yield	-	-	5.83%	5.95%	7.83%	4.11%	3.25%	5.83%	9.19%	0.33%	0.18%	0.33%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	5,619.82
(-) Cash Dividends Paid (M)	3,165.60
(=) Cash Retained (M)	2,454.21

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,123.96	702.48	421.49
Cash Retained (M)	2,454.21	2,454.21	2,454.21
(-) Cash Required (M)	-1,123.96	-702.48	-421.49
(=) Excess Retained (M)	1,330.25	1,751.74	2,032.73
(/) Shares Outstanding (M)	5,161.92	5,161.92	5,161.92
(=) Excess Retained per Share	0.26	0.34	0.39
LTM Dividend per Share	0.61	0.61	0.61
(+) Excess Retained per Share	0.26	0.34	0.39
(=) Adjusted Dividend	0.87	0.95	1.01
WACC / Discount Rate	6.35%	6.35%	6.35%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$108.27	$202.91	$216.52
Upside / Downside	694.94%	1,389.78%	1,489.70%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	5,619.82	5,985.10	6,374.14	6,788.45	7,229.70	7,699.63	7,930.62
Payout Ratio	56.33%	63.06%	69.80%	76.53%	83.27%	90.00%	92.50%
Projected Dividends (M)	3,165.60	3,774.41	4,448.99	5,195.32	6,019.88	6,929.67	7,335.83

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.35%	6.35%	6.35%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	3,515.77	3,549.09	3,582.42
Year 2 PV (M)	3,860.14	3,933.67	4,007.88
Year 3 PV (M)	4,198.79	4,319.33	4,442.14
Year 4 PV (M)	4,531.80	4,706.08	4,885.34
Year 5 PV (M)	4,859.22	5,093.92	5,337.60
PV of Terminal Value (M)	153,613.43	161,033.02	168,736.57
Equity Value (M)	174,579.15	182,635.10	190,991.95
Shares Outstanding (M)	5,161.92	5,161.92	5,161.92
Fair Value	$33.82	$35.38	$37.00
Upside / Downside	148.32%	159.77%	171.66%

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Citic Pacific Special Steel Group Co., Ltd. (000708.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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