DDM Analysis: 000905.SZ

Valuation Snapshot

Stable Growth	$23.23 - $55.14	$51.67
Multi-Stage	$8.34 - $9.11	$8.72
Blended Fair Value	$30.20
Current Price	$8.20
Upside	268.25%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	107.79%	1.88%	0.28	0.16	0.22	0.02	0.16	0.01	0.18	0.10	0.07	0.14
YoY Growth	-	-	71.60%	-27.11%	1,360.88%	-90.64%	2,164.90%	-95.99%	80.37%	38.87%	-47.82%	-40.66%
Dividend Yield	-	-	3.67%	2.49%	3.07%	0.20%	2.27%	0.12%	1.92%	1.01%	0.52%	1.33%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	205.61
(-) Cash Dividends Paid (M)	164.19
(=) Cash Retained (M)	41.42

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	41.12	25.70	15.42
Cash Retained (M)	41.42	41.42	41.42
(-) Cash Required (M)	-41.12	-25.70	-15.42
(=) Excess Retained (M)	0.30	15.72	26.00
(/) Shares Outstanding (M)	741.60	741.60	741.60
(=) Excess Retained per Share	0.00	0.02	0.04
LTM Dividend per Share	0.22	0.22	0.22
(+) Excess Retained per Share	0.00	0.02	0.04
(=) Adjusted Dividend	0.22	0.24	0.26
WACC / Discount Rate	6.51%	6.51%	6.51%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$23.23	$51.67	$55.14
Upside / Downside	183.31%	530.15%	572.42%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	205.61	218.97	233.21	248.37	264.51	281.70	290.15
Payout Ratio	79.86%	81.88%	83.91%	85.94%	87.97%	90.00%	92.50%
Projected Dividends (M)	164.19	179.31	195.69	213.45	232.69	253.53	268.39

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.51%	6.51%	6.51%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	166.77	168.35	169.93
Year 2 PV (M)	169.29	172.51	175.76
Year 3 PV (M)	171.74	176.67	181.69
Year 4 PV (M)	174.13	180.83	187.72
Year 5 PV (M)	176.46	184.99	193.83
PV of Terminal Value (M)	5,326.23	5,583.49	5,850.59
Equity Value (M)	6,184.62	6,466.83	6,759.53
Shares Outstanding (M)	741.60	741.60	741.60
Fair Value	$8.34	$8.72	$9.11
Upside / Downside	1.70%	6.34%	11.16%

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Xiamen Port Development Co., Ltd. (000905.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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