DDM Analysis: 002941.SZ

Valuation Snapshot

Stable Growth	$101.72 - $170.75	$160.01
Multi-Stage	$27.63 - $30.24	$28.91
Blended Fair Value	$94.46
Current Price	$16.12
Upside	485.99%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	29.86%	12.89%	0.50	0.42	0.40	0.33	0.38	0.14	0.21	0.21	0.17	0.08
YoY Growth	-	-	20.97%	4.88%	21.24%	-13.56%	177.68%	-35.07%	-0.40%	27.05%	119.86%	-49.58%
Dividend Yield	-	-	4.67%	3.50%	2.66%	2.15%	2.34%	0.90%	0.57%	2.04%	0.00%	0.73%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	587.62
(-) Cash Dividends Paid (M)	257.65
(=) Cash Retained (M)	329.97

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	117.52	73.45	44.07
Cash Retained (M)	329.97	329.97	329.97
(-) Cash Required (M)	-117.52	-73.45	-44.07
(=) Excess Retained (M)	212.45	256.52	285.90
(/) Shares Outstanding (M)	684.42	684.42	684.42
(=) Excess Retained per Share	0.31	0.37	0.42
LTM Dividend per Share	0.38	0.38	0.38
(+) Excess Retained per Share	0.31	0.37	0.42
(=) Adjusted Dividend	0.69	0.75	0.79
WACC / Discount Rate	6.21%	6.21%	6.21%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$101.72	$160.01	$170.75
Upside / Downside	531.02%	892.65%	959.22%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	587.62	625.81	666.49	709.81	755.95	805.08	829.24
Payout Ratio	43.85%	53.08%	62.31%	71.54%	80.77%	90.00%	92.50%
Projected Dividends (M)	257.65	332.16	415.27	507.79	610.57	724.58	767.04

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.21%	6.21%	6.21%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	309.80	312.73	315.67
Year 2 PV (M)	361.24	368.12	375.06
Year 3 PV (M)	411.97	423.80	435.85
Year 4 PV (M)	462.01	479.78	498.05
Year 5 PV (M)	511.36	536.05	561.70
PV of Terminal Value (M)	16,851.31	17,665.23	18,510.31
Equity Value (M)	18,907.67	19,785.71	20,696.63
Shares Outstanding (M)	684.42	684.42	684.42
Fair Value	$27.63	$28.91	$30.24
Upside / Downside	71.38%	79.34%	87.59%

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Xinjiang Communications Construction Group Co., Ltd. (002941.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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