DDM Analysis: 600080.SS

Valuation Snapshot

Stable Growth	$1.30 - $1.82	$1.56
Multi-Stage	$4.60 - $5.09	$4.84
Blended Fair Value	$3.20
Current Price	$7.42
Upside	-56.89%
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	-26.03%	-9.69%	0.01	0.01	0.00	0.09	0.03	0.04	0.03	0.03	0.00	0.00
YoY Growth	-	-	-11.25%	0.00%	-100.00%	200.00%	-25.00%	33.33%	22.27%	1,153.89%	0.00%	-100.00%
Dividend Yield	-	-	0.12%	0.14%	0.00%	1.11%	0.52%	0.69%	0.37%	0.26%	0.02%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	78.32
(-) Cash Dividends Paid (M)	14.54
(=) Cash Retained (M)	63.79

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	15.66	9.79	5.87
Cash Retained (M)	63.79	63.79	63.79
(-) Cash Required (M)	-15.66	-9.79	-5.87
(=) Excess Retained (M)	48.12	54.00	57.91
(/) Shares Outstanding (M)	356.25	356.25	356.25
(=) Excess Retained per Share	0.14	0.15	0.16
LTM Dividend per Share	0.04	0.04	0.04
(+) Excess Retained per Share	0.14	0.15	0.16
(=) Adjusted Dividend	0.18	0.19	0.20
WACC / Discount Rate	5.67%	5.67%	5.67%
Growth Rate	-6.95%	-5.95%	-4.95%
Fair Value	$1.30	$1.56	$1.82
Upside / Downside	-82.52%	-79.01%	-75.46%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	78.32	73.66	69.28	65.16	61.29	57.64	59.37
Payout Ratio	18.56%	32.85%	47.14%	61.42%	75.71%	90.00%	92.50%
Projected Dividends (M)	14.54	24.20	32.66	40.02	46.40	51.88	54.92

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	5.67%	5.67%	5.67%
Growth Rate	-6.95%	-5.95%	-4.95%
Year 1 PV (M)	22.65	22.90	23.14
Year 2 PV (M)	28.63	29.25	29.87
Year 3 PV (M)	32.85	33.92	35.02
Year 4 PV (M)	35.66	37.22	38.82
Year 5 PV (M)	37.33	39.38	41.51
PV of Terminal Value (M)	1,480.47	1,561.75	1,646.56
Equity Value (M)	1,637.59	1,724.41	1,814.93
Shares Outstanding (M)	356.25	356.25	356.25
Fair Value	$4.60	$4.84	$5.09
Upside / Downside	-38.05%	-34.76%	-31.34%

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Ginwa Enterprise (Group) Inc. (600080.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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