DDM Analysis: 600210.SS

Valuation Snapshot

Stable Growth	$11.81 - $21.60	$15.86
Multi-Stage	$18.75 - $20.62	$19.67
Blended Fair Value	$17.76
Current Price	$7.40
Upside	140.04%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	3.55%	1.31%	0.31	0.33	0.34	0.33	0.29	0.26	0.27	0.23	0.18	0.21
YoY Growth	-	-	-6.47%	-1.24%	1.92%	15.78%	9.21%	-3.08%	16.08%	29.57%	-13.06%	-24.50%
Dividend Yield	-	-	4.45%	6.35%	5.95%	5.57%	5.98%	6.25%	5.58%	5.00%	3.32%	3.71%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,246.94
(-) Cash Dividends Paid (M)	64.79
(=) Cash Retained (M)	1,182.15

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	249.39	155.87	93.52
Cash Retained (M)	1,182.15	1,182.15	1,182.15
(-) Cash Required (M)	-249.39	-155.87	-93.52
(=) Excess Retained (M)	932.76	1,026.28	1,088.63
(/) Shares Outstanding (M)	1,515.56	1,515.56	1,515.56
(=) Excess Retained per Share	0.62	0.68	0.72
LTM Dividend per Share	0.04	0.04	0.04
(+) Excess Retained per Share	0.62	0.68	0.72
(=) Adjusted Dividend	0.66	0.72	0.76
WACC / Discount Rate	6.55%	6.55%	6.55%
Growth Rate	0.92%	1.92%	2.92%
Fair Value	$11.81	$15.86	$21.60
Upside / Downside	59.53%	114.30%	191.85%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,246.94	1,270.89	1,295.29	1,320.17	1,345.53	1,371.37	1,412.51
Payout Ratio	5.20%	22.16%	39.12%	56.08%	73.04%	90.00%	92.50%
Projected Dividends (M)	64.79	281.58	506.69	740.33	982.76	1,234.23	1,306.57

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.55%	6.55%	6.55%
Growth Rate	0.92%	1.92%	2.92%
Year 1 PV (M)	261.69	264.28	266.87
Year 2 PV (M)	437.61	446.33	455.13
Year 3 PV (M)	594.22	612.06	630.26
Year 4 PV (M)	733.07	762.57	792.94
Year 5 PV (M)	855.60	898.84	943.81
PV of Terminal Value (M)	25,532.98	26,823.30	28,165.27
Equity Value (M)	28,415.18	29,807.38	31,254.27
Shares Outstanding (M)	1,515.56	1,515.56	1,515.56
Fair Value	$18.75	$19.67	$20.62
Upside / Downside	153.36%	165.78%	178.68%

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Shanghai Zijiang Enterprise Group Co., Ltd. (600210.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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