DDM Analysis: 600498.SS

Valuation Snapshot

Stable Growth	$8.35 - $13.91	$10.80
Multi-Stage	$11.34 - $12.42	$11.87
Blended Fair Value	$11.33
Current Price	$27.45
Upside	-58.71%
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	3.42%	11.09%	0.40	0.11	0.08	0.06	0.34	0.34	0.32	0.30	0.30	0.21
YoY Growth	-	-	259.98%	37.35%	39.04%	-82.81%	0.12%	4.85%	6.55%	-0.04%	42.92%	51.54%
Dividend Yield	-	-	1.78%	0.61%	0.41%	0.39%	1.85%	1.03%	1.00%	1.06%	1.23%	0.85%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	821.88
(-) Cash Dividends Paid (M)	426.26
(=) Cash Retained (M)	395.62

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	164.38	102.73	61.64
Cash Retained (M)	395.62	395.62	395.62
(-) Cash Required (M)	-164.38	-102.73	-61.64
(=) Excess Retained (M)	231.24	292.88	333.98
(/) Shares Outstanding (M)	1,169.66	1,169.66	1,169.66
(=) Excess Retained per Share	0.20	0.25	0.29
LTM Dividend per Share	0.36	0.36	0.36
(+) Excess Retained per Share	0.20	0.25	0.29
(=) Adjusted Dividend	0.56	0.61	0.65
WACC / Discount Rate	8.25%	8.25%	8.25%
Growth Rate	1.42%	2.42%	3.42%
Fair Value	$8.35	$10.80	$13.91
Upside / Downside	-69.59%	-60.66%	-49.31%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	821.88	841.78	862.16	883.03	904.41	926.31	954.10
Payout Ratio	51.86%	59.49%	67.12%	74.75%	82.37%	90.00%	92.50%
Projected Dividends (M)	426.26	500.78	578.67	660.03	744.99	833.68	882.54

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.25%	8.25%	8.25%
Growth Rate	1.42%	2.42%	3.42%
Year 1 PV (M)	458.09	462.61	467.13
Year 2 PV (M)	484.21	493.81	503.50
Year 3 PV (M)	505.21	520.30	535.69
Year 4 PV (M)	521.63	542.51	564.01
Year 5 PV (M)	533.97	560.81	588.73
PV of Terminal Value (M)	10,762.71	11,303.87	11,866.58
Equity Value (M)	13,265.82	13,883.91	14,525.64
Shares Outstanding (M)	1,169.66	1,169.66	1,169.66
Fair Value	$11.34	$11.87	$12.42
Upside / Downside	-58.68%	-56.76%	-54.76%

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Fiberhome Telecommunication Technologies Co., Ltd. (600498.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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