DDM Analysis: 601928.SS

Valuation Snapshot

Stable Growth	$14.46 - $30.76	$20.55
Multi-Stage	$10.31 - $11.27	$10.78
Blended Fair Value	$15.67
Current Price	$10.52
Upside	48.91%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	10.86%	9.08%	0.51	0.50	0.51	0.40	0.30	0.30	0.15	0.15	0.10	0.20
YoY Growth	-	-	0.77%	-0.64%	25.03%	34.66%	-0.67%	100.69%	-2.62%	48.37%	-49.13%	-3.42%
Dividend Yield	-	-	4.61%	4.46%	4.87%	5.31%	4.51%	4.64%	1.71%	2.09%	1.04%	1.76%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,955.44
(-) Cash Dividends Paid (M)	13.60
(=) Cash Retained (M)	1,941.84

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	391.09	244.43	146.66
Cash Retained (M)	1,941.84	1,941.84	1,941.84
(-) Cash Required (M)	-391.09	-244.43	-146.66
(=) Excess Retained (M)	1,550.75	1,697.41	1,795.18
(/) Shares Outstanding (M)	2,544.90	2,544.90	2,544.90
(=) Excess Retained per Share	0.61	0.67	0.71
LTM Dividend per Share	0.01	0.01	0.01
(+) Excess Retained per Share	0.61	0.67	0.71
(=) Adjusted Dividend	0.61	0.67	0.71
WACC / Discount Rate	9.98%	9.98%	9.98%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$14.46	$20.55	$30.76
Upside / Downside	37.48%	95.36%	192.39%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,955.44	2,082.54	2,217.91	2,362.07	2,515.60	2,679.12	2,759.49
Payout Ratio	0.70%	18.56%	36.42%	54.28%	72.14%	90.00%	92.50%
Projected Dividends (M)	13.60	386.45	807.70	1,282.09	1,814.74	2,411.21	2,552.53

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.98%	9.98%	9.98%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	348.07	351.37	354.67
Year 2 PV (M)	655.24	667.72	680.32
Year 3 PV (M)	936.78	963.68	991.08
Year 4 PV (M)	1,194.28	1,240.21	1,287.45
Year 5 PV (M)	1,429.23	1,498.26	1,569.94
PV of Terminal Value (M)	21,663.99	22,710.37	23,796.80
Equity Value (M)	26,227.60	27,431.61	28,680.25
Shares Outstanding (M)	2,544.90	2,544.90	2,544.90
Fair Value	$10.31	$10.78	$11.27
Upside / Downside	-2.03%	2.46%	7.13%

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Jiangsu Phoenix Publishing & Media Corporation Limited (601928.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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