DDM Analysis: 603393.SS

Valuation Snapshot

Stable Growth	$270.05 - $525.46	$492.43
Multi-Stage	$80.46 - $88.15	$84.23
Blended Fair Value	$288.33
Current Price	$28.08
Upside	926.83%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	13.69%	9.38%	1.27	0.91	0.67	0.57	0.67	0.67	0.64	0.27	0.28	0.23
YoY Growth	-	-	38.56%	37.34%	15.86%	-14.28%	0.52%	4.06%	141.36%	-6.34%	25.00%	-56.13%
Dividend Yield	-	-	4.36%	2.92%	2.88%	2.62%	3.61%	2.95%	3.39%	1.93%	1.35%	1.39%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,118.84
(-) Cash Dividends Paid (M)	156.88
(=) Cash Retained (M)	961.96

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	223.77	139.86	83.91
Cash Retained (M)	961.96	961.96	961.96
(-) Cash Required (M)	-223.77	-139.86	-83.91
(=) Excess Retained (M)	738.19	822.10	878.05
(/) Shares Outstanding (M)	423.46	423.46	423.46
(=) Excess Retained per Share	1.74	1.94	2.07
LTM Dividend per Share	0.37	0.37	0.37
(+) Excess Retained per Share	1.74	1.94	2.07
(=) Adjusted Dividend	2.11	2.31	2.44
WACC / Discount Rate	6.33%	6.33%	6.33%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$270.05	$492.43	$525.46
Upside / Downside	861.72%	1,653.68%	1,771.29%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,118.84	1,191.57	1,269.02	1,351.51	1,439.35	1,532.91	1,578.90
Payout Ratio	14.02%	29.22%	44.41%	59.61%	74.80%	90.00%	92.50%
Projected Dividends (M)	156.88	348.15	563.61	805.62	1,076.70	1,379.62	1,460.48

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.33%	6.33%	6.33%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	324.36	327.43	330.51
Year 2 PV (M)	489.22	498.54	507.95
Year 3 PV (M)	651.51	670.21	689.27
Year 4 PV (M)	811.24	842.44	874.53
Year 5 PV (M)	968.46	1,015.24	1,063.80
PV of Terminal Value (M)	30,826.63	32,315.56	33,861.49
Equity Value (M)	34,071.42	35,669.43	37,327.55
Shares Outstanding (M)	423.46	423.46	423.46
Fair Value	$80.46	$84.23	$88.15
Upside / Downside	186.54%	199.98%	213.92%

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Xinjiang Xintai Natural Gas Co., Ltd. (603393.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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