DDM Analysis: 600056.SS

Valuation Snapshot

Stable Growth	$1.90 - $2.62	$2.26
Multi-Stage	$5.85 - $6.46	$6.14
Blended Fair Value	$4.20
Current Price	$11.15
Upside	-62.31%
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	-5.62%	-6.11%	0.23	0.15	0.42	0.26	0.20	0.31	0.26	0.22	0.12	0.11
YoY Growth	-	-	57.19%	-64.49%	58.07%	33.56%	-36.46%	18.94%	16.13%	81.97%	11.68%	-74.67%
Dividend Yield	-	-	2.22%	1.33%	3.03%	1.01%	1.99%	2.88%	2.28%	1.32%	0.73%	1.18%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	543.08
(-) Cash Dividends Paid (M)	387.54
(=) Cash Retained (M)	155.54

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	108.62	67.89	40.73
Cash Retained (M)	155.54	155.54	155.54
(-) Cash Required (M)	-108.62	-67.89	-40.73
(=) Excess Retained (M)	46.92	87.65	114.81
(/) Shares Outstanding (M)	1,496.05	1,496.05	1,496.05
(=) Excess Retained per Share	0.03	0.06	0.08
LTM Dividend per Share	0.26	0.26	0.26
(+) Excess Retained per Share	0.03	0.06	0.08
(=) Adjusted Dividend	0.29	0.32	0.34
WACC / Discount Rate	6.49%	6.49%	6.49%
Growth Rate	-7.62%	-6.62%	-5.62%
Fair Value	$1.90	$2.26	$2.62
Upside / Downside	-82.96%	-79.72%	-76.54%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	543.08	507.12	473.53	442.17	412.89	385.54	397.11
Payout Ratio	71.36%	75.09%	78.82%	82.54%	86.27%	90.00%	92.50%
Projected Dividends (M)	387.54	380.78	373.22	364.98	356.20	346.99	367.32

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.49%	6.49%	6.49%
Growth Rate	-7.62%	-6.62%	-5.62%
Year 1 PV (M)	353.73	357.56	361.39
Year 2 PV (M)	322.07	329.08	336.17
Year 3 PV (M)	292.59	302.20	312.01
Year 4 PV (M)	265.27	276.94	289.00
Year 5 PV (M)	240.04	253.32	267.18
PV of Terminal Value (M)	7,271.08	7,673.24	8,093.01
Equity Value (M)	8,744.78	9,192.34	9,658.75
Shares Outstanding (M)	1,496.05	1,496.05	1,496.05
Fair Value	$5.85	$6.14	$6.46
Upside / Downside	-47.58%	-44.89%	-42.10%

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China Meheco Group Co., Ltd. (600056.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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