DDM Analysis: 600350.SS

Valuation Snapshot

Stable Growth	$80.76 - $135.36	$126.86
Multi-Stage	$22.19 - $24.27	$23.21
Blended Fair Value	$75.03
Current Price	$8.61
Upside	771.48%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	35.36%	8.62%	1.00	1.02	1.01	0.96	0.85	0.22	0.46	0.39	0.34	0.38
YoY Growth	-	-	-1.85%	1.47%	4.73%	13.55%	283.65%	-51.65%	16.16%	15.86%	-9.65%	-14.38%
Dividend Yield	-	-	9.40%	12.46%	16.44%	17.79%	13.43%	5.31%	8.84%	6.80%	4.79%	6.65%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	3,299.59
(-) Cash Dividends Paid (M)	2,138.27
(=) Cash Retained (M)	1,161.32

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	659.92	412.45	247.47
Cash Retained (M)	1,161.32	1,161.32	1,161.32
(-) Cash Required (M)	-659.92	-412.45	-247.47
(=) Excess Retained (M)	501.41	748.87	913.85
(/) Shares Outstanding (M)	4,847.70	4,847.70	4,847.70
(=) Excess Retained per Share	0.10	0.15	0.19
LTM Dividend per Share	0.44	0.44	0.44
(+) Excess Retained per Share	0.10	0.15	0.19
(=) Adjusted Dividend	0.54	0.60	0.63
WACC / Discount Rate	6.21%	6.21%	6.21%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$80.76	$126.86	$135.36
Upside / Downside	838.01%	1,373.36%	1,472.17%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	3,299.59	3,514.06	3,742.48	3,985.74	4,244.81	4,520.72	4,656.34
Payout Ratio	64.80%	69.84%	74.88%	79.92%	84.96%	90.00%	92.50%
Projected Dividends (M)	2,138.27	2,454.33	2,802.46	3,185.46	3,606.42	4,068.65	4,307.12

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.21%	6.21%	6.21%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	2,289.10	2,310.80	2,332.50
Year 2 PV (M)	2,437.83	2,484.26	2,531.13
Year 3 PV (M)	2,584.46	2,658.65	2,734.24
Year 4 PV (M)	2,729.01	2,833.96	2,941.91
Year 5 PV (M)	2,871.51	3,010.21	3,154.21
PV of Terminal Value (M)	94,659.82	99,231.93	103,979.02
Equity Value (M)	107,571.73	112,529.81	117,673.01
Shares Outstanding (M)	4,847.70	4,847.70	4,847.70
Fair Value	$22.19	$23.21	$24.27
Upside / Downside	157.73%	169.61%	181.93%

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Shandong Hi-speed Company Limited (600350.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener