DDM Analysis: 600548.SS

Valuation Snapshot

Stable Growth	$62.39 - $104.74	$98.15
Multi-Stage	$17.29 - $18.90	$18.08
Blended Fair Value	$58.12
Current Price	$9.95
Upside	484.09%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	2.05%	11.23%	1.03	1.04	1.12	1.06	0.76	0.93	0.55	0.54	0.45	0.61
YoY Growth	-	-	-1.26%	-6.94%	5.70%	38.72%	-17.83%	69.22%	1.45%	19.00%	-25.43%	71.90%
Dividend Yield	-	-	9.15%	10.64%	12.82%	10.98%	7.19%	10.67%	5.03%	6.43%	5.23%	6.84%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,241.32
(-) Cash Dividends Paid (M)	951.39
(=) Cash Retained (M)	289.93

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	248.26	155.17	93.10
Cash Retained (M)	289.93	289.93	289.93
(-) Cash Required (M)	-248.26	-155.17	-93.10
(=) Excess Retained (M)	41.66	134.76	196.83
(/) Shares Outstanding (M)	2,357.01	2,357.01	2,357.01
(=) Excess Retained per Share	0.02	0.06	0.08
LTM Dividend per Share	0.40	0.40	0.40
(+) Excess Retained per Share	0.02	0.06	0.08
(=) Adjusted Dividend	0.42	0.46	0.49
WACC / Discount Rate	6.21%	6.21%	6.21%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$62.39	$98.15	$104.74
Upside / Downside	527.08%	886.48%	952.64%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,241.32	1,322.01	1,407.94	1,499.45	1,596.92	1,700.72	1,751.74
Payout Ratio	76.64%	79.31%	81.99%	84.66%	87.33%	90.00%	92.50%
Projected Dividends (M)	951.39	1,048.55	1,154.31	1,269.40	1,394.57	1,530.65	1,620.36

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)	977.95	987.22	996.49
Year 2 PV (M)	1,004.11	1,023.23	1,042.54
Year 3 PV (M)	1,029.87	1,059.43	1,089.56
Year 4 PV (M)	1,055.24	1,095.82	1,137.56
Year 5 PV (M)	1,080.22	1,132.40	1,186.57
PV of Terminal Value (M)	35,597.68	37,317.06	39,102.24
Equity Value (M)	40,745.06	42,615.16	44,554.95
Shares Outstanding (M)	2,357.01	2,357.01	2,357.01
Fair Value	$17.29	$18.08	$18.90
Upside / Downside	73.74%	81.71%	89.98%

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Shenzhen Expressway Corporation Limited (600548.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener