DDM Analysis: 600704.SS

Valuation Snapshot

Stable Growth	$11.87 - $23.22	$16.36
Multi-Stage	$18.44 - $20.27	$19.34
Blended Fair Value	$17.85
Current Price	$6.01
Upside	196.96%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-0.08%	3.31%	0.49	0.55	0.54	0.52	0.54	0.49	0.43	0.49	0.33	0.37
YoY Growth	-	-	-11.60%	3.32%	2.79%	-2.81%	9.17%	13.30%	-11.85%	49.53%	-11.63%	5.38%
Dividend Yield	-	-	9.70%	12.19%	11.04%	9.76%	11.03%	10.23%	7.42%	7.38%	4.64%	5.43%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	3,798.76
(-) Cash Dividends Paid (M)	856.67
(=) Cash Retained (M)	2,942.09

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	759.75	474.84	284.91
Cash Retained (M)	2,942.09	2,942.09	2,942.09
(-) Cash Required (M)	-759.75	-474.84	-284.91
(=) Excess Retained (M)	2,182.34	2,467.24	2,657.18
(/) Shares Outstanding (M)	5,155.25	5,155.25	5,155.25
(=) Excess Retained per Share	0.42	0.48	0.52
LTM Dividend per Share	0.17	0.17	0.17
(+) Excess Retained per Share	0.42	0.48	0.52
(=) Adjusted Dividend	0.59	0.64	0.68
WACC / Discount Rate	6.34%	6.34%	6.34%
Growth Rate	1.31%	2.31%	3.31%
Fair Value	$11.87	$16.36	$23.22
Upside / Downside	97.44%	172.15%	286.29%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	3,798.76	3,886.56	3,976.39	4,068.30	4,162.33	4,258.53	4,386.29
Payout Ratio	22.55%	36.04%	49.53%	63.02%	76.51%	90.00%	92.50%
Projected Dividends (M)	856.67	1,400.75	1,969.54	2,563.86	3,184.61	3,832.68	4,057.32

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.34%	6.34%	6.34%
Growth Rate	1.31%	2.31%	3.31%
Year 1 PV (M)	1,304.31	1,317.19	1,330.06
Year 2 PV (M)	1,707.66	1,741.54	1,775.75
Year 3 PV (M)	2,069.91	2,131.82	2,194.94
Year 4 PV (M)	2,394.05	2,489.98	2,588.77
Year 5 PV (M)	2,682.87	2,817.91	2,958.35
PV of Terminal Value (M)	84,919.52	89,194.10	93,639.10
Equity Value (M)	95,078.33	99,692.54	104,486.96
Shares Outstanding (M)	5,155.25	5,155.25	5,155.25
Fair Value	$18.44	$19.34	$20.27
Upside / Downside	206.87%	221.76%	237.24%

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Wuchan Zhongda Group Co.,Ltd. (600704.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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