DDM Analysis: 000598.SZ

Valuation Snapshot

Stable Growth	$73.46 - $142.23	$133.29
Multi-Stage	$22.24 - $24.34	$23.27
Blended Fair Value	$78.28
Current Price	$6.66
Upside	1,075.33%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	19.60%	19.98%	0.35	0.27	0.25	0.22	0.19	0.14	0.14	0.12	0.09	0.08
YoY Growth	-	-	27.23%	8.62%	13.91%	20.08%	29.45%	0.41%	19.02%	33.72%	9.89%	43.83%
Dividend Yield	-	-	5.16%	4.27%	4.96%	4.47%	3.43%	3.13%	2.99%	2.37%	1.55%	1.37%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	2,134.20
(-) Cash Dividends Paid (M)	950.83
(=) Cash Retained (M)	1,183.37

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	426.84	266.78	160.07
Cash Retained (M)	1,183.37	1,183.37	1,183.37
(-) Cash Required (M)	-426.84	-266.78	-160.07
(=) Excess Retained (M)	756.53	916.59	1,023.30
(/) Shares Outstanding (M)	2,984.26	2,984.26	2,984.26
(=) Excess Retained per Share	0.25	0.31	0.34
LTM Dividend per Share	0.32	0.32	0.32
(+) Excess Retained per Share	0.25	0.31	0.34
(=) Adjusted Dividend	0.57	0.63	0.66
WACC / Discount Rate	6.32%	6.32%	6.32%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$73.46	$133.29	$142.23
Upside / Downside	1,002.98%	1,901.30%	2,035.52%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	2,134.20	2,272.92	2,420.66	2,578.01	2,745.58	2,924.04	3,011.76
Payout Ratio	44.55%	53.64%	62.73%	71.82%	80.91%	90.00%	92.50%
Projected Dividends (M)	950.83	1,219.23	1,518.51	1,851.55	2,221.46	2,631.64	2,785.88

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.32%	6.32%	6.32%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	1,135.97	1,146.74	1,157.51
Year 2 PV (M)	1,318.20	1,343.31	1,368.65
Year 3 PV (M)	1,497.54	1,540.53	1,584.33
Year 4 PV (M)	1,674.03	1,738.40	1,804.62
Year 5 PV (M)	1,847.70	1,936.94	2,029.60
PV of Terminal Value (M)	58,885.84	61,730.05	64,683.11
Equity Value (M)	66,359.27	69,435.96	72,627.82
Shares Outstanding (M)	2,984.26	2,984.26	2,984.26
Fair Value	$22.24	$23.27	$24.34
Upside / Downside	233.88%	249.36%	265.42%

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Chengdu Xingrong Environment Co., Ltd. (000598.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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