DDM Analysis: 000975.SZ

Valuation Snapshot

Stable Growth	$79.32 - $208.12	$195.04
Multi-Stage	$29.63 - $32.43	$31.01
Blended Fair Value	$113.03
Current Price	$22.83
Upside	395.07%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	14.17%	13.84%	0.29	0.29	0.27	0.30	0.15	0.15	0.13	0.00	0.08	0.08
YoY Growth	-	-	-1.38%	8.87%	-11.33%	97.49%	3.16%	16.82%	7,328.49%	-97.82%	-5.11%	5.00%
Dividend Yield	-	-	1.49%	1.56%	2.02%	3.23%	1.71%	1.43%	1.55%	0.02%	1.05%	1.28%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	2,905.30
(-) Cash Dividends Paid (M)	1,039.86
(=) Cash Retained (M)	1,865.44

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	581.06	363.16	217.90
Cash Retained (M)	1,865.44	1,865.44	1,865.44
(-) Cash Required (M)	-581.06	-363.16	-217.90
(=) Excess Retained (M)	1,284.38	1,502.28	1,647.54
(/) Shares Outstanding (M)	2,776.18	2,776.18	2,776.18
(=) Excess Retained per Share	0.46	0.54	0.59
LTM Dividend per Share	0.37	0.37	0.37
(+) Excess Retained per Share	0.46	0.54	0.59
(=) Adjusted Dividend	0.84	0.92	0.97
WACC / Discount Rate	6.61%	6.61%	6.61%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$79.32	$195.04	$208.12
Upside / Downside	247.43%	754.33%	811.63%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	2,905.30	3,094.15	3,295.27	3,509.46	3,737.57	3,980.52	4,099.93
Payout Ratio	35.79%	46.63%	57.48%	68.32%	79.16%	90.00%	92.50%
Projected Dividends (M)	1,039.86	1,442.91	1,893.96	2,397.55	2,958.60	3,582.46	3,792.44

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.61%	6.61%	6.61%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	1,340.69	1,353.40	1,366.11
Year 2 PV (M)	1,635.13	1,666.27	1,697.71
Year 3 PV (M)	1,923.26	1,978.47	2,034.73
Year 4 PV (M)	2,205.20	2,290.01	2,377.24
Year 5 PV (M)	2,481.04	2,600.88	2,725.30
PV of Terminal Value (M)	72,683.45	76,194.09	79,839.09
Equity Value (M)	82,268.77	86,083.12	90,040.17
Shares Outstanding (M)	2,776.18	2,776.18	2,776.18
Fair Value	$29.63	$31.01	$32.43
Upside / Downside	29.80%	35.82%	42.06%

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Shanjin International Gold Co., Ltd. (000975.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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