DDM Analysis: 600100.SS

Valuation Snapshot

Stable Growth	$0.57 - $0.77	$0.67
Multi-Stage	$1.48 - $1.63	$1.55
Blended Fair Value	$1.11
Current Price	$8.11
Upside	-86.27%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-17.40%	-7.97%	0.15	0.26	0.35	0.39	0.41	0.40	0.37	0.45	0.35	0.39
YoY Growth	-	-	-41.59%	-24.82%	-10.27%	-3.90%	1.52%	9.43%	-19.06%	30.26%	-10.19%	9.41%
Dividend Yield	-	-	1.98%	3.91%	4.49%	7.05%	7.18%	5.02%	2.89%	4.33%	2.54%	3.02%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	395.39
(-) Cash Dividends Paid (M)	311.94
(=) Cash Retained (M)	83.44

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	79.08	49.42	29.65
Cash Retained (M)	83.44	83.44	83.44
(-) Cash Required (M)	-79.08	-49.42	-29.65
(=) Excess Retained (M)	4.37	34.02	53.79
(/) Shares Outstanding (M)	3,253.33	3,253.33	3,253.33
(=) Excess Retained per Share	0.00	0.01	0.02
LTM Dividend per Share	0.10	0.10	0.10
(+) Excess Retained per Share	0.00	0.01	0.02
(=) Adjusted Dividend	0.10	0.11	0.11
WACC / Discount Rate	7.57%	7.57%	7.57%
Growth Rate	-8.12%	-7.12%	-6.12%
Fair Value	$0.57	$0.67	$0.77
Upside / Downside	-92.98%	-91.71%	-90.50%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	395.39	367.24	341.09	316.80	294.25	273.30	281.49
Payout Ratio	78.90%	81.12%	83.34%	85.56%	87.78%	90.00%	92.50%
Projected Dividends (M)	311.94	297.89	284.25	271.05	258.29	245.97	260.38

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.57%	7.57%	7.57%
Growth Rate	-8.12%	-7.12%	-6.12%
Year 1 PV (M)	273.94	276.92	279.90
Year 2 PV (M)	240.39	245.65	250.97
Year 3 PV (M)	210.79	217.75	224.86
Year 4 PV (M)	184.72	192.89	201.33
Year 5 PV (M)	161.76	170.76	180.15
PV of Terminal Value (M)	3,745.96	3,954.29	4,171.80
Equity Value (M)	4,817.56	5,058.26	5,309.01
Shares Outstanding (M)	3,253.33	3,253.33	3,253.33
Fair Value	$1.48	$1.55	$1.63
Upside / Downside	-81.74%	-80.83%	-79.88%

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Tsinghua Tongfang Co.,Ltd. (600100.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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