DDM Analysis: 600236.SS

Valuation Snapshot

Stable Growth	$3.16 - $4.97	$3.99
Multi-Stage	$7.18 - $7.91	$7.54
Blended Fair Value	$5.76
Current Price	$6.57
Upside	-12.27%
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	-3.13%	1.35%	0.29	0.37	0.25	0.31	0.32	0.33	0.41	0.27	0.39	0.33
YoY Growth	-	-	-23.53%	49.09%	-20.35%	-2.21%	-3.93%	-17.72%	52.30%	-31.55%	17.15%	33.34%
Dividend Yield	-	-	4.43%	6.35%	4.50%	5.90%	5.76%	7.32%	8.84%	6.11%	7.68%	7.17%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	2,538.72
(-) Cash Dividends Paid (M)	1,090.45
(=) Cash Retained (M)	1,448.27

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	507.74	317.34	190.40
Cash Retained (M)	1,448.27	1,448.27	1,448.27
(-) Cash Required (M)	-507.74	-317.34	-190.40
(=) Excess Retained (M)	940.53	1,130.93	1,257.86
(/) Shares Outstanding (M)	7,920.56	7,920.56	7,920.56
(=) Excess Retained per Share	0.12	0.14	0.16
LTM Dividend per Share	0.14	0.14	0.14
(+) Excess Retained per Share	0.12	0.14	0.16
(=) Adjusted Dividend	0.26	0.28	0.30
WACC / Discount Rate	6.28%	6.28%	6.28%
Growth Rate	-1.70%	-0.70%	0.30%
Fair Value	$3.16	$3.99	$4.97
Upside / Downside	-51.93%	-39.29%	-24.34%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	2,538.72	2,520.99	2,503.38	2,485.90	2,468.54	2,451.30	2,524.84
Payout Ratio	42.95%	52.36%	61.77%	71.18%	80.59%	90.00%	92.50%
Projected Dividends (M)	1,090.45	1,320.05	1,546.38	1,769.49	1,989.41	2,206.17	2,335.48

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.28%	6.28%	6.28%
Growth Rate	-1.70%	-0.70%	0.30%
Year 1 PV (M)	1,229.50	1,242.00	1,254.51
Year 2 PV (M)	1,341.50	1,368.94	1,396.65
Year 3 PV (M)	1,429.76	1,473.83	1,518.81
Year 4 PV (M)	1,497.18	1,559.04	1,622.80
Year 5 PV (M)	1,546.42	1,626.69	1,710.27
PV of Terminal Value (M)	49,854.48	52,442.39	55,136.67
Equity Value (M)	56,898.84	59,712.90	62,639.71
Shares Outstanding (M)	7,920.56	7,920.56	7,920.56
Fair Value	$7.18	$7.54	$7.91
Upside / Downside	9.34%	14.75%	20.37%

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Guangxi Guiguan Electric PowerCo.,Ltd. (600236.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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