DDM Analysis: 600886.SS

Valuation Snapshot

Stable Growth	$25.58 - $109.93	$44.34
Multi-Stage	$23.24 - $25.45	$24.32
Blended Fair Value	$34.33
Current Price	$13.06
Upside	162.89%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-13.84%	-7.46%	0.48	0.90	0.85	0.99	0.97	1.00	0.94	0.94	1.00	1.14
YoY Growth	-	-	-47.40%	6.33%	-13.62%	1.74%	-3.41%	6.25%	0.29%	-5.65%	-12.80%	10.71%
Dividend Yield	-	-	3.30%	6.11%	7.87%	10.55%	9.75%	12.63%	11.23%	13.24%	13.25%	16.58%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	6,582.27
(-) Cash Dividends Paid (M)	3,379.48
(=) Cash Retained (M)	3,202.79

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,316.45	822.78	493.67
Cash Retained (M)	3,202.79	3,202.79	3,202.79
(-) Cash Required (M)	-1,316.45	-822.78	-493.67
(=) Excess Retained (M)	1,886.33	2,380.00	2,709.12
(/) Shares Outstanding (M)	7,747.65	7,747.65	7,747.65
(=) Excess Retained per Share	0.24	0.31	0.35
LTM Dividend per Share	0.44	0.44	0.44
(+) Excess Retained per Share	0.24	0.31	0.35
(=) Adjusted Dividend	0.68	0.74	0.79
WACC / Discount Rate	6.49%	6.49%	6.49%
Growth Rate	3.74%	4.74%	5.74%
Fair Value	$25.58	$44.34	$109.93
Upside / Downside	95.90%	239.53%	741.72%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	6,582.27	6,894.11	7,220.72	7,562.81	7,921.10	8,296.37	8,545.26
Payout Ratio	51.34%	59.07%	66.81%	74.54%	82.27%	90.00%	92.50%
Projected Dividends (M)	3,379.48	4,072.61	4,823.83	5,637.08	6,516.57	7,466.74	7,904.37

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.49%	6.49%	6.49%
Growth Rate	3.74%	4.74%	5.74%
Year 1 PV (M)	3,787.77	3,824.28	3,860.79
Year 2 PV (M)	4,172.66	4,253.49	4,335.10
Year 3 PV (M)	4,535.09	4,667.51	4,802.48
Year 4 PV (M)	4,875.97	5,066.72	5,263.01
Year 5 PV (M)	5,196.17	5,451.50	5,716.76
PV of Terminal Value (M)	157,456.84	165,193.77	173,231.88
Equity Value (M)	180,024.51	188,457.27	197,210.03
Shares Outstanding (M)	7,747.65	7,747.65	7,747.65
Fair Value	$23.24	$24.32	$25.45
Upside / Downside	77.92%	86.25%	94.90%

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SDIC Power Holdings Co., Ltd. (600886.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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