DDM Analysis: 600101.SS

Valuation Snapshot

Stable Growth	$5.72 - $12.33	$8.16
Multi-Stage	$4.06 - $4.44	$4.24
Blended Fair Value	$6.20
Current Price	$9.28
Upside	-33.15%
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	22.69%	9.72%	0.08	0.07	0.07	0.04	0.04	0.03	0.03	0.03	0.04	0.04
YoY Growth	-	-	22.54%	-0.98%	59.95%	8.25%	32.32%	0.00%	-4.88%	-15.88%	-10.59%	27.07%
Dividend Yield	-	-	0.75%	1.16%	1.03%	0.75%	0.86%	0.65%	0.55%	0.61%	0.53%	0.61%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	163.58
(-) Cash Dividends Paid (M)	2.54
(=) Cash Retained (M)	161.04

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	32.72	20.45	12.27
Cash Retained (M)	161.04	161.04	161.04
(-) Cash Required (M)	-32.72	-20.45	-12.27
(=) Excess Retained (M)	128.32	140.59	148.77
(/) Shares Outstanding (M)	547.92	547.92	547.92
(=) Excess Retained per Share	0.23	0.26	0.27
LTM Dividend per Share	0.00	0.00	0.00
(+) Excess Retained per Share	0.23	0.26	0.27
(=) Adjusted Dividend	0.24	0.26	0.28
WACC / Discount Rate	9.91%	9.91%	9.91%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$5.72	$8.16	$12.33
Upside / Downside	-38.41%	-12.05%	32.82%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	163.58	174.22	185.54	197.60	210.45	224.13	230.85
Payout Ratio	1.56%	19.24%	36.93%	54.62%	72.31%	90.00%	92.50%
Projected Dividends (M)	2.54	33.53	68.53	107.93	152.18	201.71	213.54

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.91%	9.91%	9.91%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	30.22	30.50	30.79
Year 2 PV (M)	55.67	56.73	57.80
Year 3 PV (M)	79.03	81.30	83.61
Year 4 PV (M)	100.42	104.28	108.26
Year 5 PV (M)	119.97	125.77	131.79
PV of Terminal Value (M)	1,838.35	1,927.14	2,019.33
Equity Value (M)	2,223.66	2,325.72	2,431.57
Shares Outstanding (M)	547.92	547.92	547.92
Fair Value	$4.06	$4.24	$4.44
Upside / Downside	-56.27%	-54.26%	-52.18%

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Sichuan Mingxing Electric Power Co., Ltd. (600101.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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