DDM Analysis: 600279.SS

Valuation Snapshot

Stable Growth	$6.90 - $13.62	$9.54
Multi-Stage	$10.16 - $11.16	$10.65
Blended Fair Value	$10.10
Current Price	$5.16
Upside	95.65%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-4.34%	3.54%	0.15	0.18	0.19	0.24	0.05	0.19	0.28	0.12	0.11	0.12
YoY Growth	-	-	-19.05%	-3.96%	-21.69%	390.57%	-73.17%	-34.72%	132.80%	9.52%	-3.44%	9.96%
Dividend Yield	-	-	2.96%	4.32%	4.51%	5.70%	1.35%	4.98%	4.26%	2.06%	1.44%	1.35%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	502.55
(-) Cash Dividends Paid (M)	110.33
(=) Cash Retained (M)	392.23

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	100.51	62.82	37.69
Cash Retained (M)	392.23	392.23	392.23
(-) Cash Required (M)	-100.51	-62.82	-37.69
(=) Excess Retained (M)	291.72	329.41	354.54
(/) Shares Outstanding (M)	1,190.47	1,190.47	1,190.47
(=) Excess Retained per Share	0.25	0.28	0.30
LTM Dividend per Share	0.09	0.09	0.09
(+) Excess Retained per Share	0.25	0.28	0.30
(=) Adjusted Dividend	0.34	0.37	0.39
WACC / Discount Rate	6.51%	6.51%	6.51%
Growth Rate	1.54%	2.54%	3.54%
Fair Value	$6.90	$9.54	$13.62
Upside / Downside	33.73%	84.92%	163.87%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	502.55	515.31	528.39	541.80	555.55	569.64	586.73
Payout Ratio	21.95%	35.56%	49.17%	62.78%	76.39%	90.00%	92.50%
Projected Dividends (M)	110.33	183.26	259.82	340.15	424.38	512.68	542.73

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.51%	6.51%	6.51%
Growth Rate	1.54%	2.54%	3.54%
Year 1 PV (M)	170.38	172.06	173.74
Year 2 PV (M)	224.59	229.04	233.53
Year 3 PV (M)	273.37	281.53	289.85
Year 4 PV (M)	317.12	329.79	342.85
Year 5 PV (M)	356.18	374.07	392.67
PV of Terminal Value (M)	10,750.73	11,290.65	11,852.06
Equity Value (M)	12,092.37	12,677.14	13,284.69
Shares Outstanding (M)	1,190.47	1,190.47	1,190.47
Fair Value	$10.16	$10.65	$11.16
Upside / Downside	96.85%	106.37%	116.26%

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Chongqing Port Co.,Ltd. (600279.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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