DDM Analysis: 600368.SS

Valuation Snapshot

Stable Growth	$2.08 - $2.86	$2.47
Multi-Stage	$6.40 - $7.08	$6.73
Blended Fair Value	$4.60
Current Price	$4.20
Upside	9.54%
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	-9.05%	-5.73%	0.15	0.12	0.21	0.22	0.06	0.25	0.26	0.24	0.29	0.31
YoY Growth	-	-	23.48%	-41.78%	-1.11%	287.78%	-77.43%	-4.69%	8.59%	-17.75%	-7.35%	12.89%
Dividend Yield	-	-	3.49%	3.97%	7.95%	7.16%	2.17%	9.39%	9.49%	8.81%	8.27%	11.43%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	640.13
(-) Cash Dividends Paid (M)	293.85
(=) Cash Retained (M)	346.28

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	128.03	80.02	48.01
Cash Retained (M)	346.28	346.28	346.28
(-) Cash Required (M)	-128.03	-80.02	-48.01
(=) Excess Retained (M)	218.26	266.27	298.27
(/) Shares Outstanding (M)	1,609.39	1,609.39	1,609.39
(=) Excess Retained per Share	0.14	0.17	0.19
LTM Dividend per Share	0.18	0.18	0.18
(+) Excess Retained per Share	0.14	0.17	0.19
(=) Adjusted Dividend	0.32	0.35	0.37
WACC / Discount Rate	6.40%	6.40%	6.40%
Growth Rate	-7.73%	-6.73%	-5.73%
Fair Value	$2.08	$2.47	$2.86
Upside / Downside	-50.53%	-41.14%	-31.92%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	640.13	597.03	556.84	519.34	484.38	451.76	465.32
Payout Ratio	45.90%	54.72%	63.54%	72.36%	81.18%	90.00%	92.50%
Projected Dividends (M)	293.85	326.72	353.83	375.81	393.22	406.59	430.42

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.40%	6.40%	6.40%
Growth Rate	-7.73%	-6.73%	-5.73%
Year 1 PV (M)	303.78	307.07	310.37
Year 2 PV (M)	305.89	312.56	319.30
Year 3 PV (M)	302.09	312.02	322.16
Year 4 PV (M)	293.90	306.85	320.22
Year 5 PV (M)	282.55	298.20	314.53
PV of Terminal Value (M)	8,805.15	9,292.76	9,801.74
Equity Value (M)	10,293.36	10,829.46	11,388.32
Shares Outstanding (M)	1,609.39	1,609.39	1,609.39
Fair Value	$6.40	$6.73	$7.08
Upside / Downside	52.28%	60.21%	68.48%

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Guangxi Wuzhou Communications Co., Ltd. (600368.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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