DDM Analysis: 600377.SS

Valuation Snapshot

Stable Growth	$22.44 - $61.04	$34.58
Multi-Stage	$31.32 - $34.43	$32.84
Blended Fair Value	$33.71
Current Price	$12.56
Upside	168.41%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	4.10%	1.94%	0.69	0.71	0.71	0.66	0.63	0.57	0.60	0.54	0.52	0.56
YoY Growth	-	-	-2.24%	0.12%	7.58%	3.59%	12.07%	-5.23%	10.27%	3.39%	-6.99%	-1.31%
Dividend Yield	-	-	4.53%	6.26%	8.46%	7.81%	6.37%	5.76%	5.97%	5.57%	5.61%	6.74%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	4,664.09
(-) Cash Dividends Paid (M)	689.31
(=) Cash Retained (M)	3,974.79

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	932.82	583.01	349.81
Cash Retained (M)	3,974.79	3,974.79	3,974.79
(-) Cash Required (M)	-932.82	-583.01	-349.81
(=) Excess Retained (M)	3,041.97	3,391.77	3,624.98
(/) Shares Outstanding (M)	4,813.87	4,813.87	4,813.87
(=) Excess Retained per Share	0.63	0.70	0.75
LTM Dividend per Share	0.14	0.14	0.14
(+) Excess Retained per Share	0.63	0.70	0.75
(=) Adjusted Dividend	0.78	0.85	0.90
WACC / Discount Rate	5.71%	5.71%	5.71%
Growth Rate	2.18%	3.18%	4.18%
Fair Value	$22.44	$34.58	$61.04
Upside / Downside	78.66%	175.33%	386.02%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	4,664.09	4,812.44	4,965.50	5,123.43	5,286.39	5,454.52	5,618.16
Payout Ratio	14.78%	29.82%	44.87%	59.91%	74.96%	90.00%	92.50%
Projected Dividends (M)	689.31	1,435.22	2,227.89	3,069.53	3,962.45	4,909.07	5,196.80

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	5.71%	5.71%	5.71%
Growth Rate	2.18%	3.18%	4.18%
Year 1 PV (M)	1,344.54	1,357.70	1,370.86
Year 2 PV (M)	1,955.25	1,993.71	2,032.54
Year 3 PV (M)	2,523.68	2,598.50	2,674.79
Year 4 PV (M)	3,051.97	3,173.21	3,298.02
Year 5 PV (M)	3,542.17	3,718.92	3,902.66
PV of Terminal Value (M)	138,363.13	145,267.48	152,444.73
Equity Value (M)	150,780.73	158,109.50	165,723.60
Shares Outstanding (M)	4,813.87	4,813.87	4,813.87
Fair Value	$31.32	$32.84	$34.43
Upside / Downside	149.38%	161.50%	174.09%

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Jiangsu Expressway Company Limited (600377.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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