DDM Analysis: 600483.SS

Valuation Snapshot

Stable Growth	$17.20 - $32.56	$23.41
Multi-Stage	$12.99 - $14.19	$13.58
Blended Fair Value	$18.50
Current Price	$9.83
Upside	88.16%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	11.45%	11.08%	0.47	0.50	0.36	0.40	0.30	0.27	0.29	0.22	0.22	0.24
YoY Growth	-	-	-5.99%	39.39%	-9.99%	31.30%	11.02%	-5.68%	32.46%	-1.15%	-6.04%	43.32%
Dividend Yield	-	-	5.10%	4.77%	3.81%	4.67%	4.09%	4.33%	3.77%	3.71%	2.57%	2.53%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	3,008.96
(-) Cash Dividends Paid (M)	340.46
(=) Cash Retained (M)	2,668.50

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	601.79	376.12	225.67
Cash Retained (M)	2,668.50	2,668.50	2,668.50
(-) Cash Required (M)	-601.79	-376.12	-225.67
(=) Excess Retained (M)	2,066.71	2,292.38	2,442.83
(/) Shares Outstanding (M)	2,785.58	2,785.58	2,785.58
(=) Excess Retained per Share	0.74	0.82	0.88
LTM Dividend per Share	0.12	0.12	0.12
(+) Excess Retained per Share	0.74	0.82	0.88
(=) Adjusted Dividend	0.86	0.95	1.00
WACC / Discount Rate	10.80%	10.80%	10.80%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$17.20	$23.41	$32.56
Upside / Downside	75.01%	138.18%	231.19%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	3,008.96	3,204.54	3,412.84	3,634.67	3,870.92	4,122.54	4,246.21
Payout Ratio	11.31%	27.05%	42.79%	58.53%	74.26%	90.00%	92.50%
Projected Dividends (M)	340.46	866.89	1,460.32	2,127.23	2,874.66	3,710.28	3,927.75

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	10.80%	10.80%	10.80%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	775.05	782.40	789.74
Year 2 PV (M)	1,167.29	1,189.52	1,211.97
Year 3 PV (M)	1,520.24	1,563.88	1,608.35
Year 4 PV (M)	1,836.75	1,907.39	1,980.04
Year 5 PV (M)	2,119.51	2,221.89	2,328.18
PV of Terminal Value (M)	28,768.59	30,158.12	31,600.83
Equity Value (M)	36,187.43	37,823.20	39,519.12
Shares Outstanding (M)	2,785.58	2,785.58	2,785.58
Fair Value	$12.99	$13.58	$14.19
Upside / Downside	32.16%	38.13%	44.32%

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Fujian Funeng Co., Ltd. (600483.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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