DDM Analysis: 600489.SS

Valuation Snapshot

Stable Growth	$19.12 - $44.97	$28.13
Multi-Stage	$13.74 - $15.00	$14.36
Blended Fair Value	$21.24
Current Price	$21.93
Upside	-3.14%
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	27.64%	33.72%	0.49	0.28	0.22	0.16	0.02	0.14	0.02	0.02	0.16	0.01
YoY Growth	-	-	73.85%	25.28%	39.84%	767.73%	-87.18%	575.16%	-14.29%	-84.68%	2,578.24%	-77.27%
Dividend Yield	-	-	3.45%	2.09%	2.12%	2.02%	0.22%	1.78%	0.24%	0.27%	1.38%	0.06%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	4,421.67
(-) Cash Dividends Paid (M)	1,500.29
(=) Cash Retained (M)	2,921.38

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	884.33	552.71	331.63
Cash Retained (M)	2,921.38	2,921.38	2,921.38
(-) Cash Required (M)	-884.33	-552.71	-331.63
(=) Excess Retained (M)	2,037.05	2,368.68	2,589.76
(/) Shares Outstanding (M)	4,872.15	4,872.15	4,872.15
(=) Excess Retained per Share	0.42	0.49	0.53
LTM Dividend per Share	0.31	0.31	0.31
(+) Excess Retained per Share	0.42	0.49	0.53
(=) Adjusted Dividend	0.73	0.79	0.84
WACC / Discount Rate	9.51%	9.51%	9.51%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$19.12	$28.13	$44.97
Upside / Downside	-12.83%	28.25%	105.04%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	4,421.67	4,709.08	5,015.17	5,341.16	5,688.33	6,058.07	6,239.82
Payout Ratio	33.93%	45.14%	56.36%	67.57%	78.79%	90.00%	92.50%
Projected Dividends (M)	1,500.29	2,125.88	2,826.46	3,609.13	4,481.61	5,452.27	5,771.83

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.51%	9.51%	9.51%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	1,923.09	1,941.32	1,959.55
Year 2 PV (M)	2,312.94	2,357.00	2,401.47
Year 3 PV (M)	2,671.69	2,748.39	2,826.54
Year 4 PV (M)	3,001.09	3,116.51	3,235.22
Year 5 PV (M)	3,302.81	3,462.33	3,627.97
PV of Terminal Value (M)	53,733.31	56,328.65	59,023.32
Equity Value (M)	66,944.94	69,954.20	73,074.06
Shares Outstanding (M)	4,872.15	4,872.15	4,872.15
Fair Value	$13.74	$14.36	$15.00
Upside / Downside	-37.34%	-34.53%	-31.61%

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Zhongjin Gold Corp.,Ltd (600489.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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