DDM Analysis: 600496.SS

Valuation Snapshot

Stable Growth	$12.66 - $56.19	$29.80
Multi-Stage	$8.22 - $9.00	$8.60
Blended Fair Value	$19.20
Current Price	$3.61
Upside	431.96%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	5.68%	1.20%	0.11	0.09	0.09	0.11	0.08	0.08	0.08	0.06	0.07	0.10
YoY Growth	-	-	20.23%	3.29%	-16.96%	29.76%	-1.47%	5.86%	40.73%	-23.13%	-24.04%	-1.71%
Dividend Yield	-	-	3.43%	3.21%	2.22%	2.33%	1.51%	2.09%	2.17%	1.55%	1.62%	1.90%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	627.21
(-) Cash Dividends Paid (M)	266.96
(=) Cash Retained (M)	360.25

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	125.44	78.40	47.04
Cash Retained (M)	360.25	360.25	360.25
(-) Cash Required (M)	-125.44	-78.40	-47.04
(=) Excess Retained (M)	234.80	281.85	313.21
(/) Shares Outstanding (M)	2,200.08	2,200.08	2,200.08
(=) Excess Retained per Share	0.11	0.13	0.14
LTM Dividend per Share	0.12	0.12	0.12
(+) Excess Retained per Share	0.11	0.13	0.14
(=) Adjusted Dividend	0.23	0.25	0.26
WACC / Discount Rate	6.42%	6.42%	6.42%
Growth Rate	4.54%	5.54%	6.54%
Fair Value	$12.66	$29.80	$56.19
Upside / Downside	250.68%	725.62%	1,456.46%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	627.21	661.94	698.59	737.27	778.09	821.17	845.81
Payout Ratio	42.56%	52.05%	61.54%	71.03%	80.51%	90.00%	92.50%
Projected Dividends (M)	266.96	344.55	429.90	523.65	626.46	739.06	782.37

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.42%	6.42%	6.42%
Growth Rate	4.54%	5.54%	6.54%
Year 1 PV (M)	320.69	323.76	326.83
Year 2 PV (M)	372.43	379.59	386.82
Year 3 PV (M)	422.25	434.48	446.95
Year 4 PV (M)	470.18	488.43	507.20
Year 5 PV (M)	516.28	541.45	567.59
PV of Terminal Value (M)	15,979.75	16,758.82	17,567.99
Equity Value (M)	18,081.57	18,926.53	19,803.38
Shares Outstanding (M)	2,200.08	2,200.08	2,200.08
Fair Value	$8.22	$8.60	$9.00
Upside / Downside	127.66%	138.30%	149.34%

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Changjiang & Jinggong Steel Building (Group) Co., Ltd (600496.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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