DDM Analysis: 600549.SS

Valuation Snapshot

Stable Growth	$65.80 - $267.34	$172.95
Multi-Stage	$32.49 - $35.52	$33.98
Blended Fair Value	$103.46
Current Price	$29.60
Upside	249.54%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	6.80%	10.80%	0.59	0.60	0.48	0.41	0.32	0.42	0.36	0.28	0.28	0.27
YoY Growth	-	-	-3.14%	26.68%	16.73%	26.30%	-23.18%	15.65%	30.19%	1.16%	4.15%	26.45%
Dividend Yield	-	-	3.03%	3.07%	2.34%	2.21%	1.76%	3.72%	2.34%	1.38%	1.67%	1.81%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	2,107.33
(-) Cash Dividends Paid (M)	896.58
(=) Cash Retained (M)	1,210.75

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	421.47	263.42	158.05
Cash Retained (M)	1,210.75	1,210.75	1,210.75
(-) Cash Required (M)	-421.47	-263.42	-158.05
(=) Excess Retained (M)	789.29	947.34	1,052.70
(/) Shares Outstanding (M)	1,567.66	1,567.66	1,567.66
(=) Excess Retained per Share	0.50	0.60	0.67
LTM Dividend per Share	0.57	0.57	0.57
(+) Excess Retained per Share	0.50	0.60	0.67
(=) Adjusted Dividend	1.08	1.18	1.24
WACC / Discount Rate	7.22%	7.22%	7.22%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$65.80	$172.95	$267.34
Upside / Downside	122.29%	484.29%	803.17%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	2,107.33	2,244.31	2,390.19	2,545.55	2,711.01	2,887.23	2,973.84
Payout Ratio	42.55%	52.04%	61.53%	71.02%	80.51%	90.00%	92.50%
Projected Dividends (M)	896.58	1,167.86	1,470.62	1,807.81	2,182.61	2,598.50	2,750.81

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.22%	7.22%	7.22%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	1,078.95	1,089.18	1,099.40
Year 2 PV (M)	1,255.22	1,279.13	1,303.26
Year 3 PV (M)	1,425.55	1,466.47	1,508.17
Year 4 PV (M)	1,590.07	1,651.22	1,714.11
Year 5 PV (M)	1,748.93	1,833.40	1,921.11
PV of Terminal Value (M)	43,828.23	45,945.15	48,143.09
Equity Value (M)	50,926.94	53,264.54	55,689.15
Shares Outstanding (M)	1,567.66	1,567.66	1,567.66
Fair Value	$32.49	$33.98	$35.52
Upside / Downside	9.75%	14.79%	20.01%

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Xiamen Tungsten Co., Ltd. (600549.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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