DDM Analysis: 600603.SS

Valuation Snapshot

Stable Growth	$9.49 - $33.56	$15.72
Multi-Stage	$9.55 - $10.46	$10.00
Blended Fair Value	$12.86
Current Price	$8.98
Upside	43.20%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-7.53%	44.00%	0.30	0.31	0.16	0.50	0.64	0.45	0.08	0.07	0.06	0.33
YoY Growth	-	-	-1.19%	93.40%	-68.45%	-20.96%	41.89%	471.45%	11.96%	12.39%	-81.23%	4,102.57%
Dividend Yield	-	-	4.20%	4.36%	2.25%	12.88%	13.42%	7.82%	1.47%	1.41%	0.74%	5.27%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	405.28
(-) Cash Dividends Paid (M)	258.42
(=) Cash Retained (M)	146.86

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	81.06	50.66	30.40
Cash Retained (M)	146.86	146.86	146.86
(-) Cash Required (M)	-81.06	-50.66	-30.40
(=) Excess Retained (M)	65.80	96.20	116.46
(/) Shares Outstanding (M)	1,177.67	1,177.67	1,177.67
(=) Excess Retained per Share	0.06	0.08	0.10
LTM Dividend per Share	0.22	0.22	0.22
(+) Excess Retained per Share	0.06	0.08	0.10
(=) Adjusted Dividend	0.28	0.30	0.32
WACC / Discount Rate	6.43%	6.43%	6.43%
Growth Rate	3.43%	4.43%	5.43%
Fair Value	$9.49	$15.72	$33.56
Upside / Downside	5.70%	75.09%	273.75%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	405.28	423.22	441.95	461.51	481.93	503.26	518.36
Payout Ratio	63.76%	69.01%	74.26%	79.51%	84.75%	90.00%	92.50%
Projected Dividends (M)	258.42	292.07	328.18	366.92	408.45	452.94	479.48

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.43%	6.43%	6.43%
Growth Rate	3.43%	4.43%	5.43%
Year 1 PV (M)	271.81	274.43	277.06
Year 2 PV (M)	284.23	289.75	295.33
Year 3 PV (M)	295.74	304.40	313.23
Year 4 PV (M)	306.37	318.39	330.76
Year 5 PV (M)	316.17	331.75	347.94
PV of Terminal Value (M)	9,770.76	10,252.34	10,752.72
Equity Value (M)	11,245.06	11,771.06	12,317.04
Shares Outstanding (M)	1,177.67	1,177.67	1,177.67
Fair Value	$9.55	$10.00	$10.46
Upside / Downside	6.33%	11.31%	16.47%

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Guanghui Logistics Co.Ltd (600603.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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