DDM Analysis: 600875.SS

Valuation Snapshot

Stable Growth	$20.12 - $45.40	$29.19
Multi-Stage	$14.07 - $15.39	$14.72
Blended Fair Value	$21.95
Current Price	$19.29
Upside	13.80%
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	31.06%	11.96%	0.47	0.33	0.23	0.17	0.20	0.12	0.01	0.01	0.06	0.10
YoY Growth	-	-	40.46%	43.88%	38.95%	-18.38%	68.68%	840.40%	-14.10%	-75.62%	-39.15%	-33.23%
Dividend Yield	-	-	3.13%	2.10%	1.22%	1.23%	1.61%	1.43%	0.12%	0.17%	0.61%	0.90%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	3,263.81
(-) Cash Dividends Paid (M)	43.31
(=) Cash Retained (M)	3,220.50

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	652.76	407.98	244.79
Cash Retained (M)	3,220.50	3,220.50	3,220.50
(-) Cash Required (M)	-652.76	-407.98	-244.79
(=) Excess Retained (M)	2,567.74	2,812.53	2,975.72
(/) Shares Outstanding (M)	3,271.17	3,271.17	3,271.17
(=) Excess Retained per Share	0.78	0.86	0.91
LTM Dividend per Share	0.01	0.01	0.01
(+) Excess Retained per Share	0.78	0.86	0.91
(=) Adjusted Dividend	0.80	0.87	0.92
WACC / Discount Rate	9.69%	9.69%	9.69%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$20.12	$29.19	$45.40
Upside / Downside	4.31%	51.32%	135.36%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	3,263.81	3,475.96	3,701.90	3,942.52	4,198.78	4,471.70	4,605.85
Payout Ratio	1.33%	19.06%	36.80%	54.53%	72.27%	90.00%	92.50%
Projected Dividends (M)	43.31	662.57	1,362.15	2,149.88	3,034.27	4,024.53	4,260.41

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.69%	9.69%	9.69%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	598.39	604.06	609.74
Year 2 PV (M)	1,111.05	1,132.22	1,153.58
Year 3 PV (M)	1,583.72	1,629.18	1,675.51
Year 4 PV (M)	2,018.70	2,096.33	2,176.19
Year 5 PV (M)	2,418.18	2,534.98	2,656.25
PV of Terminal Value (M)	38,291.83	40,141.34	42,061.64
Equity Value (M)	46,021.88	48,138.12	50,332.90
Shares Outstanding (M)	3,271.17	3,271.17	3,271.17
Fair Value	$14.07	$14.72	$15.39
Upside / Downside	-27.07%	-23.71%	-20.23%

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Dongfang Electric Corporation Limited (600875.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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