DDM Analysis: 601000.SS

Valuation Snapshot

Stable Growth	$3.23 - $5.22	$4.13
Multi-Stage	$6.69 - $7.35	$7.01
Blended Fair Value	$5.57
Current Price	$3.81
Upside	46.13%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	19.22%	14.26%	0.20	0.20	0.21	0.35	0.10	0.08	0.07	0.09	0.08	0.07
YoY Growth	-	-	-0.04%	-3.28%	-41.50%	253.97%	20.33%	12.21%	-17.80%	19.31%	11.46%	28.36%
Dividend Yield	-	-	4.27%	4.78%	6.67%	11.87%	3.63%	3.67%	2.22%	2.40%	2.23%	1.89%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,785.51
(-) Cash Dividends Paid (M)	1,185.19
(=) Cash Retained (M)	600.33

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	357.10	223.19	133.91
Cash Retained (M)	600.33	600.33	600.33
(-) Cash Required (M)	-357.10	-223.19	-133.91
(=) Excess Retained (M)	243.22	377.14	466.41
(/) Shares Outstanding (M)	5,925.04	5,925.04	5,925.04
(=) Excess Retained per Share	0.04	0.06	0.08
LTM Dividend per Share	0.20	0.20	0.20
(+) Excess Retained per Share	0.04	0.06	0.08
(=) Adjusted Dividend	0.24	0.26	0.28
WACC / Discount Rate	6.51%	6.51%	6.51%
Growth Rate	-0.89%	0.11%	1.11%
Fair Value	$3.23	$4.13	$5.22
Upside / Downside	-15.24%	8.28%	37.03%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,785.51	1,787.46	1,789.40	1,791.35	1,793.30	1,795.25	1,849.11
Payout Ratio	66.38%	71.10%	75.83%	80.55%	85.28%	90.00%	92.50%
Projected Dividends (M)	1,185.19	1,270.92	1,356.85	1,442.95	1,529.25	1,615.73	1,710.43

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.51%	6.51%	6.51%
Growth Rate	-0.89%	0.11%	1.11%
Year 1 PV (M)	1,181.35	1,193.27	1,205.19
Year 2 PV (M)	1,172.33	1,196.11	1,220.13
Year 3 PV (M)	1,158.87	1,194.30	1,230.45
Year 4 PV (M)	1,141.62	1,188.39	1,236.59
Year 5 PV (M)	1,121.17	1,178.88	1,238.95
PV of Terminal Value (M)	33,839.91	35,581.92	37,394.95
Equity Value (M)	39,615.25	41,532.89	43,526.26
Shares Outstanding (M)	5,925.04	5,925.04	5,925.04
Fair Value	$6.69	$7.01	$7.35
Upside / Downside	75.49%	83.98%	92.81%

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TangShan Port Group Co.,Ltd (601000.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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