DDM Analysis: 601880.SS

Valuation Snapshot

Stable Growth	$0.72 - $1.16	$0.92
Multi-Stage	$0.91 - $1.00	$0.96
Blended Fair Value	$0.94
Current Price	$1.74
Upside	-46.22%
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	-5.09%	-2.80%	0.03	0.04	0.04	0.06	0.03	0.04	0.03	0.03	0.04	0.03
YoY Growth	-	-	-23.96%	-15.17%	-22.23%	120.49%	-30.37%	6.19%	-0.43%	-4.49%	16.82%	-17.12%
Dividend Yield	-	-	1.89%	2.60%	2.73%	3.26%	1.44%	2.11%	1.34%	1.37%	1.17%	1.38%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,498.66
(-) Cash Dividends Paid (M)	197.07
(=) Cash Retained (M)	1,301.59

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	299.73	187.33	112.40
Cash Retained (M)	1,301.59	1,301.59	1,301.59
(-) Cash Required (M)	-299.73	-187.33	-112.40
(=) Excess Retained (M)	1,001.86	1,114.26	1,189.19
(/) Shares Outstanding (M)	22,868.02	22,868.02	22,868.02
(=) Excess Retained per Share	0.04	0.05	0.05
LTM Dividend per Share	0.01	0.01	0.01
(+) Excess Retained per Share	0.04	0.05	0.05
(=) Adjusted Dividend	0.05	0.06	0.06
WACC / Discount Rate	8.78%	8.78%	8.78%
Growth Rate	1.37%	2.37%	3.37%
Fair Value	$0.72	$0.92	$1.16
Upside / Downside	-58.75%	-47.33%	-33.37%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,498.66	1,534.22	1,570.63	1,607.90	1,646.05	1,685.11	1,735.66
Payout Ratio	13.15%	28.52%	43.89%	59.26%	74.63%	90.00%	92.50%
Projected Dividends (M)	197.07	437.56	689.35	952.84	1,228.45	1,516.60	1,605.48

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.78%	8.78%	8.78%
Growth Rate	1.37%	2.37%	3.37%
Year 1 PV (M)	398.32	402.25	406.18
Year 2 PV (M)	571.25	582.58	594.02
Year 3 PV (M)	718.79	740.28	762.18
Year 4 PV (M)	843.60	877.38	912.17
Year 5 PV (M)	948.08	995.77	1,045.37
PV of Terminal Value (M)	17,369.51	18,243.29	19,151.89
Equity Value (M)	20,849.55	21,841.54	22,871.80
Shares Outstanding (M)	22,868.02	22,868.02	22,868.02
Fair Value	$0.91	$0.96	$1.00
Upside / Downside	-47.60%	-45.11%	-42.52%

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Liaoning Port Co., Ltd. (601880.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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