DDM Analysis: 600483.SS

Valuation Snapshot

Stable Growth	$28.26 - $87.58	$45.21
Multi-Stage	$18.30 - $20.02	$19.14
Blended Fair Value	$32.18
Current Price	$9.83
Upside	227.34%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	11.45%	11.08%	0.47	0.50	0.36	0.40	0.30	0.27	0.29	0.22	0.22	0.24
YoY Growth	-	-	-5.99%	39.39%	-9.99%	31.30%	11.02%	-5.68%	32.46%	-1.15%	-6.04%	43.32%
Dividend Yield	-	-	5.10%	4.77%	3.81%	4.67%	4.09%	4.33%	3.77%	3.71%	2.57%	2.53%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	3,008.96
(-) Cash Dividends Paid (M)	340.46
(=) Cash Retained (M)	2,668.50

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	601.79	376.12	225.67
Cash Retained (M)	2,668.50	2,668.50	2,668.50
(-) Cash Required (M)	-601.79	-376.12	-225.67
(=) Excess Retained (M)	2,066.71	2,292.38	2,442.83
(/) Shares Outstanding (M)	2,785.58	2,785.58	2,785.58
(=) Excess Retained per Share	0.74	0.82	0.88
LTM Dividend per Share	0.12	0.12	0.12
(+) Excess Retained per Share	0.74	0.82	0.88
(=) Adjusted Dividend	0.86	0.95	1.00
WACC / Discount Rate	8.73%	8.73%	8.73%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$28.26	$45.21	$87.58
Upside / Downside	187.45%	359.92%	790.90%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	3,008.96	3,204.54	3,412.84	3,634.67	3,870.92	4,122.54	4,246.21
Payout Ratio	11.31%	27.05%	42.79%	58.53%	74.26%	90.00%	92.50%
Projected Dividends (M)	340.46	866.89	1,460.32	2,127.23	2,874.66	3,710.28	3,927.75

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.73%	8.73%	8.73%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	789.83	797.31	804.80
Year 2 PV (M)	1,212.22	1,235.31	1,258.62
Year 3 PV (M)	1,608.85	1,655.04	1,702.10
Year 4 PV (M)	1,980.87	2,057.05	2,135.41
Year 5 PV (M)	2,329.40	2,441.91	2,558.73
PV of Terminal Value (M)	43,061.65	45,141.54	47,301.04
Equity Value (M)	50,982.82	53,328.17	55,760.69
Shares Outstanding (M)	2,785.58	2,785.58	2,785.58
Fair Value	$18.30	$19.14	$20.02
Upside / Downside	86.19%	94.75%	103.64%

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Fujian Funeng Co., Ltd. (600483.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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