DDM Analysis: 600711.SS

Valuation Snapshot

Stable Growth	$31.72 - $128.87	$83.37
Multi-Stage	$15.57 - $17.03	$16.29
Blended Fair Value	$49.83
Current Price	$10.32
Upside	382.85%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	17.05%	22.14%	0.22	0.12	0.13	0.10	0.11	0.10	0.15	0.09	0.07	0.04
YoY Growth	-	-	86.56%	-7.25%	26.15%	-11.78%	14.07%	-35.16%	73.79%	26.91%	75.12%	34.28%
Dividend Yield	-	-	3.90%	2.61%	2.21%	1.17%	1.75%	2.42%	2.36%	1.02%	0.99%	0.56%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	2,006.42
(-) Cash Dividends Paid (M)	711.98
(=) Cash Retained (M)	1,294.44

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	401.28	250.80	150.48
Cash Retained (M)	1,294.44	1,294.44	1,294.44
(-) Cash Required (M)	-401.28	-250.80	-150.48
(=) Excess Retained (M)	893.16	1,043.64	1,143.96
(/) Shares Outstanding (M)	3,096.33	3,096.33	3,096.33
(=) Excess Retained per Share	0.29	0.34	0.37
LTM Dividend per Share	0.23	0.23	0.23
(+) Excess Retained per Share	0.29	0.34	0.37
(=) Adjusted Dividend	0.52	0.57	0.60
WACC / Discount Rate	7.22%	7.22%	7.22%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$31.72	$83.37	$128.87
Upside / Downside	207.35%	707.86%	1,148.75%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	2,006.42	2,136.84	2,275.74	2,423.66	2,581.20	2,748.98	2,831.44
Payout Ratio	35.49%	46.39%	57.29%	68.19%	79.10%	90.00%	92.50%
Projected Dividends (M)	711.98	991.24	1,303.79	1,652.79	2,041.65	2,474.08	2,619.09

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.22%	7.22%	7.22%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	915.77	924.46	933.14
Year 2 PV (M)	1,112.83	1,134.02	1,155.42
Year 3 PV (M)	1,303.31	1,340.72	1,378.84
Year 4 PV (M)	1,487.37	1,544.57	1,603.41
Year 5 PV (M)	1,665.18	1,745.61	1,829.12
PV of Terminal Value (M)	41,729.56	43,745.11	45,837.80
Equity Value (M)	48,214.02	50,434.50	52,737.73
Shares Outstanding (M)	3,096.33	3,096.33	3,096.33
Fair Value	$15.57	$16.29	$17.03
Upside / Downside	50.89%	57.83%	65.04%

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Chengtun Mining Group Co., Ltd. (600711.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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