DDM Analysis: 600754.SS

Valuation Snapshot

Stable Growth	$28.97 - $99.10	$92.84
Multi-Stage	$47.71 - $52.53	$50.08
Blended Fair Value	$71.46
Current Price	$23.05
Upside	210.01%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	3.56%	15.00%	1.13	0.48	0.28	0.33	0.86	0.95	0.94	0.96	0.95	0.62
YoY Growth	-	-	132.50%	70.73%	-13.08%	-61.93%	-9.31%	0.45%	-2.10%	0.73%	53.02%	124.11%
Dividend Yield	-	-	4.22%	1.73%	0.45%	0.66%	1.55%	3.93%	3.08%	2.82%	3.31%	1.52%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	551.43
(-) Cash Dividends Paid (M)	262.87
(=) Cash Retained (M)	288.55

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	110.29	68.93	41.36
Cash Retained (M)	288.55	288.55	288.55
(-) Cash Required (M)	-110.29	-68.93	-41.36
(=) Excess Retained (M)	178.27	219.63	247.20
(/) Shares Outstanding (M)	1,066.07	1,066.07	1,066.07
(=) Excess Retained per Share	0.17	0.21	0.23
LTM Dividend per Share	0.25	0.25	0.25
(+) Excess Retained per Share	0.17	0.21	0.23
(=) Adjusted Dividend	0.41	0.45	0.48
WACC / Discount Rate	3.01%	3.01%	3.01%
Growth Rate	1.56%	2.56%	3.56%
Fair Value	$28.97	$92.84	$99.10
Upside / Downside	25.68%	302.77%	329.94%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	551.43	565.56	580.05	594.91	610.16	625.79	644.57
Payout Ratio	47.67%	56.14%	64.60%	73.07%	81.53%	90.00%	92.50%
Projected Dividends (M)	262.87	317.49	374.73	434.69	497.49	563.21	596.22

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	3.01%	3.01%	3.01%
Growth Rate	1.56%	2.56%	3.56%
Year 1 PV (M)	305.20	308.20	311.21
Year 2 PV (M)	346.27	353.13	360.05
Year 3 PV (M)	386.13	397.65	409.40
Year 4 PV (M)	424.80	441.78	459.27
Year 5 PV (M)	462.31	485.52	509.66
PV of Terminal Value (M)	48,940.40	51,397.69	53,952.71
Equity Value (M)	50,865.11	53,383.97	56,002.28
Shares Outstanding (M)	1,066.07	1,066.07	1,066.07
Fair Value	$47.71	$50.08	$52.53
Upside / Downside	107.00%	117.25%	127.90%

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Shanghai Jin Jiang International Hotels Co., Ltd. (600754.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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