DDM Analysis: 600118.SS

Valuation Snapshot

Stable Growth	$0.20 - $0.27	$0.23
Multi-Stage	$0.39 - $0.43	$0.41
Blended Fair Value	$0.32
Current Price	$36.99
Upside	-99.13%
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	-17.81%	-6.25%	0.05	0.08	0.07	0.11	0.11	0.13	0.12	0.13	0.12	0.09
YoY Growth	-	-	-41.51%	23.38%	-37.99%	-0.65%	-15.65%	1.57%	-2.92%	8.13%	28.05%	2.38%
Dividend Yield	-	-	0.18%	0.31%	0.23%	0.48%	0.35%	0.43%	0.47%	0.55%	0.37%	0.26%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	57.47
(-) Cash Dividends Paid (M)	20.86
(=) Cash Retained (M)	36.61

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	11.49	7.18	4.31
Cash Retained (M)	36.61	36.61	36.61
(-) Cash Required (M)	-11.49	-7.18	-4.31
(=) Excess Retained (M)	25.11	29.42	32.30
(/) Shares Outstanding (M)	1,193.98	1,193.98	1,193.98
(=) Excess Retained per Share	0.02	0.02	0.03
LTM Dividend per Share	0.02	0.02	0.02
(+) Excess Retained per Share	0.02	0.02	0.03
(=) Adjusted Dividend	0.04	0.04	0.04
WACC / Discount Rate	9.48%	9.48%	9.48%
Growth Rate	-8.25%	-7.25%	-6.25%
Fair Value	$0.20	$0.23	$0.27
Upside / Downside	-99.46%	-99.37%	-99.28%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	57.47	53.30	49.43	45.85	42.52	39.44	40.62
Payout Ratio	36.30%	47.04%	57.78%	68.52%	79.26%	90.00%	92.50%
Projected Dividends (M)	20.86	25.07	28.56	31.41	33.70	35.49	37.57

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.48%	9.48%	9.48%
Growth Rate	-8.25%	-7.25%	-6.25%
Year 1 PV (M)	22.65	22.90	23.15
Year 2 PV (M)	23.32	23.83	24.35
Year 3 PV (M)	23.17	23.94	24.72
Year 4 PV (M)	22.46	23.46	24.49
Year 5 PV (M)	21.38	22.57	23.81
PV of Terminal Value (M)	349.29	368.75	389.06
Equity Value (M)	462.28	485.45	509.58
Shares Outstanding (M)	1,193.98	1,193.98	1,193.98
Fair Value	$0.39	$0.41	$0.43
Upside / Downside	-98.95%	-98.90%	-98.85%

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China Spacesat Co.,Ltd. (600118.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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