DDM Analysis: 601117.SS

Valuation Snapshot

Stable Growth	$26.10 - $80.28	$41.67
Multi-Stage	$16.79 - $18.37	$17.56
Blended Fair Value	$29.62
Current Price	$7.44
Upside	298.11%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	8.77%	8.38%	0.26	0.30	0.22	0.27	0.15	0.17	0.14	0.14	0.13	0.14
YoY Growth	-	-	-14.79%	34.21%	-17.13%	77.90%	-9.71%	24.39%	-6.45%	14.56%	-8.12%	19.91%
Dividend Yield	-	-	3.57%	4.43%	2.42%	2.81%	2.18%	2.82%	2.05%	1.97%	1.44%	2.34%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	6,082.59
(-) Cash Dividends Paid (M)	206.06
(=) Cash Retained (M)	5,876.53

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,216.52	760.32	456.19
Cash Retained (M)	5,876.53	5,876.53	5,876.53
(-) Cash Required (M)	-1,216.52	-760.32	-456.19
(=) Excess Retained (M)	4,660.01	5,116.21	5,420.33
(/) Shares Outstanding (M)	6,066.88	6,066.88	6,066.88
(=) Excess Retained per Share	0.77	0.84	0.89
LTM Dividend per Share	0.03	0.03	0.03
(+) Excess Retained per Share	0.77	0.84	0.89
(=) Adjusted Dividend	0.80	0.88	0.93
WACC / Discount Rate	8.74%	8.74%	8.74%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$26.10	$41.67	$80.28
Upside / Downside	250.83%	460.14%	979.00%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	6,082.59	6,477.96	6,899.02	7,347.46	7,825.04	8,333.67	8,583.68
Payout Ratio	3.39%	20.71%	38.03%	55.36%	72.68%	90.00%	92.50%
Projected Dividends (M)	206.06	1,341.59	2,623.88	4,067.19	5,687.05	7,500.31	7,939.91

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.74%	8.74%	8.74%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	1,222.16	1,233.74	1,245.33
Year 2 PV (M)	2,177.49	2,218.96	2,260.83
Year 3 PV (M)	3,074.77	3,163.04	3,252.98
Year 4 PV (M)	3,916.62	4,067.24	4,222.16
Year 5 PV (M)	4,705.54	4,932.82	5,168.79
PV of Terminal Value (M)	86,754.45	90,944.73	95,295.37
Equity Value (M)	101,851.02	106,560.52	111,445.46
Shares Outstanding (M)	6,066.88	6,066.88	6,066.88
Fair Value	$16.79	$17.56	$18.37
Upside / Downside	125.65%	136.08%	146.90%

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China National Chemical Engineering Co., Ltd (601117.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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