DDM Analysis: 605589.SS

Valuation Snapshot

Stable Growth	$125.58 - $252.84	$236.95
Multi-Stage	$39.14 - $42.83	$40.95
Blended Fair Value	$138.95
Current Price	$33.89
Upside	310.00%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	38.78%	27.21%	0.43	0.19	0.19	0.24	0.13	0.08	0.17	0.23	0.16	0.06
YoY Growth	-	-	128.12%	1.05%	-20.00%	86.14%	50.00%	-50.00%	-28.16%	50.00%	166.67%	50.00%
Dividend Yield	-	-	1.53%	0.99%	0.96%	0.81%	0.37%	0.24%	0.49%	0.68%	0.45%	0.17%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,046.77
(-) Cash Dividends Paid (M)	469.61
(=) Cash Retained (M)	577.15

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	209.35	130.85	78.51
Cash Retained (M)	577.15	577.15	577.15
(-) Cash Required (M)	-209.35	-130.85	-78.51
(=) Excess Retained (M)	367.80	446.31	498.65
(/) Shares Outstanding (M)	823.36	823.36	823.36
(=) Excess Retained per Share	0.45	0.54	0.61
LTM Dividend per Share	0.57	0.57	0.57
(+) Excess Retained per Share	0.45	0.54	0.61
(=) Adjusted Dividend	1.02	1.11	1.18
WACC / Discount Rate	6.35%	6.35%	6.35%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$125.58	$236.95	$252.84
Upside / Downside	270.54%	599.16%	646.05%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,046.77	1,114.81	1,187.27	1,264.44	1,346.63	1,434.16	1,477.19
Payout Ratio	44.86%	53.89%	62.92%	71.95%	80.97%	90.00%	92.50%
Projected Dividends (M)	469.61	600.78	747.01	909.71	1,090.40	1,290.75	1,366.40

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.35%	6.35%	6.35%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	559.58	564.88	570.18
Year 2 PV (M)	648.06	660.41	672.87
Year 3 PV (M)	735.09	756.20	777.70
Year 4 PV (M)	820.68	852.24	884.71
Year 5 PV (M)	904.85	948.55	993.93
PV of Terminal Value (M)	28,555.50	29,934.74	31,366.76
Equity Value (M)	32,223.76	33,717.02	35,266.15
Shares Outstanding (M)	823.36	823.36	823.36
Fair Value	$39.14	$40.95	$42.83
Upside / Downside	15.48%	20.83%	26.39%

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Jinan Shengquan Group Share Holding Co., Ltd. (605589.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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