DDM Analysis: 000975.SZ

Valuation Snapshot

Stable Growth	$14.04 - $24.25	$18.43
Multi-Stage	$11.45 - $12.47	$11.95
Blended Fair Value	$15.19
Current Price	$22.83
Upside	-33.46%
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	14.17%	13.84%	0.29	0.29	0.27	0.30	0.15	0.15	0.13	0.00	0.08	0.08
YoY Growth	-	-	-1.38%	8.87%	-11.33%	97.49%	3.16%	16.82%	7,328.49%	-97.82%	-5.11%	5.00%
Dividend Yield	-	-	1.49%	1.56%	2.02%	3.23%	1.71%	1.43%	1.55%	0.02%	1.05%	1.28%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	2,905.30
(-) Cash Dividends Paid (M)	1,039.86
(=) Cash Retained (M)	1,865.44

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	581.06	363.16	217.90
Cash Retained (M)	1,865.44	1,865.44	1,865.44
(-) Cash Required (M)	-581.06	-363.16	-217.90
(=) Excess Retained (M)	1,284.38	1,502.28	1,647.54
(/) Shares Outstanding (M)	2,776.18	2,776.18	2,776.18
(=) Excess Retained per Share	0.46	0.54	0.59
LTM Dividend per Share	0.37	0.37	0.37
(+) Excess Retained per Share	0.46	0.54	0.59
(=) Adjusted Dividend	0.84	0.92	0.97
WACC / Discount Rate	11.79%	11.79%	11.79%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$14.04	$18.43	$24.25
Upside / Downside	-38.50%	-19.27%	6.23%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	2,905.30	3,094.15	3,295.27	3,509.46	3,737.57	3,980.52	4,099.93
Payout Ratio	35.79%	46.63%	57.48%	68.32%	79.16%	90.00%	92.50%
Projected Dividends (M)	1,039.86	1,442.91	1,893.96	2,397.55	2,958.60	3,582.46	3,792.44

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	11.79%	11.79%	11.79%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	1,278.60	1,290.72	1,302.84
Year 2 PV (M)	1,487.18	1,515.50	1,544.10
Year 3 PV (M)	1,668.23	1,716.12	1,764.92
Year 4 PV (M)	1,824.20	1,894.35	1,966.51
Year 5 PV (M)	1,957.32	2,051.86	2,150.02
PV of Terminal Value (M)	23,570.21	24,708.66	25,890.68
Equity Value (M)	31,785.73	33,177.21	34,619.06
Shares Outstanding (M)	2,776.18	2,776.18	2,776.18
Fair Value	$11.45	$11.95	$12.47
Upside / Downside	-49.85%	-47.65%	-45.38%

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Shanjin International Gold Co., Ltd. (000975.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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