DDM Analysis: 600338.SS

Valuation Snapshot

Stable Growth	$2.33 - $3.15	$2.75
Multi-Stage	$4.34 - $4.78	$4.55
Blended Fair Value	$3.65
Current Price	$13.46
Upside	-72.88%
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	-4.29%	31.51%	0.16	0.01	0.10	0.17	0.05	0.20	0.48	0.43	0.00	0.01
YoY Growth	-	-	1,966.17%	-92.56%	-40.66%	283.56%	-77.03%	-58.41%	10.47%	13,635.34%	-59.78%	-24.05%
Dividend Yield	-	-	1.57%	0.08%	0.45%	0.66%	0.43%	2.51%	2.64%	1.86%	0.01%	0.05%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	446.92
(-) Cash Dividends Paid (M)	158.40
(=) Cash Retained (M)	288.52

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	89.38	55.87	33.52
Cash Retained (M)	288.52	288.52	288.52
(-) Cash Required (M)	-89.38	-55.87	-33.52
(=) Excess Retained (M)	199.14	232.66	255.00
(/) Shares Outstanding (M)	914.22	914.22	914.22
(=) Excess Retained per Share	0.22	0.25	0.28
LTM Dividend per Share	0.17	0.17	0.17
(+) Excess Retained per Share	0.22	0.25	0.28
(=) Adjusted Dividend	0.39	0.43	0.45
WACC / Discount Rate	9.45%	9.45%	9.45%
Growth Rate	-6.29%	-5.29%	-4.29%
Fair Value	$2.33	$2.75	$3.15
Upside / Downside	-82.70%	-79.58%	-76.60%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	446.92	423.28	400.89	379.68	359.60	340.58	350.79
Payout Ratio	35.44%	46.35%	57.27%	68.18%	79.09%	90.00%	92.50%
Projected Dividends (M)	158.40	196.21	229.57	258.86	284.40	306.52	324.48

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.45%	9.45%	9.45%
Growth Rate	-6.29%	-5.29%	-4.29%
Year 1 PV (M)	177.37	179.26	181.15
Year 2 PV (M)	187.60	191.63	195.70
Year 3 PV (M)	191.23	197.41	203.73
Year 4 PV (M)	189.93	198.16	206.67
Year 5 PV (M)	185.04	195.13	205.65
PV of Terminal Value (M)	3,035.61	3,201.07	3,373.67
Equity Value (M)	3,966.78	4,162.67	4,366.57
Shares Outstanding (M)	914.22	914.22	914.22
Fair Value	$4.34	$4.55	$4.78
Upside / Downside	-67.76%	-66.17%	-64.51%

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Tibet Summit Resources Co.,Ltd. (600338.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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