DDM Analysis: 600497.SS

Valuation Snapshot

Stable Growth	$1.62 - $2.34	$1.97
Multi-Stage	$2.69 - $2.94	$2.81
Blended Fair Value	$2.39
Current Price	$6.43
Upside	-62.80%
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	17.64%	-5.35%	0.16	0.14	0.16	0.11	0.20	0.07	0.15	0.16	0.23	0.25
YoY Growth	-	-	12.47%	-11.86%	45.81%	-44.04%	178.60%	-54.17%	-5.19%	-30.39%	-7.36%	-8.64%
Dividend Yield	-	-	2.90%	2.55%	3.09%	2.13%	4.07%	1.96%	2.79%	2.53%	3.34%	4.50%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,142.60
(-) Cash Dividends Paid (M)	743.00
(=) Cash Retained (M)	399.60

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	228.52	142.83	85.70
Cash Retained (M)	399.60	399.60	399.60
(-) Cash Required (M)	-228.52	-142.83	-85.70
(=) Excess Retained (M)	171.08	256.77	313.90
(/) Shares Outstanding (M)	5,067.49	5,067.49	5,067.49
(=) Excess Retained per Share	0.03	0.05	0.06
LTM Dividend per Share	0.15	0.15	0.15
(+) Excess Retained per Share	0.03	0.05	0.06
(=) Adjusted Dividend	0.18	0.20	0.21
WACC / Discount Rate	9.23%	9.23%	9.23%
Growth Rate	-1.71%	-0.71%	0.29%
Fair Value	$1.62	$1.97	$2.34
Upside / Downside	-74.81%	-69.37%	-63.63%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,142.60	1,134.48	1,126.42	1,118.42	1,110.47	1,102.58	1,135.66
Payout Ratio	65.03%	70.02%	75.02%	80.01%	85.01%	90.00%	92.50%
Projected Dividends (M)	743.00	794.39	845.00	894.86	943.96	992.32	1,050.48

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.23%	9.23%	9.23%
Growth Rate	-1.71%	-0.71%	0.29%
Year 1 PV (M)	719.91	727.23	734.56
Year 2 PV (M)	693.98	708.17	722.51
Year 3 PV (M)	666.02	686.56	707.51
Year 4 PV (M)	636.70	663.01	690.12
Year 5 PV (M)	606.56	638.05	670.84
PV of Terminal Value (M)	10,299.78	10,834.50	11,391.20
Equity Value (M)	13,622.95	14,257.52	14,916.74
Shares Outstanding (M)	5,067.49	5,067.49	5,067.49
Fair Value	$2.69	$2.81	$2.94
Upside / Downside	-58.19%	-56.24%	-54.22%

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Yunnan Chihong Zinc & Germanium Co., Ltd. (600497.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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