DDM Analysis: 000598.SZ

Valuation Snapshot

Stable Growth	$73.32 - $142.23	$133.29
Multi-Stage	$22.23 - $24.33	$23.26
Blended Fair Value	$78.27
Current Price	$6.66
Upside	1,075.25%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	19.60%	19.98%	0.35	0.27	0.25	0.22	0.19	0.14	0.14	0.12	0.09	0.08
YoY Growth	-	-	27.23%	8.62%	13.91%	20.08%	29.45%	0.41%	19.02%	33.72%	9.89%	43.83%
Dividend Yield	-	-	5.16%	4.27%	4.96%	4.47%	3.43%	3.13%	2.99%	2.37%	1.55%	1.37%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	2,134.20
(-) Cash Dividends Paid (M)	950.83
(=) Cash Retained (M)	1,183.37

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	426.84	266.78	160.07
Cash Retained (M)	1,183.37	1,183.37	1,183.37
(-) Cash Required (M)	-426.84	-266.78	-160.07
(=) Excess Retained (M)	756.53	916.59	1,023.30
(/) Shares Outstanding (M)	2,984.26	2,984.26	2,984.26
(=) Excess Retained per Share	0.25	0.31	0.34
LTM Dividend per Share	0.32	0.32	0.32
(+) Excess Retained per Share	0.25	0.31	0.34
(=) Adjusted Dividend	0.57	0.63	0.66
WACC / Discount Rate	6.32%	6.32%	6.32%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$73.32	$133.29	$142.23
Upside / Downside	1,000.93%	1,901.30%	2,035.52%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	2,134.20	2,272.92	2,420.66	2,578.01	2,745.58	2,924.04	3,011.76
Payout Ratio	44.55%	53.64%	62.73%	71.82%	80.91%	90.00%	92.50%
Projected Dividends (M)	950.83	1,219.23	1,518.51	1,851.55	2,221.46	2,631.64	2,785.88

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.32%	6.32%	6.32%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	1,135.96	1,146.72	1,157.49
Year 2 PV (M)	1,318.16	1,343.27	1,368.61
Year 3 PV (M)	1,497.47	1,540.46	1,584.26
Year 4 PV (M)	1,673.93	1,738.30	1,804.52
Year 5 PV (M)	1,847.56	1,936.80	2,029.46
PV of Terminal Value (M)	58,854.50	61,697.19	64,648.68
Equity Value (M)	66,327.58	69,402.75	72,593.02
Shares Outstanding (M)	2,984.26	2,984.26	2,984.26
Fair Value	$22.23	$23.26	$24.33
Upside / Downside	233.72%	249.19%	265.24%

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Chengdu Xingrong Environment Co., Ltd. (000598.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener