DDM Analysis: 002060.SZ

Valuation Snapshot

Stable Growth	$26.45 - $57.34	$53.74
Multi-Stage	$9.00 - $9.84	$9.41
Blended Fair Value	$31.57
Current Price	$3.81
Upside	728.73%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	21.37%	15.38%	0.38	0.37	0.11	0.20	0.17	0.14	0.12	0.11	0.10	0.09
YoY Growth	-	-	3.44%	233.80%	-43.82%	12.67%	20.48%	19.05%	9.85%	11.31%	7.75%	1.20%
Dividend Yield	-	-	10.84%	8.59%	1.61%	2.02%	4.31%	4.65%	3.13%	3.20%	2.32%	2.63%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,082.13
(-) Cash Dividends Paid (M)	1,065.88
(=) Cash Retained (M)	16.25

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	216.43	135.27	81.16
Cash Retained (M)	16.25	16.25	16.25
(-) Cash Required (M)	-216.43	-135.27	-81.16
(=) Excess Retained (M)	-200.18	-119.02	-64.91
(/) Shares Outstanding (M)	3,753.09	3,753.09	3,753.09
(=) Excess Retained per Share	-0.05	-0.03	-0.02
LTM Dividend per Share	0.28	0.28	0.28
(+) Excess Retained per Share	-0.05	-0.03	-0.02
(=) Adjusted Dividend	0.23	0.25	0.27
WACC / Discount Rate	6.42%	6.42%	6.42%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$26.45	$53.74	$57.34
Upside / Downside	594.11%	1,310.44%	1,405.03%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,082.13	1,152.47	1,227.38	1,307.16	1,392.13	1,482.61	1,527.09
Payout Ratio	98.50%	96.80%	95.10%	93.40%	91.70%	90.00%	92.50%
Projected Dividends (M)	1,065.88	1,115.58	1,167.23	1,220.88	1,276.58	1,334.35	1,412.56

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.42%	6.42%	6.42%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	1,038.43	1,048.28	1,058.12
Year 2 PV (M)	1,011.38	1,030.64	1,050.09
Year 3 PV (M)	984.71	1,012.98	1,041.78
Year 4 PV (M)	958.43	995.29	1,033.20
Year 5 PV (M)	932.53	977.58	1,024.34
PV of Terminal Value (M)	28,863.57	30,257.70	31,705.17
Equity Value (M)	33,789.06	35,322.46	36,912.71
Shares Outstanding (M)	3,753.09	3,753.09	3,753.09
Fair Value	$9.00	$9.41	$9.84
Upside / Downside	136.30%	147.02%	158.14%

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Financial Statements

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Guangdong Construction Engineering Group Co., Ltd. (002060.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener