DDM Analysis: 600011.SS

Valuation Snapshot

Stable Growth	$28.05 - $138.01	$49.98
Multi-Stage	$25.58 - $28.02	$26.78
Blended Fair Value	$38.38
Current Price	$7.06
Upside	443.61%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	1.57%	-0.39%	0.87	0.71	0.79	0.92	0.84	0.81	0.77	0.89	1.01	0.87
YoY Growth	-	-	22.80%	-10.42%	-13.82%	9.95%	3.70%	5.50%	-13.56%	-12.63%	16.94%	-4.55%
Dividend Yield	-	-	12.63%	7.74%	9.27%	13.34%	19.01%	17.24%	11.49%	12.91%	14.13%	10.89%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	14,563.48
(-) Cash Dividends Paid (M)	8,358.11
(=) Cash Retained (M)	6,205.37

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	2,912.70	1,820.44	1,092.26
Cash Retained (M)	6,205.37	6,205.37	6,205.37
(-) Cash Required (M)	-2,912.70	-1,820.44	-1,092.26
(=) Excess Retained (M)	3,292.68	4,384.94	5,113.11
(/) Shares Outstanding (M)	16,377.96	16,377.96	16,377.96
(=) Excess Retained per Share	0.20	0.27	0.31
LTM Dividend per Share	0.51	0.51	0.51
(+) Excess Retained per Share	0.20	0.27	0.31
(=) Adjusted Dividend	0.71	0.78	0.82
WACC / Discount Rate	6.33%	6.33%	6.33%
Growth Rate	3.70%	4.70%	5.70%
Fair Value	$28.05	$49.98	$138.01
Upside / Downside	297.31%	607.92%	1,854.77%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	14,563.48	15,248.61	15,965.97	16,717.08	17,503.52	18,326.96	18,876.77
Payout Ratio	57.39%	63.91%	70.43%	76.96%	83.48%	90.00%	92.50%
Projected Dividends (M)	8,358.11	9,745.80	11,245.56	12,864.85	14,611.62	16,494.27	17,461.02

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.33%	6.33%	6.33%
Growth Rate	3.70%	4.70%	5.70%
Year 1 PV (M)	9,077.70	9,165.23	9,252.77
Year 2 PV (M)	9,756.58	9,945.65	10,136.53
Year 3 PV (M)	10,396.33	10,699.99	11,009.50
Year 4 PV (M)	10,998.46	11,428.86	11,871.77
Year 5 PV (M)	11,564.44	12,132.87	12,723.43
PV of Terminal Value (M)	367,146.82	385,193.11	403,942.14
Equity Value (M)	418,940.33	438,565.70	458,936.14
Shares Outstanding (M)	16,377.96	16,377.96	16,377.96
Fair Value	$25.58	$26.78	$28.02
Upside / Downside	262.32%	279.29%	296.91%

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Huaneng Power International, Inc. (600011.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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