DDM Analysis: 600098.SS

Valuation Snapshot

Stable Growth	$70.85 - $130.82	$122.60
Multi-Stage	$21.03 - $23.00	$21.99
Blended Fair Value	$72.30
Current Price	$6.59
Upside	997.05%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	46.59%	16.25%	0.53	0.20	0.10	0.13	0.04	0.08	0.08	0.08	0.15	0.14
YoY Growth	-	-	163.02%	100.00%	-22.50%	240.00%	-51.17%	0.00%	0.00%	-47.37%	5.56%	19.91%
Dividend Yield	-	-	8.27%	3.12%	1.69%	2.04%	0.57%	1.34%	1.18%	1.26%	1.57%	1.68%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	2,303.83
(-) Cash Dividends Paid (M)	1,611.05
(=) Cash Retained (M)	692.79

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	460.77	287.98	172.79
Cash Retained (M)	692.79	692.79	692.79
(-) Cash Required (M)	-460.77	-287.98	-172.79
(=) Excess Retained (M)	232.02	404.81	520.00
(/) Shares Outstanding (M)	3,502.36	3,502.36	3,502.36
(=) Excess Retained per Share	0.07	0.12	0.15
LTM Dividend per Share	0.46	0.46	0.46
(+) Excess Retained per Share	0.07	0.12	0.15
(=) Adjusted Dividend	0.53	0.58	0.61
WACC / Discount Rate	6.28%	6.28%	6.28%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$70.85	$122.60	$130.82
Upside / Downside	975.04%	1,760.34%	1,885.11%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	2,303.83	2,453.58	2,613.07	2,782.91	2,963.80	3,156.45	3,251.14
Payout Ratio	69.93%	73.94%	77.96%	81.97%	85.99%	90.00%	92.50%
Projected Dividends (M)	1,611.05	1,814.26	2,037.08	2,281.20	2,548.45	2,840.81	3,007.31

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.28%	6.28%	6.28%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	1,690.97	1,706.99	1,723.02
Year 2 PV (M)	1,769.62	1,803.33	1,837.35
Year 3 PV (M)	1,847.02	1,900.04	1,954.07
Year 4 PV (M)	1,923.19	1,997.15	2,073.22
Year 5 PV (M)	1,998.13	2,094.64	2,194.84
PV of Terminal Value (M)	64,417.36	67,528.74	70,759.21
Equity Value (M)	73,646.29	77,030.90	80,541.72
Shares Outstanding (M)	3,502.36	3,502.36	3,502.36
Fair Value	$21.03	$21.99	$23.00
Upside / Downside	219.08%	233.75%	248.96%

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Guangzhou Development Group Incorporated (600098.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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