DDM Analysis: 600711.SS

Valuation Snapshot

Stable Growth	$17.25 - $55.05	$27.82
Multi-Stage	$11.39 - $12.45	$11.91
Blended Fair Value	$19.87
Current Price	$10.32
Upside	92.50%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	17.05%	22.14%	0.22	0.12	0.13	0.10	0.11	0.10	0.15	0.09	0.07	0.04
YoY Growth	-	-	86.56%	-7.25%	26.15%	-11.78%	14.07%	-35.16%	73.79%	26.91%	75.12%	34.28%
Dividend Yield	-	-	3.90%	2.61%	2.21%	1.17%	1.75%	2.42%	2.36%	1.02%	0.99%	0.56%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	2,006.42
(-) Cash Dividends Paid (M)	711.98
(=) Cash Retained (M)	1,294.44

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	401.28	250.80	150.48
Cash Retained (M)	1,294.44	1,294.44	1,294.44
(-) Cash Required (M)	-401.28	-250.80	-150.48
(=) Excess Retained (M)	893.16	1,043.64	1,143.96
(/) Shares Outstanding (M)	3,096.33	3,096.33	3,096.33
(=) Excess Retained per Share	0.29	0.34	0.37
LTM Dividend per Share	0.23	0.23	0.23
(+) Excess Retained per Share	0.29	0.34	0.37
(=) Adjusted Dividend	0.52	0.57	0.60
WACC / Discount Rate	8.67%	8.67%	8.67%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$17.25	$27.82	$55.05
Upside / Downside	67.16%	169.59%	433.47%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	2,006.42	2,136.84	2,275.74	2,423.66	2,581.20	2,748.98	2,831.44
Payout Ratio	35.49%	46.39%	57.29%	68.19%	79.10%	90.00%	92.50%
Projected Dividends (M)	711.98	991.24	1,303.79	1,652.79	2,041.65	2,474.08	2,619.09

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.67%	8.67%	8.67%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	903.59	912.15	920.72
Year 2 PV (M)	1,083.41	1,104.04	1,124.87
Year 3 PV (M)	1,251.97	1,287.91	1,324.53
Year 4 PV (M)	1,409.77	1,463.98	1,519.75
Year 5 PV (M)	1,557.30	1,632.51	1,710.61
PV of Terminal Value (M)	29,073.17	30,477.41	31,935.40
Equity Value (M)	35,279.20	36,878.01	38,535.88
Shares Outstanding (M)	3,096.33	3,096.33	3,096.33
Fair Value	$11.39	$11.91	$12.45
Upside / Downside	10.41%	15.41%	20.60%

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Chengtun Mining Group Co., Ltd. (600711.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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