DDM Analysis: 002911.SZ

Valuation Snapshot

Stable Growth	$62.87 - $122.33	$114.64
Multi-Stage	$19.66 - $21.49	$20.56
Blended Fair Value	$67.60
Current Price	$13.45
Upside	402.61%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	23.31%	12.87%	0.57	0.47	0.45	0.37	0.23	0.20	0.15	0.25	0.18	0.17
YoY Growth	-	-	22.08%	4.38%	19.48%	59.11%	17.70%	30.27%	-38.34%	41.09%	1.60%	2.25%
Dividend Yield	-	-	5.03%	4.44%	4.46%	5.05%	2.68%	3.33%	1.89%	2.11%	1.94%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	881.16
(-) Cash Dividends Paid (M)	800.50
(=) Cash Retained (M)	80.66

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	176.23	110.14	66.09
Cash Retained (M)	80.66	80.66	80.66
(-) Cash Required (M)	-176.23	-110.14	-66.09
(=) Excess Retained (M)	-95.58	-29.49	14.57
(/) Shares Outstanding (M)	1,432.48	1,432.48	1,432.48
(=) Excess Retained per Share	-0.07	-0.02	0.01
LTM Dividend per Share	0.56	0.56	0.56
(+) Excess Retained per Share	-0.07	-0.02	0.01
(=) Adjusted Dividend	0.49	0.54	0.57
WACC / Discount Rate	6.33%	6.33%	6.33%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$62.87	$114.64	$122.33
Upside / Downside	367.44%	752.37%	809.54%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	881.16	938.43	999.43	1,064.39	1,133.58	1,207.26	1,243.48
Payout Ratio	90.85%	90.68%	90.51%	90.34%	90.17%	90.00%	92.50%
Projected Dividends (M)	800.50	850.95	904.56	961.56	1,022.14	1,086.54	1,150.22

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.33%	6.33%	6.33%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	792.80	800.32	807.83
Year 2 PV (M)	785.18	800.13	815.23
Year 3 PV (M)	777.62	799.95	822.69
Year 4 PV (M)	770.14	799.75	830.22
Year 5 PV (M)	762.72	799.56	837.81
PV of Terminal Value (M)	24,277.87	25,450.50	26,668.01
Equity Value (M)	28,166.33	29,450.21	30,781.79
Shares Outstanding (M)	1,432.48	1,432.48	1,432.48
Fair Value	$19.66	$20.56	$21.49
Upside / Downside	46.19%	52.85%	59.77%

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GRNG.ST	Gränges AB (publ)	2.08%	$3.09	34.78%
ZGN	Ermenegildo Zegna N.V.	2.08%	$0.22	28.26%
000983.SZ	Shanxi Coking Coal Energy Group Co.,Ltd.	2.07%	$0.13	44.44%
006090.KS	Oyang Corporation	2.07%	$187.55	43.67%
0O1O.L	Vetoquinol S.A.	2.07%	$1.74	19.10%
1748.HK	Xin Yuan Enterprises Group Limited	2.07%	$0.04	62.70%
4677.KL	YTL Corporation Berhad	2.07%	$0.04	26.42%
603136.SS	Jiangsu Tianmu Lake Tourism Co.,Ltd	2.07%	$0.24	64.23%
7965.T	Zojirushi Corporation	2.07%	$32.35	36.35%
MRSA3B.SA	MRS Logística S.A.	2.07%	$0.81	18.86%
OCL.AX	Objective Corporation Limited	2.07%	$0.34	57.76%
TRTN	Triton International Limited	2.07%	$1.65	28.50%
001219.SZ	Qingdao Foods CO.,LTD.	2.06%	$0.29	55.25%
002351.SZ	Edifier Technology Co., Ltd.	2.06%	$0.25	53.80%
004830.KS	Duksung Co., Ltd.	2.06%	$100.30	19.66%
600120.SS	Zhejiang Orient Financial Holdings Group Co., Ltd.	2.06%	$0.13	32.28%
600143.SS	Kingfa Sci. & Tech. Co., Ltd.	2.06%	$0.40	85.82%
7735.T	SCREEN Holdings Co., Ltd.	2.06%	$314.43	32.13%
ALSO3.SA	Aliansce Sonae Shopping Centers S.A.	2.06%	$0.52	9.27%
MLIA.JK	PT Mulia Industrindo Tbk	2.06%	$6.98	27.72%
REA.AX	REA Group Limited	2.06%	$3.81	51.46%
THEON.AS	Theon International PLC	2.06%	$0.55	52.53%
000902.SZ	YONFER Agricultural Technology Co., Ltd.	2.05%	$0.32	26.06%
002938.SZ	Avary Holding(Shenzhen)Co., Limited	2.05%	$1.04	59.37%
036930.KQ	JUSUNG ENGINEERING Co., Ltd.	2.05%	$625.50	45.79%
086280.KS	Hyundai Glovis Co., Ltd.	2.05%	$3,700.10	19.97%
2730.T	EDION Corporation	2.05%	$43.41	30.64%
4191.SR	Abdullah Saad Mohammed Abo Moati for Bookstores Company	2.05%	$1.01	76.56%
9527.SR	Ame Company For Medical Supplies	2.05%	$2.00	27.73%
BMIN3.SA	Banco Mercantil de Investimentos S.A.	2.05%	$0.47	28.32%
GUAR3.SA	Guararapes Confecções S.A.	2.05%	$0.18	20.09%
MGROS.IS	Migros Ticaret A.S.	2.05%	$10.88	31.41%
MLL.DE	Müller - Die lila Logistik AG	2.05%	$0.10	6.76%
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VIVA3.SA	Vivara Participações S.A.	2.05%	$0.66	20.93%
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2869.HK	Greentown Service Group Co. Ltd.	2.04%	$0.09	17.96%
450330.KQ	Hass	2.04%	$131.79	35.27%
605589.SS	Jinan Shengquan Group Share Holding Co., Ltd.	2.04%	$0.58	44.86%
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CSAP.JK	PT Catur Sentosa Adiprana Tbk	2.04%	$6.50	30.53%
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2476.TW	G-SHANK Enterprise Co., Ltd.	2.03%	$1.85	49.48%
2852.KL	Cahya Mata Sarawak Berhad	2.03%	$0.03	28.80%
3788.HK	China Hanking Holdings Limited	2.03%	$0.08	36.16%
4004.SR	Dallah Healthcare Company	2.03%	$2.54	49.37%
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Financial Statements

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Sector

Foran Energy Group Co.,Ltd. (002911.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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