DDM Analysis: 600803.SS

Valuation Snapshot

Stable Growth	$110.59 - $287.66	$269.58
Multi-Stage	$40.70 - $44.56	$42.59
Blended Fair Value	$156.09
Current Price	$17.98
Upside	768.12%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	73.72%	33.32%	1.31	0.74	0.29	0.18	0.08	0.08	0.20	0.19	0.13	0.12
YoY Growth	-	-	77.16%	160.06%	61.56%	112.54%	0.00%	-57.63%	1.19%	45.57%	13.83%	57.87%
Dividend Yield	-	-	6.71%	3.94%	1.37%	1.00%	0.47%	0.96%	1.60%	1.65%	0.99%	0.96%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	4,427.88
(-) Cash Dividends Paid (M)	996.17
(=) Cash Retained (M)	3,431.71

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	885.58	553.49	332.09
Cash Retained (M)	3,431.71	3,431.71	3,431.71
(-) Cash Required (M)	-885.58	-553.49	-332.09
(=) Excess Retained (M)	2,546.13	2,878.23	3,099.62
(/) Shares Outstanding (M)	3,061.20	3,061.20	3,061.20
(=) Excess Retained per Share	0.83	0.94	1.01
LTM Dividend per Share	0.33	0.33	0.33
(+) Excess Retained per Share	0.83	0.94	1.01
(=) Adjusted Dividend	1.16	1.27	1.34
WACC / Discount Rate	6.60%	6.60%	6.60%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$110.59	$269.58	$287.66
Upside / Downside	515.09%	1,399.35%	1,499.91%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	4,427.88	4,715.69	5,022.21	5,348.66	5,696.32	6,066.58	6,248.58
Payout Ratio	22.50%	36.00%	49.50%	63.00%	76.50%	90.00%	92.50%
Projected Dividends (M)	996.17	1,697.56	2,485.92	3,369.60	4,357.66	5,459.92	5,779.93

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.60%	6.60%	6.60%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	1,577.45	1,592.40	1,607.35
Year 2 PV (M)	2,146.58	2,187.47	2,228.74
Year 3 PV (M)	2,703.76	2,781.38	2,860.46
Year 4 PV (M)	3,249.17	3,374.13	3,502.65
Year 5 PV (M)	3,783.00	3,965.72	4,155.43
PV of Terminal Value (M)	111,122.88	116,490.15	122,062.85
Equity Value (M)	124,582.84	130,391.24	136,417.49
Shares Outstanding (M)	3,061.20	3,061.20	3,061.20
Fair Value	$40.70	$42.59	$44.56
Upside / Downside	126.35%	136.90%	147.85%

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3788.HK	China Hanking Holdings Limited	2.03%	$0.08	36.16%
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ENN Natural Gas Co., Ltd. (600803.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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