DDM Analysis: 600820.SS

Valuation Snapshot

Stable Growth	$72.60 - $157.37	$147.48
Multi-Stage	$23.77 - $26.02	$24.87
Blended Fair Value	$86.18
Current Price	$6.40
Upside	1,246.50%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	7.93%	5.31%	0.83	1.07	0.76	0.77	0.54	0.57	0.40	0.34	0.46	0.55
YoY Growth	-	-	-22.53%	41.87%	-1.76%	41.81%	-4.32%	40.31%	20.00%	-26.37%	-17.21%	11.59%
Dividend Yield	-	-	13.34%	16.76%	13.28%	14.54%	9.95%	10.27%	5.36%	4.65%	4.38%	6.72%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	2,551.14
(-) Cash Dividends Paid (M)	973.69
(=) Cash Retained (M)	1,577.46

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	510.23	318.89	191.34
Cash Retained (M)	1,577.46	1,577.46	1,577.46
(-) Cash Required (M)	-510.23	-318.89	-191.34
(=) Excess Retained (M)	1,067.23	1,258.56	1,386.12
(/) Shares Outstanding (M)	3,224.02	3,224.02	3,224.02
(=) Excess Retained per Share	0.33	0.39	0.43
LTM Dividend per Share	0.30	0.30	0.30
(+) Excess Retained per Share	0.33	0.39	0.43
(=) Adjusted Dividend	0.63	0.69	0.73
WACC / Discount Rate	6.42%	6.42%	6.42%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$72.60	$147.48	$157.37
Upside / Downside	1,034.31%	2,204.33%	2,358.88%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	2,551.14	2,716.97	2,893.57	3,081.65	3,281.96	3,495.29	3,600.15
Payout Ratio	38.17%	48.53%	58.90%	69.27%	79.63%	90.00%	92.50%
Projected Dividends (M)	973.69	1,318.64	1,704.31	2,134.56	2,613.53	3,145.76	3,330.13

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.42%	6.42%	6.42%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	1,227.45	1,239.09	1,250.72
Year 2 PV (M)	1,476.76	1,504.88	1,533.28
Year 3 PV (M)	1,721.66	1,771.08	1,821.44
Year 4 PV (M)	1,962.22	2,037.68	2,115.30
Year 5 PV (M)	2,198.49	2,304.68	2,414.93
PV of Terminal Value (M)	68,051.89	71,338.82	74,751.55
Equity Value (M)	76,638.46	80,196.23	83,887.21
Shares Outstanding (M)	3,224.02	3,224.02	3,224.02
Fair Value	$23.77	$24.87	$26.02
Upside / Downside	271.42%	288.67%	306.55%

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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%
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7965.T	Zojirushi Corporation	2.07%	$32.35	36.35%
MRSA3B.SA	MRS Logística S.A.	2.07%	$0.81	18.86%
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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%
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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%
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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%
601607.SS	Shanghai Pharmaceuticals Holding Co., Ltd	2.03%	$0.36	23.77%

Financial Statements

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Shanghai Tunnel Engineering Co., Ltd. (600820.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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