DDM Analysis: 000600.SZ

Valuation Snapshot

Stable Growth	$14.03 - $26.56	$19.10
Multi-Stage	$40.43 - $44.55	$42.45
Blended Fair Value	$30.78
Current Price	$7.39
Upside	316.46%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	1.52%	-1.35%	0.50	0.42	0.43	0.52	0.46	0.46	0.44	0.67	0.72	0.56
YoY Growth	-	-	19.51%	-3.95%	-17.30%	13.34%	0.23%	5.91%	-34.58%	-7.81%	29.33%	-2.01%
Dividend Yield	-	-	8.69%	6.18%	8.46%	12.78%	7.10%	10.60%	5.37%	9.22%	8.05%	6.10%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,678.06
(-) Cash Dividends Paid (M)	769.15
(=) Cash Retained (M)	908.91

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	335.61	209.76	125.85
Cash Retained (M)	908.91	908.91	908.91
(-) Cash Required (M)	-335.61	-209.76	-125.85
(=) Excess Retained (M)	573.30	699.15	783.06
(/) Shares Outstanding (M)	1,794.20	1,794.20	1,794.20
(=) Excess Retained per Share	0.32	0.39	0.44
LTM Dividend per Share	0.43	0.43	0.43
(+) Excess Retained per Share	0.32	0.39	0.44
(=) Adjusted Dividend	0.75	0.82	0.87
WACC / Discount Rate	4.83%	4.83%	4.83%
Growth Rate	-0.48%	0.52%	1.52%
Fair Value	$14.03	$19.10	$26.56
Upside / Downside	89.90%	158.50%	259.47%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,678.06	1,686.84	1,695.66	1,704.54	1,713.45	1,722.42	1,774.09
Payout Ratio	45.84%	54.67%	63.50%	72.33%	81.17%	90.00%	92.50%
Projected Dividends (M)	769.15	922.17	1,076.77	1,232.96	1,390.76	1,550.18	1,641.03

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	4.83%	4.83%	4.83%
Growth Rate	-0.48%	0.52%	1.52%
Year 1 PV (M)	870.93	879.69	888.44
Year 2 PV (M)	960.44	979.84	999.43
Year 3 PV (M)	1,038.66	1,070.29	1,102.55
Year 4 PV (M)	1,106.50	1,151.65	1,198.16
Year 5 PV (M)	1,164.81	1,224.52	1,286.65
PV of Terminal Value (M)	67,402.06	70,857.04	74,452.28
Equity Value (M)	72,543.41	76,163.02	79,927.50
Shares Outstanding (M)	1,794.20	1,794.20	1,794.20
Fair Value	$40.43	$42.45	$44.55
Upside / Downside	447.12%	474.42%	502.81%

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Financial Statements

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Ticker

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Sector

Jointo Energy Investment Co., Ltd. Hebei (000600.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener