DDM Analysis: 600681.SS

Valuation Snapshot

Stable Growth	$2.80 - $4.61	$3.61
Multi-Stage	$6.75 - $7.42	$7.08
Blended Fair Value	$5.34
Current Price	$3.81
Upside	40.28%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-8.45%	9.23%	0.28	0.36	0.46	0.57	0.49	0.43	0.36	0.01	0.00	0.18
YoY Growth	-	-	-22.90%	-21.61%	-20.13%	17.85%	13.05%	19.18%	2,516.90%	217.14%	-97.53%	53.63%
Dividend Yield	-	-	8.30%	9.57%	10.55%	11.13%	8.52%	8.00%	3.78%	0.16%	0.04%	2.21%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	335.93
(-) Cash Dividends Paid (M)	320.27
(=) Cash Retained (M)	15.66

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	67.19	41.99	25.19
Cash Retained (M)	15.66	15.66	15.66
(-) Cash Required (M)	-67.19	-41.99	-25.19
(=) Excess Retained (M)	-51.53	-26.34	-9.54
(/) Shares Outstanding (M)	1,340.89	1,340.89	1,340.89
(=) Excess Retained per Share	-0.04	-0.02	-0.01
LTM Dividend per Share	0.24	0.24	0.24
(+) Excess Retained per Share	-0.04	-0.02	-0.01
(=) Adjusted Dividend	0.20	0.22	0.23
WACC / Discount Rate	5.91%	5.91%	5.91%
Growth Rate	-1.16%	-0.16%	0.84%
Fair Value	$2.80	$3.61	$4.61
Upside / Downside	-26.42%	-5.31%	21.07%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	335.93	335.40	334.87	334.34	333.82	333.29	343.29
Payout Ratio	95.34%	94.27%	93.20%	92.14%	91.07%	90.00%	92.50%
Projected Dividends (M)	320.27	316.19	312.11	308.05	304.00	299.96	317.54

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	5.91%	5.91%	5.91%
Growth Rate	-1.16%	-0.16%	0.84%
Year 1 PV (M)	295.56	298.55	301.54
Year 2 PV (M)	272.71	278.26	283.86
Year 3 PV (M)	251.60	259.31	267.18
Year 4 PV (M)	232.09	241.63	251.45
Year 5 PV (M)	214.07	225.12	236.62
PV of Terminal Value (M)	7,790.34	8,192.47	8,611.04
Equity Value (M)	9,056.36	9,495.33	9,951.69
Shares Outstanding (M)	1,340.89	1,340.89	1,340.89
Fair Value	$6.75	$7.08	$7.42
Upside / Downside	77.27%	85.86%	94.80%

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Bestsun Energy Co., Ltd. (600681.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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