DDM Analysis: 600989.SS

Valuation Snapshot

Stable Growth	$54.21 - $292.94	$106.14
Multi-Stage	$31.09 - $33.98	$32.51
Blended Fair Value	$69.32
Current Price	$17.80
Upside	289.46%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	5.32%	18.28%	0.44	0.21	0.42	0.32	0.32	0.34	0.26	0.35	0.07	0.00
YoY Growth	-	-	107.58%	-49.72%	31.80%	-0.14%	-5.66%	28.73%	-24.74%	381.13%	0.00%	-100.00%
Dividend Yield	-	-	3.02%	1.26%	2.85%	2.15%	2.04%	4.03%	1.64%	2.19%	0.45%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	10,750.77
(-) Cash Dividends Paid (M)	4,269.85
(=) Cash Retained (M)	6,480.92

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	2,150.15	1,343.85	806.31
Cash Retained (M)	6,480.92	6,480.92	6,480.92
(-) Cash Required (M)	-2,150.15	-1,343.85	-806.31
(=) Excess Retained (M)	4,330.76	5,137.07	5,674.61
(/) Shares Outstanding (M)	7,298.68	7,298.68	7,298.68
(=) Excess Retained per Share	0.59	0.70	0.78
LTM Dividend per Share	0.59	0.59	0.59
(+) Excess Retained per Share	0.59	0.70	0.78
(=) Adjusted Dividend	1.18	1.29	1.36
WACC / Discount Rate	7.79%	7.79%	7.79%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$54.21	$106.14	$292.94
Upside / Downside	204.55%	496.28%	1,545.72%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	10,750.77	11,449.57	12,193.80	12,986.39	13,830.51	14,729.49	15,171.38
Payout Ratio	39.72%	49.77%	59.83%	69.89%	79.94%	90.00%	92.50%
Projected Dividends (M)	4,269.85	5,698.84	7,295.55	9,075.76	11,056.57	13,256.54	14,033.52

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.79%	7.79%	7.79%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	5,237.18	5,286.82	5,336.46
Year 2 PV (M)	6,161.42	6,278.78	6,397.24
Year 3 PV (M)	7,043.96	7,246.16	7,452.20
Year 4 PV (M)	7,886.16	8,189.44	8,501.38
Year 5 PV (M)	8,689.33	9,109.03	9,544.79
PV of Terminal Value (M)	191,907.61	201,176.82	210,800.78
Equity Value (M)	226,925.66	237,287.05	248,032.86
Shares Outstanding (M)	7,298.68	7,298.68	7,298.68
Fair Value	$31.09	$32.51	$33.98
Upside / Downside	74.67%	82.65%	90.92%

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Ningxia Baofeng Energy Group Co., Ltd. (600989.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener