DDM Analysis: 000039.SZ

Valuation Snapshot

Stable Growth	$37.01 - $95.64	$89.63
Multi-Stage	$13.64 - $14.93	$14.28
Blended Fair Value	$51.95
Current Price	$8.29
Upside	526.68%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	6.97%	1.86%	0.41	0.17	0.44	0.18	0.08	0.29	0.51	0.44	0.54	0.41
YoY Growth	-	-	137.81%	-61.03%	146.61%	133.74%	-73.79%	-43.41%	17.46%	-19.45%	33.44%	20.21%
Dividend Yield	-	-	4.64%	1.81%	5.78%	1.93%	0.72%	5.67%	6.14%	4.72%	6.09%	4.78%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	2,709.94
(-) Cash Dividends Paid (M)	848.19
(=) Cash Retained (M)	1,861.75

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	541.99	338.74	203.25
Cash Retained (M)	1,861.75	1,861.75	1,861.75
(-) Cash Required (M)	-541.99	-338.74	-203.25
(=) Excess Retained (M)	1,319.76	1,523.00	1,658.50
(/) Shares Outstanding (M)	5,635.09	5,635.09	5,635.09
(=) Excess Retained per Share	0.23	0.27	0.29
LTM Dividend per Share	0.15	0.15	0.15
(+) Excess Retained per Share	0.23	0.27	0.29
(=) Adjusted Dividend	0.38	0.42	0.44
WACC / Discount Rate	6.60%	6.60%	6.60%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$37.01	$89.63	$95.64
Upside / Downside	346.40%	981.16%	1,053.68%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	2,709.94	2,886.08	3,073.68	3,273.47	3,486.24	3,712.85	3,824.24
Payout Ratio	31.30%	43.04%	54.78%	66.52%	78.26%	90.00%	92.50%
Projected Dividends (M)	848.19	1,242.15	1,683.75	2,177.50	2,728.33	3,341.56	3,537.42

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)	1,154.34	1,165.28	1,176.22
Year 2 PV (M)	1,454.10	1,481.80	1,509.76
Year 3 PV (M)	1,747.57	1,797.74	1,848.85
Year 4 PV (M)	2,034.85	2,113.10	2,193.59
Year 5 PV (M)	2,316.03	2,427.89	2,544.04
PV of Terminal Value (M)	68,165.70	71,458.12	74,876.56
Equity Value (M)	76,872.58	80,443.94	84,149.03
Shares Outstanding (M)	5,635.09	5,635.09	5,635.09
Fair Value	$13.64	$14.28	$14.93
Upside / Downside	64.56%	72.20%	80.13%

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Ticker

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Sector

China International Marine Containers (Group) Co., Ltd. (000039.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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