DDM Analysis: 000065.SZ

Valuation Snapshot

Stable Growth	$63.55 - $137.80	$129.14
Multi-Stage	$20.77 - $22.74	$21.73
Blended Fair Value	$75.44
Current Price	$10.88
Upside	593.35%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	36.67%	33.04%	0.26	0.06	0.06	0.07	0.06	0.05	0.05	0.04	0.02	0.02
YoY Growth	-	-	364.01%	1.48%	-17.34%	6.52%	15.00%	0.00%	33.33%	110.35%	-4.74%	36.40%
Dividend Yield	-	-	2.52%	0.48%	0.36%	0.77%	0.74%	0.85%	0.50%	0.39%	0.09%	0.18%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	776.64
(-) Cash Dividends Paid (M)	270.30
(=) Cash Retained (M)	506.34

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	155.33	97.08	58.25
Cash Retained (M)	506.34	506.34	506.34
(-) Cash Required (M)	-155.33	-97.08	-58.25
(=) Excess Retained (M)	351.01	409.26	448.09
(/) Shares Outstanding (M)	1,120.84	1,120.84	1,120.84
(=) Excess Retained per Share	0.31	0.37	0.40
LTM Dividend per Share	0.24	0.24	0.24
(+) Excess Retained per Share	0.31	0.37	0.40
(=) Adjusted Dividend	0.55	0.61	0.64
WACC / Discount Rate	6.42%	6.42%	6.42%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$63.55	$129.14	$137.80
Upside / Downside	484.13%	1,086.95%	1,166.56%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	776.64	827.12	880.88	938.14	999.12	1,064.06	1,095.99
Payout Ratio	34.80%	45.84%	56.88%	67.92%	78.96%	90.00%	92.50%
Projected Dividends (M)	270.30	379.18	501.07	637.20	788.91	957.66	1,013.79

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)	352.96	356.30	359.65
Year 2 PV (M)	434.16	442.43	450.78
Year 3 PV (M)	513.94	528.69	543.73
Year 4 PV (M)	592.30	615.08	638.51
Year 5 PV (M)	669.27	701.60	735.16
PV of Terminal Value (M)	20,715.24	21,715.79	22,754.64
Equity Value (M)	23,277.87	24,359.90	25,482.46
Shares Outstanding (M)	1,120.84	1,120.84	1,120.84
Fair Value	$20.77	$21.73	$22.74
Upside / Downside	90.88%	99.76%	108.96%

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Norinco International Cooperation Ltd. (000065.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener