DDM Analysis: 600054.SS

Valuation Snapshot

Stable Growth	$63.30 - $74.63	$69.92
Multi-Stage	$37.55 - $41.35	$39.41
Blended Fair Value	$54.67
Current Price	$11.76
Upside	364.85%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	10.77%	10.86%	0.22	0.01	0.11	0.00	0.11	0.13	0.25	0.19	0.14	0.07
YoY Growth	-	-	1,981.70%	-89.94%	38,519.86%	-99.75%	-17.44%	-46.96%	28.28%	40.94%	103.09%	-13.66%
Dividend Yield	-	-	1.86%	0.09%	0.74%	0.00%	1.01%	1.57%	2.05%	1.48%	0.80%	0.42%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	283.60
(-) Cash Dividends Paid (M)	93.65
(=) Cash Retained (M)	189.95

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	56.72	35.45	21.27
Cash Retained (M)	189.95	189.95	189.95
(-) Cash Required (M)	-56.72	-35.45	-21.27
(=) Excess Retained (M)	133.23	154.50	168.68
(/) Shares Outstanding (M)	729.32	729.32	729.32
(=) Excess Retained per Share	0.18	0.21	0.23
LTM Dividend per Share	0.13	0.13	0.13
(+) Excess Retained per Share	0.18	0.21	0.23
(=) Adjusted Dividend	0.31	0.34	0.36
WACC / Discount Rate	2.18%	2.18%	2.18%
Growth Rate	1.75%	2.75%	3.75%
Fair Value	$63.30	$69.92	$74.63
Upside / Downside	438.30%	494.55%	534.64%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	283.60	291.39	299.39	307.62	316.07	324.75	334.49
Payout Ratio	33.02%	44.42%	55.81%	67.21%	78.60%	90.00%	92.50%
Projected Dividends (M)	93.65	129.43	167.10	206.75	248.44	292.27	309.40

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	2.18%	2.18%	2.18%
Growth Rate	1.75%	2.75%	3.75%
Year 1 PV (M)	125.43	126.67	127.90
Year 2 PV (M)	156.94	160.04	163.17
Year 3 PV (M)	188.18	193.78	199.50
Year 4 PV (M)	219.15	227.89	236.89
Year 5 PV (M)	249.85	262.37	275.39
PV of Terminal Value (M)	26,449.08	27,774.64	29,152.82
Equity Value (M)	27,388.63	28,745.39	30,155.66
Shares Outstanding (M)	729.32	729.32	729.32
Fair Value	$37.55	$39.41	$41.35
Upside / Downside	219.33%	235.15%	251.59%

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Huangshan Tourism Development Co.,Ltd. (600054.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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