DDM Analysis: 600150.SS

Valuation Snapshot

Stable Growth	$32.59 - $92.90	$50.92
Multi-Stage	$21.78 - $23.81	$22.78
Blended Fair Value	$36.85
Current Price	$34.60
Upside	6.50%
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	15.65%	8.28%	0.26	0.14	0.16	0.15	0.15	0.13	0.06	0.18	0.16	0.13
YoY Growth	-	-	81.49%	-10.10%	8.72%	0.59%	15.96%	121.93%	-68.08%	12.73%	21.41%	10.39%
Dividend Yield	-	-	0.85%	0.38%	0.68%	0.85%	0.95%	0.68%	0.28%	0.93%	0.56%	0.52%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	6,363.93
(-) Cash Dividends Paid (M)	1,325.53
(=) Cash Retained (M)	5,038.40

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,272.79	795.49	477.29
Cash Retained (M)	5,038.40	5,038.40	5,038.40
(-) Cash Required (M)	-1,272.79	-795.49	-477.29
(=) Excess Retained (M)	3,765.61	4,242.91	4,561.10
(/) Shares Outstanding (M)	4,834.69	4,834.69	4,834.69
(=) Excess Retained per Share	0.78	0.88	0.94
LTM Dividend per Share	0.27	0.27	0.27
(+) Excess Retained per Share	0.78	0.88	0.94
(=) Adjusted Dividend	1.05	1.15	1.22
WACC / Discount Rate	8.91%	8.91%	8.91%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$32.59	$50.92	$92.90
Upside / Downside	-5.81%	47.17%	168.50%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	6,363.93	6,777.59	7,218.13	7,687.31	8,186.98	8,719.14	8,980.71
Payout Ratio	20.83%	34.66%	48.50%	62.33%	76.17%	90.00%	92.50%
Projected Dividends (M)	1,325.53	2,349.32	3,500.60	4,791.62	6,235.68	7,847.22	8,307.16

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.91%	8.91%	8.91%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	2,136.89	2,157.14	2,177.40
Year 2 PV (M)	2,896.15	2,951.31	3,007.00
Year 3 PV (M)	3,605.79	3,709.30	3,814.77
Year 4 PV (M)	4,268.17	4,432.31	4,601.14
Year 5 PV (M)	4,885.54	5,121.52	5,366.52
PV of Terminal Value (M)	87,526.82	91,754.40	96,143.77
Equity Value (M)	105,319.35	110,125.97	115,110.59
Shares Outstanding (M)	4,834.69	4,834.69	4,834.69
Fair Value	$21.78	$22.78	$23.81
Upside / Downside	-37.04%	-34.17%	-31.19%

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China CSSC Holdings Limited (600150.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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