DDM Analysis: 600179.SS

Valuation Snapshot

Stable Growth	$2.56 - $4.13	$3.27
Multi-Stage	$2.81 - $3.08	$2.94
Blended Fair Value	$3.10
Current Price	$3.59
Upside	-13.54%
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	-50.70%	-19.38%	0.00	0.00	0.00	0.00	0.01	0.02	0.05	0.01	0.01	0.01
YoY Growth	-	-	3,019.82%	-96.23%	0.00%	-100.00%	-45.47%	-50.68%	311.48%	33.24%	53.73%	-4.13%
Dividend Yield	-	-	0.02%	0.00%	0.02%	0.00%	0.29%	0.51%	0.61%	0.10%	0.07%	0.06%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,113.09
(-) Cash Dividends Paid (M)	3.94
(=) Cash Retained (M)	1,109.15

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	222.62	139.14	83.48
Cash Retained (M)	1,109.15	1,109.15	1,109.15
(-) Cash Required (M)	-222.62	-139.14	-83.48
(=) Excess Retained (M)	886.53	970.02	1,025.67
(/) Shares Outstanding (M)	4,754.66	4,754.66	4,754.66
(=) Excess Retained per Share	0.19	0.20	0.22
LTM Dividend per Share	0.00	0.00	0.00
(+) Excess Retained per Share	0.19	0.20	0.22
(=) Adjusted Dividend	0.19	0.20	0.22
WACC / Discount Rate	9.77%	9.77%	9.77%
Growth Rate	2.30%	3.30%	4.30%
Fair Value	$2.56	$3.27	$4.13
Upside / Downside	-28.58%	-8.93%	14.96%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,113.09	1,149.85	1,187.81	1,227.03	1,267.55	1,309.40	1,348.69
Payout Ratio	0.35%	18.28%	36.21%	54.14%	72.07%	90.00%	92.50%
Projected Dividends (M)	3.94	210.23	430.14	664.34	913.53	1,178.46	1,247.54

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.77%	9.77%	9.77%
Growth Rate	2.30%	3.30%	4.30%
Year 1 PV (M)	189.66	191.51	193.36
Year 2 PV (M)	350.07	356.95	363.89
Year 3 PV (M)	487.76	502.21	516.93
Year 4 PV (M)	605.09	629.10	653.81
Year 5 PV (M)	704.18	739.28	775.76
PV of Terminal Value (M)	11,003.78	11,552.21	12,122.29
Equity Value (M)	13,340.54	13,971.25	14,626.05
Shares Outstanding (M)	4,754.66	4,754.66	4,754.66
Fair Value	$2.81	$2.94	$3.08
Upside / Downside	-21.84%	-18.15%	-14.31%

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Antong Holdings Co., Ltd. (600179.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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