DDM Analysis: 600388.SS

Valuation Snapshot

Stable Growth	$18.15 - $47.77	$27.69
Multi-Stage	$19.18 - $21.01	$20.08
Blended Fair Value	$23.88
Current Price	$15.09
Upside	58.28%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-2.94%	5.48%	0.27	0.25	0.32	0.26	0.26	0.31	0.26	0.21	0.19	0.17
YoY Growth	-	-	6.59%	-22.62%	22.94%	0.77%	-15.71%	18.84%	22.34%	14.03%	10.77%	7.82%
Dividend Yield	-	-	2.12%	1.95%	1.83%	2.47%	2.69%	3.41%	1.98%	1.45%	1.46%	1.27%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	963.34
(-) Cash Dividends Paid (M)	412.11
(=) Cash Retained (M)	551.24

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	192.67	120.42	72.25
Cash Retained (M)	551.24	551.24	551.24
(-) Cash Required (M)	-192.67	-120.42	-72.25
(=) Excess Retained (M)	358.57	430.82	478.99
(/) Shares Outstanding (M)	1,209.41	1,209.41	1,209.41
(=) Excess Retained per Share	0.30	0.36	0.40
LTM Dividend per Share	0.34	0.34	0.34
(+) Excess Retained per Share	0.30	0.36	0.40
(=) Adjusted Dividend	0.64	0.70	0.74
WACC / Discount Rate	6.84%	6.84%	6.84%
Growth Rate	3.21%	4.21%	5.21%
Fair Value	$18.15	$27.69	$47.77
Upside / Downside	20.31%	83.51%	216.54%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	963.34	1,003.95	1,046.26	1,090.36	1,136.31	1,184.21	1,219.73
Payout Ratio	42.78%	52.22%	61.67%	71.11%	80.56%	90.00%	92.50%
Projected Dividends (M)	412.11	524.29	645.20	775.37	915.37	1,065.78	1,128.25

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.84%	6.84%	6.84%
Growth Rate	3.21%	4.21%	5.21%
Year 1 PV (M)	486.03	490.74	495.44
Year 2 PV (M)	554.46	565.26	576.16
Year 3 PV (M)	617.69	635.82	654.30
Year 4 PV (M)	676.00	702.58	729.94
Year 5 PV (M)	729.64	765.68	803.13
PV of Terminal Value (M)	20,126.90	21,120.98	22,153.95
Equity Value (M)	23,190.72	24,281.05	25,412.92
Shares Outstanding (M)	1,209.41	1,209.41	1,209.41
Fair Value	$19.18	$20.08	$21.01
Upside / Downside	27.07%	33.05%	39.25%

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Fujian Longking Co., Ltd. (600388.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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