DDM Analysis: 600392.SS

Valuation Snapshot

Stable Growth	$15.82 - $68.63	$27.47
Multi-Stage	$9.60 - $10.50	$10.04
Blended Fair Value	$18.75
Current Price	$23.05
Upside	-18.63%
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	-2.23%	32.01%	0.12	0.16	0.17	0.16	0.07	0.14	0.10	0.08	0.02	0.05
YoY Growth	-	-	-26.71%	-3.70%	4.04%	148.24%	-50.98%	28.82%	34.29%	263.18%	-58.11%	583.62%
Dividend Yield	-	-	1.11%	1.64%	1.21%	0.97%	0.38%	1.96%	0.86%	0.60%	0.22%	0.64%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	901.93
(-) Cash Dividends Paid (M)	107.45
(=) Cash Retained (M)	794.48

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	180.39	112.74	67.64
Cash Retained (M)	794.48	794.48	794.48
(-) Cash Required (M)	-180.39	-112.74	-67.64
(=) Excess Retained (M)	614.10	681.74	726.84
(/) Shares Outstanding (M)	1,753.16	1,753.16	1,753.16
(=) Excess Retained per Share	0.35	0.39	0.41
LTM Dividend per Share	0.06	0.06	0.06
(+) Excess Retained per Share	0.35	0.39	0.41
(=) Adjusted Dividend	0.41	0.45	0.48
WACC / Discount Rate	8.25%	8.25%	8.25%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$15.82	$27.47	$68.63
Upside / Downside	-31.39%	19.16%	197.74%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	901.93	960.55	1,022.99	1,089.48	1,160.30	1,235.72	1,272.79
Payout Ratio	11.91%	27.53%	43.15%	58.77%	74.38%	90.00%	92.50%
Projected Dividends (M)	107.45	264.44	441.40	640.24	863.06	1,112.15	1,177.33

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.25%	8.25%	8.25%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	242.01	244.30	246.59
Year 2 PV (M)	369.67	376.71	383.82
Year 3 PV (M)	490.71	504.79	519.15
Year 4 PV (M)	605.36	628.64	652.59
Year 5 PV (M)	713.89	748.37	784.17
PV of Terminal Value (M)	14,407.41	15,103.29	15,825.80
Equity Value (M)	16,829.04	17,606.10	18,412.12
Shares Outstanding (M)	1,753.16	1,753.16	1,753.16
Fair Value	$9.60	$10.04	$10.50
Upside / Downside	-58.35%	-56.43%	-54.44%

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Shenghe Resources Holding Co., Ltd (600392.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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