DDM Analysis: 600459.SS

Valuation Snapshot

Stable Growth	$15.78 - $33.43	$22.39
Multi-Stage	$11.44 - $12.50	$11.96
Blended Fair Value	$17.17
Current Price	$17.27
Upside	-0.56%
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	8.68%	17.28%	0.35	0.29	0.38	0.37	0.30	0.23	0.20	0.11	0.08	0.08
YoY Growth	-	-	20.44%	-25.44%	3.87%	21.69%	33.59%	14.53%	76.93%	46.83%	-7.64%	18.12%
Dividend Yield	-	-	2.48%	1.90%	2.38%	1.95%	2.01%	2.32%	1.63%	1.18%	0.63%	0.90%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	634.82
(-) Cash Dividends Paid (M)	76.35
(=) Cash Retained (M)	558.47

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	126.96	79.35	47.61
Cash Retained (M)	558.47	558.47	558.47
(-) Cash Required (M)	-126.96	-79.35	-47.61
(=) Excess Retained (M)	431.51	479.12	510.86
(/) Shares Outstanding (M)	753.44	753.44	753.44
(=) Excess Retained per Share	0.57	0.64	0.68
LTM Dividend per Share	0.10	0.10	0.10
(+) Excess Retained per Share	0.57	0.64	0.68
(=) Adjusted Dividend	0.67	0.74	0.78
WACC / Discount Rate	10.01%	10.01%	10.01%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$15.78	$22.39	$33.43
Upside / Downside	-8.63%	29.66%	93.56%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	634.82	676.08	720.02	766.83	816.67	869.75	895.85
Payout Ratio	12.03%	27.62%	43.22%	58.81%	74.41%	90.00%	92.50%
Projected Dividends (M)	76.35	186.74	311.17	450.98	607.65	782.78	828.66

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	10.01%	10.01%	10.01%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	168.16	169.76	171.35
Year 2 PV (M)	252.33	257.13	261.98
Year 3 PV (M)	329.31	338.77	348.40
Year 4 PV (M)	399.57	414.93	430.74
Year 5 PV (M)	463.51	485.90	509.15
PV of Terminal Value (M)	7,003.32	7,341.58	7,692.79
Equity Value (M)	8,616.20	9,008.07	9,414.40
Shares Outstanding (M)	753.44	753.44	753.44
Fair Value	$11.44	$11.96	$12.50
Upside / Downside	-33.78%	-30.77%	-27.65%

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Sino-Platinum Metals Co.,Ltd (600459.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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