DDM Analysis: 600497.SS

Valuation Snapshot

Stable Growth	$1.99 - $3.03	$2.48
Multi-Stage	$4.02 - $4.42	$4.22
Blended Fair Value	$3.35
Current Price	$6.43
Upside	-47.92%
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	17.64%	-5.35%	0.16	0.14	0.16	0.11	0.20	0.07	0.15	0.16	0.23	0.25
YoY Growth	-	-	12.47%	-11.86%	45.81%	-44.04%	178.60%	-54.17%	-5.19%	-30.39%	-7.36%	-8.64%
Dividend Yield	-	-	2.90%	2.55%	3.09%	2.13%	4.07%	1.96%	2.79%	2.53%	3.34%	4.50%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,142.60
(-) Cash Dividends Paid (M)	743.00
(=) Cash Retained (M)	399.60

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	228.52	142.83	85.70
Cash Retained (M)	399.60	399.60	399.60
(-) Cash Required (M)	-228.52	-142.83	-85.70
(=) Excess Retained (M)	171.08	256.77	313.90
(/) Shares Outstanding (M)	5,067.49	5,067.49	5,067.49
(=) Excess Retained per Share	0.03	0.05	0.06
LTM Dividend per Share	0.15	0.15	0.15
(+) Excess Retained per Share	0.03	0.05	0.06
(=) Adjusted Dividend	0.18	0.20	0.21
WACC / Discount Rate	7.18%	7.18%	7.18%
Growth Rate	-1.71%	-0.71%	0.29%
Fair Value	$1.99	$2.48	$3.03
Upside / Downside	-69.00%	-61.41%	-52.82%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,142.60	1,134.48	1,126.42	1,118.42	1,110.47	1,102.58	1,135.66
Payout Ratio	65.03%	70.02%	75.02%	80.01%	85.01%	90.00%	92.50%
Projected Dividends (M)	743.00	794.39	845.00	894.86	943.96	992.32	1,050.48

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.18%	7.18%	7.18%
Growth Rate	-1.71%	-0.71%	0.29%
Year 1 PV (M)	733.67	741.14	748.60
Year 2 PV (M)	720.77	735.52	750.41
Year 3 PV (M)	704.96	726.70	748.88
Year 4 PV (M)	686.81	715.19	744.44
Year 5 PV (M)	666.82	701.44	737.48
PV of Terminal Value (M)	16,868.78	17,744.54	18,656.30
Equity Value (M)	20,381.82	21,364.52	22,386.11
Shares Outstanding (M)	5,067.49	5,067.49	5,067.49
Fair Value	$4.02	$4.22	$4.42
Upside / Downside	-37.45%	-34.43%	-31.30%

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Yunnan Chihong Zinc & Germanium Co., Ltd. (600497.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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