DDM Analysis: 600623.SS

Valuation Snapshot

Stable Growth	$4.96 - $9.15	$6.69
Multi-Stage	$8.53 - $9.37	$8.94
Blended Fair Value	$7.81
Current Price	$8.77
Upside	-10.90%
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	-6.55%	-0.37%	0.38	0.31	0.64	0.19	0.27	0.53	0.39	0.23	0.23	0.39
YoY Growth	-	-	23.36%	-51.96%	234.93%	-29.90%	-48.77%	34.09%	70.51%	2.34%	-41.26%	-1.59%
Dividend Yield	-	-	5.17%	4.85%	9.21%	2.24%	3.93%	9.89%	3.92%	2.35%	1.98%	1.54%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	702.57
(-) Cash Dividends Paid (M)	422.57
(=) Cash Retained (M)	280.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	140.51	87.82	52.69
Cash Retained (M)	280.00	280.00	280.00
(-) Cash Required (M)	-140.51	-87.82	-52.69
(=) Excess Retained (M)	139.48	192.18	227.30
(/) Shares Outstanding (M)	2,060.75	2,060.75	2,060.75
(=) Excess Retained per Share	0.07	0.09	0.11
LTM Dividend per Share	0.21	0.21	0.21
(+) Excess Retained per Share	0.07	0.09	0.11
(=) Adjusted Dividend	0.27	0.30	0.32
WACC / Discount Rate	6.36%	6.36%	6.36%
Growth Rate	0.81%	1.81%	2.81%
Fair Value	$4.96	$6.69	$9.15
Upside / Downside	-43.43%	-23.75%	4.38%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	702.57	715.32	728.30	741.52	754.98	768.68	791.74
Payout Ratio	60.15%	66.12%	72.09%	78.06%	84.03%	90.00%	92.50%
Projected Dividends (M)	422.57	472.95	525.02	578.82	634.40	691.81	732.36

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.36%	6.36%	6.36%
Growth Rate	0.81%	1.81%	2.81%
Year 1 PV (M)	440.32	444.68	449.05
Year 2 PV (M)	455.06	464.13	473.30
Year 3 PV (M)	467.08	481.11	495.43
Year 4 PV (M)	476.60	495.80	515.57
Year 5 PV (M)	483.87	508.35	533.81
PV of Terminal Value (M)	15,259.26	16,031.22	16,834.11
Equity Value (M)	17,582.19	18,425.30	19,301.26
Shares Outstanding (M)	2,060.75	2,060.75	2,060.75
Fair Value	$8.53	$8.94	$9.37
Upside / Downside	-2.71%	1.95%	6.80%

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Shanghai Huayi Group Corporation Limited (600623.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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