DDM Analysis: 600729.SS

Valuation Snapshot

Stable Growth	$22.71 - $33.03	$27.70
Multi-Stage	$62.74 - $69.31	$65.96
Blended Fair Value	$46.83
Current Price	$26.55
Upside	76.39%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	23.78%	8.75%	1.50	0.71	3.48	3.40	0.76	0.52	0.55	0.56	0.36	0.69
YoY Growth	-	-	111.44%	-79.57%	2.29%	350.05%	46.15%	-6.13%	-1.56%	55.73%	-48.17%	6.72%
Dividend Yield	-	-	4.98%	2.65%	12.82%	13.01%	2.50%	1.86%	1.46%	1.90%	1.35%	3.07%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,382.81
(-) Cash Dividends Paid (M)	300.85
(=) Cash Retained (M)	1,081.95

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	276.56	172.85	103.71
Cash Retained (M)	1,081.95	1,081.95	1,081.95
(-) Cash Required (M)	-276.56	-172.85	-103.71
(=) Excess Retained (M)	805.39	909.10	978.24
(/) Shares Outstanding (M)	438.74	438.74	438.74
(=) Excess Retained per Share	1.84	2.07	2.23
LTM Dividend per Share	0.69	0.69	0.69
(+) Excess Retained per Share	1.84	2.07	2.23
(=) Adjusted Dividend	2.52	2.76	2.92
WACC / Discount Rate	6.18%	6.18%	6.18%
Growth Rate	-4.43%	-3.43%	-2.43%
Fair Value	$22.71	$27.70	$33.03
Upside / Downside	-14.48%	4.35%	24.39%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,382.81	1,335.33	1,289.48	1,245.20	1,202.45	1,161.16	1,196.00
Payout Ratio	21.76%	35.41%	49.05%	62.70%	76.35%	90.00%	92.50%
Projected Dividends (M)	300.85	472.78	632.54	780.78	918.09	1,045.05	1,106.30

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.18%	6.18%	6.18%
Growth Rate	-4.43%	-3.43%	-2.43%
Year 1 PV (M)	440.65	445.26	449.87
Year 2 PV (M)	549.50	561.06	572.74
Year 3 PV (M)	632.19	652.24	672.71
Year 4 PV (M)	692.86	722.31	752.70
Year 5 PV (M)	735.08	774.35	815.29
PV of Terminal Value (M)	24,476.75	25,784.44	27,147.44
Equity Value (M)	27,527.02	28,939.68	30,410.76
Shares Outstanding (M)	438.74	438.74	438.74
Fair Value	$62.74	$65.96	$69.31
Upside / Downside	136.31%	148.44%	161.07%

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Chongqing Department Store Co.,Ltd. (600729.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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