DDM Analysis: 600739.SS

Valuation Snapshot

Stable Growth	$7.01 - $11.97	$9.16
Multi-Stage	$12.98 - $14.26	$13.61
Blended Fair Value	$11.38
Current Price	$12.29
Upside	-7.38%
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%	15.57%	0.52	0.59	0.67	0.64	0.48	0.34	0.52	0.33	0.33	0.32
YoY Growth	-	-	-12.03%	-11.62%	3.69%	34.88%	39.44%	-33.98%	55.06%	1.95%	3.70%	158.97%
Dividend Yield	-	-	4.96%	5.70%	5.12%	4.01%	2.34%	1.88%	3.39%	1.85%	1.85%	1.79%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	862.79
(-) Cash Dividends Paid (M)	398.90
(=) Cash Retained (M)	463.89

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	172.56	107.85	64.71
Cash Retained (M)	463.89	463.89	463.89
(-) Cash Required (M)	-172.56	-107.85	-64.71
(=) Excess Retained (M)	291.33	356.04	399.18
(/) Shares Outstanding (M)	1,522.31	1,522.31	1,522.31
(=) Excess Retained per Share	0.19	0.23	0.26
LTM Dividend per Share	0.26	0.26	0.26
(+) Excess Retained per Share	0.19	0.23	0.26
(=) Adjusted Dividend	0.45	0.50	0.52
WACC / Discount Rate	6.49%	6.49%	6.49%
Growth Rate	0.02%	1.02%	2.02%
Fair Value	$7.01	$9.16	$11.97
Upside / Downside	-42.96%	-25.47%	-2.64%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	862.79	871.63	880.56	889.59	898.71	907.92	935.15
Payout Ratio	46.23%	54.99%	63.74%	72.49%	81.25%	90.00%	92.50%
Projected Dividends (M)	398.90	479.28	561.27	644.89	730.17	817.12	865.02

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.49%	6.49%	6.49%
Growth Rate	0.02%	1.02%	2.02%
Year 1 PV (M)	445.60	450.05	454.51
Year 2 PV (M)	485.15	494.90	504.75
Year 3 PV (M)	518.25	533.95	549.97
Year 4 PV (M)	545.54	567.69	590.50
Year 5 PV (M)	567.60	596.55	626.66
PV of Terminal Value (M)	17,193.23	18,070.04	18,982.26
Equity Value (M)	19,755.38	20,713.18	21,708.64
Shares Outstanding (M)	1,522.31	1,522.31	1,522.31
Fair Value	$12.98	$13.61	$14.26
Upside / Downside	5.59%	10.71%	16.03%

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Liaoning Cheng Da Co., Ltd. (600739.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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