DDM Analysis: 600776.SS

Valuation Snapshot

Stable Growth	$2.18 - $3.10	$2.64
Multi-Stage	$3.20 - $3.52	$3.35
Blended Fair Value	$2.99
Current Price	$12.68
Upside	-76.39%
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	0.37%	-0.23%	0.06	0.06	0.04	0.04	0.04	0.06	0.06	0.06	0.06	0.06
YoY Growth	-	-	10.86%	37.50%	0.00%	0.16%	-33.28%	-0.02%	-1.02%	0.40%	-2.18%	-1.32%
Dividend Yield	-	-	0.56%	0.54%	0.36%	0.37%	0.35%	0.35%	0.19%	0.95%	0.77%	0.69%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	411.63
(-) Cash Dividends Paid (M)	0.08
(=) Cash Retained (M)	411.54

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	82.33	51.45	30.87
Cash Retained (M)	411.54	411.54	411.54
(-) Cash Required (M)	-82.33	-51.45	-30.87
(=) Excess Retained (M)	329.22	360.09	380.67
(/) Shares Outstanding (M)	1,251.55	1,251.55	1,251.55
(=) Excess Retained per Share	0.26	0.29	0.30
LTM Dividend per Share	0.00	0.00	0.00
(+) Excess Retained per Share	0.26	0.29	0.30
(=) Adjusted Dividend	0.26	0.29	0.30
WACC / Discount Rate	9.81%	9.81%	9.81%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$2.18	$2.64	$3.10
Upside / Downside	-82.78%	-79.22%	-75.55%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	411.63	407.51	403.44	399.40	395.41	391.45	403.20
Payout Ratio	0.02%	18.02%	36.01%	54.01%	72.00%	90.00%	92.50%
Projected Dividends (M)	0.08	73.42	145.29	215.71	284.71	352.31	372.96

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.81%	9.81%	9.81%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	66.18	66.86	67.53
Year 2 PV (M)	118.06	120.48	122.93
Year 3 PV (M)	158.01	162.90	167.89
Year 4 PV (M)	188.00	195.80	203.83
Year 5 PV (M)	209.72	220.64	232.01
PV of Terminal Value (M)	3,259.16	3,428.87	3,605.58
Equity Value (M)	3,999.14	4,195.54	4,399.76
Shares Outstanding (M)	1,251.55	1,251.55	1,251.55
Fair Value	$3.20	$3.35	$3.52
Upside / Downside	-74.80%	-73.56%	-72.28%

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Eastern Communications Co., Ltd. (600776.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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