DDM Analysis: 601001.SS

Valuation Snapshot

Stable Growth	$28.59 - $84.34	$45.11
Multi-Stage	$25.63 - $28.11	$26.84
Blended Fair Value	$35.98
Current Price	$13.76
Upside	161.47%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	17.20%	4.66%	0.88	0.62	0.62	0.26	0.27	0.40	0.37	0.31	0.37	0.25
YoY Growth	-	-	41.71%	0.38%	135.13%	-1.76%	-32.70%	8.19%	19.31%	-17.22%	50.61%	-55.67%
Dividend Yield	-	-	7.43%	4.06%	5.55%	1.68%	5.33%	11.35%	7.23%	5.82%	6.08%	5.12%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,933.77
(-) Cash Dividends Paid (M)	78.43
(=) Cash Retained (M)	1,855.33

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	386.75	241.72	145.03
Cash Retained (M)	1,855.33	1,855.33	1,855.33
(-) Cash Required (M)	-386.75	-241.72	-145.03
(=) Excess Retained (M)	1,468.58	1,613.61	1,710.30
(/) Shares Outstanding (M)	1,686.08	1,686.08	1,686.08
(=) Excess Retained per Share	0.87	0.96	1.01
LTM Dividend per Share	0.05	0.05	0.05
(+) Excess Retained per Share	0.87	0.96	1.01
(=) Adjusted Dividend	0.92	1.00	1.06
WACC / Discount Rate	7.10%	7.10%	7.10%
Growth Rate	3.77%	4.77%	5.77%
Fair Value	$28.59	$45.11	$84.34
Upside / Downside	107.76%	227.87%	512.92%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,933.77	2,025.93	2,122.48	2,223.64	2,329.61	2,440.64	2,513.86
Payout Ratio	4.06%	21.24%	38.43%	55.62%	72.81%	90.00%	92.50%
Projected Dividends (M)	78.43	430.40	815.75	1,236.84	1,696.22	2,196.58	2,325.32

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.10%	7.10%	7.10%
Growth Rate	3.77%	4.77%	5.77%
Year 1 PV (M)	398.05	401.88	405.72
Year 2 PV (M)	697.71	711.22	724.86
Year 3 PV (M)	978.35	1,006.91	1,036.02
Year 4 PV (M)	1,240.86	1,289.39	1,339.33
Year 5 PV (M)	1,486.09	1,559.10	1,634.94
PV of Terminal Value (M)	38,404.75	40,291.31	42,251.29
Equity Value (M)	43,205.81	45,259.81	47,392.16
Shares Outstanding (M)	1,686.08	1,686.08	1,686.08
Fair Value	$25.63	$26.84	$28.11
Upside / Downside	86.23%	95.08%	104.27%

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Jinneng Holding Shanxi Coal Industry Co.,ltd. (601001.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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