DDM Analysis: 601116.SS

Valuation Snapshot

Stable Growth	$2.34 - $3.63	$2.93
Multi-Stage	$5.57 - $6.12	$5.84
Blended Fair Value	$4.39
Current Price	$14.77
Upside	-70.30%
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	0.00%	2.92%	0.20	0.20	0.20	0.20	0.20	0.20	0.15	0.15	0.15	0.15
YoY Growth	-	-	0.00%	0.00%	0.00%	0.00%	0.00%	33.33%	0.00%	-0.63%	0.64%	0.00%
Dividend Yield	-	-	1.77%	2.16%	1.32%	2.39%	2.15%	1.52%	1.11%	0.73%	0.51%	1.49%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	135.96
(-) Cash Dividends Paid (M)	109.54
(=) Cash Retained (M)	26.43

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	27.19	17.00	10.20
Cash Retained (M)	26.43	26.43	26.43
(-) Cash Required (M)	-27.19	-17.00	-10.20
(=) Excess Retained (M)	-0.77	9.43	16.23
(/) Shares Outstanding (M)	547.76	547.76	547.76
(=) Excess Retained per Share	0.00	0.02	0.03
LTM Dividend per Share	0.20	0.20	0.20
(+) Excess Retained per Share	0.00	0.02	0.03
(=) Adjusted Dividend	0.20	0.22	0.23
WACC / Discount Rate	6.33%	6.33%	6.33%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$2.34	$2.93	$3.63
Upside / Downside	-84.18%	-80.13%	-75.43%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	135.96	134.60	133.26	131.92	130.60	129.30	133.18
Payout Ratio	80.56%	82.45%	84.34%	86.23%	88.11%	90.00%	92.50%
Projected Dividends (M)	109.54	110.98	112.39	113.75	115.08	116.37	123.19

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.33%	6.33%	6.33%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	103.32	104.38	105.43
Year 2 PV (M)	97.41	99.41	101.43
Year 3 PV (M)	91.79	94.63	97.53
Year 4 PV (M)	86.45	90.04	93.73
Year 5 PV (M)	81.39	85.63	90.04
PV of Terminal Value (M)	2,589.78	2,724.64	2,865.05
Equity Value (M)	3,050.15	3,198.72	3,353.21
Shares Outstanding (M)	547.76	547.76	547.76
Fair Value	$5.57	$5.84	$6.12
Upside / Downside	-62.30%	-60.46%	-58.55%

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Sanjiang Shopping Club Co.,Ltd (601116.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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