DDM Analysis: 601139.SS

Valuation Snapshot

Stable Growth	$41.64 - $80.67	$75.60
Multi-Stage	$12.59 - $13.78	$13.17
Blended Fair Value	$44.39
Current Price	$6.62
Upside	570.52%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	11.54%	10.15%	0.23	0.12	0.14	0.19	0.16	0.13	0.10	0.07	0.07	0.10
YoY Growth	-	-	99.18%	-18.75%	-23.81%	16.67%	20.00%	30.00%	42.82%	6.66%	-30.02%	9.96%
Dividend Yield	-	-	3.45%	1.55%	2.06%	2.61%	2.11%	1.80%	1.64%	1.27%	0.96%	1.49%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,318.94
(-) Cash Dividends Paid (M)	552.58
(=) Cash Retained (M)	766.37

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	263.79	164.87	98.92
Cash Retained (M)	766.37	766.37	766.37
(-) Cash Required (M)	-263.79	-164.87	-98.92
(=) Excess Retained (M)	502.58	601.50	667.44
(/) Shares Outstanding (M)	3,251.45	3,251.45	3,251.45
(=) Excess Retained per Share	0.15	0.18	0.21
LTM Dividend per Share	0.17	0.17	0.17
(+) Excess Retained per Share	0.15	0.18	0.21
(=) Adjusted Dividend	0.32	0.35	0.38
WACC / Discount Rate	6.32%	6.32%	6.32%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$41.64	$75.60	$80.67
Upside / Downside	529.00%	1,042.03%	1,118.63%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,318.94	1,404.67	1,495.98	1,593.22	1,696.77	1,807.06	1,861.28
Payout Ratio	41.90%	51.52%	61.14%	70.76%	80.38%	90.00%	92.50%
Projected Dividends (M)	552.58	723.64	914.60	1,127.33	1,363.85	1,626.36	1,721.68

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.32%	6.32%	6.32%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	674.22	680.61	687.00
Year 2 PV (M)	793.94	809.06	824.33
Year 3 PV (M)	911.77	937.95	964.62
Year 4 PV (M)	1,027.74	1,067.26	1,107.92
Year 5 PV (M)	1,141.85	1,197.01	1,254.27
PV of Terminal Value (M)	36,384.76	38,142.16	39,966.82
Equity Value (M)	40,934.29	42,834.05	44,804.94
Shares Outstanding (M)	3,251.45	3,251.45	3,251.45
Fair Value	$12.59	$13.17	$13.78
Upside / Downside	90.17%	99.00%	108.16%

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Shenzhen Gas Corporation Ltd. (601139.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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