DDM Analysis: 000792.SZ

Valuation Snapshot

Stable Growth	$5.68 - $7.73	$6.72
Multi-Stage	$9.27 - $10.23	$9.74
Blended Fair Value	$8.23
Current Price	$20.85
Upside	-60.51%
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	-11.82%	-12.25%	0.11	0.05	0.05	0.05	0.07	0.21	0.41	0.43	0.44	0.49
YoY Growth	-	-	131.51%	-3.19%	-10.11%	-18.22%	-67.63%	-49.81%	-4.58%	-0.65%	-10.42%	19.06%
Dividend Yield	-	-	0.67%	0.29%	0.22%	0.18%	0.19%	2.33%	5.87%	3.36%	3.56%	3.80%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	6,024.64
(-) Cash Dividends Paid (M)	172.07
(=) Cash Retained (M)	5,852.57

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,204.93	753.08	451.85
Cash Retained (M)	5,852.57	5,852.57	5,852.57
(-) Cash Required (M)	-1,204.93	-753.08	-451.85
(=) Excess Retained (M)	4,647.64	5,099.49	5,400.72
(/) Shares Outstanding (M)	5,291.49	5,291.49	5,291.49
(=) Excess Retained per Share	0.88	0.96	1.02
LTM Dividend per Share	0.03	0.03	0.03
(+) Excess Retained per Share	0.88	0.96	1.02
(=) Adjusted Dividend	0.91	1.00	1.05
WACC / Discount Rate	9.96%	9.96%	9.96%
Growth Rate	-5.23%	-4.23%	-3.23%
Fair Value	$5.68	$6.72	$7.73
Upside / Downside	-72.74%	-67.75%	-62.94%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	6,024.64	5,769.85	5,525.83	5,292.14	5,068.33	4,853.98	4,999.60
Payout Ratio	2.86%	20.28%	37.71%	55.14%	72.57%	90.00%	92.50%
Projected Dividends (M)	172.07	1,170.41	2,083.99	2,918.21	3,678.15	4,368.58	4,624.63

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.96%	9.96%	9.96%
Growth Rate	-5.23%	-4.23%	-3.23%
Year 1 PV (M)	1,053.28	1,064.39	1,075.50
Year 2 PV (M)	1,687.75	1,723.56	1,759.74
Year 3 PV (M)	2,126.84	2,194.88	2,264.36
Year 4 PV (M)	2,412.42	2,515.87	2,622.60
Year 5 PV (M)	2,578.52	2,717.47	2,862.33
PV of Terminal Value (M)	39,218.31	41,331.55	43,534.92
Equity Value (M)	49,077.13	51,547.72	54,119.46
Shares Outstanding (M)	5,291.49	5,291.49	5,291.49
Fair Value	$9.27	$9.74	$10.23
Upside / Downside	-55.52%	-53.28%	-50.95%

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Qinghai Salt Lake Industry Co.,Ltd (000792.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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