DDM Analysis: 600283.SS

Valuation Snapshot

Stable Growth	$44.37 - $86.04	$80.63
Multi-Stage	$13.41 - $14.68	$14.03
Blended Fair Value	$47.33
Current Price	$9.33
Upside	407.32%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	19.33%	1.48%	0.30	0.20	0.19	0.19	0.11	0.12	0.14	0.15	0.25	0.22
YoY Growth	-	-	52.55%	3.51%	-2.18%	77.78%	-11.87%	-9.02%	-7.65%	-41.59%	15.23%	-15.33%
Dividend Yield	-	-	3.05%	2.23%	2.14%	1.99%	1.29%	1.70%	1.33%	1.65%	2.89%	2.20%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	233.71
(-) Cash Dividends Paid (M)	94.31
(=) Cash Retained (M)	139.40

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	46.74	29.21	17.53
Cash Retained (M)	139.40	139.40	139.40
(-) Cash Required (M)	-46.74	-29.21	-17.53
(=) Excess Retained (M)	92.66	110.19	121.87
(/) Shares Outstanding (M)	540.20	540.20	540.20
(=) Excess Retained per Share	0.17	0.20	0.23
LTM Dividend per Share	0.17	0.17	0.17
(+) Excess Retained per Share	0.17	0.20	0.23
(=) Adjusted Dividend	0.35	0.38	0.40
WACC / Discount Rate	6.32%	6.32%	6.32%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$44.37	$80.63	$86.04
Upside / Downside	375.55%	764.23%	822.19%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	233.71	248.90	265.08	282.31	300.66	320.20	329.81
Payout Ratio	40.35%	50.28%	60.21%	70.14%	80.07%	90.00%	92.50%
Projected Dividends (M)	94.31	125.15	159.61	198.01	240.74	288.18	305.07

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)	116.60	117.71	118.81
Year 2 PV (M)	138.55	141.19	143.85
Year 3 PV (M)	160.15	164.75	169.43
Year 4 PV (M)	181.40	188.38	195.56
Year 5 PV (M)	202.32	212.09	222.24
PV of Terminal Value (M)	6,445.42	6,756.74	7,079.97
Equity Value (M)	7,244.45	7,580.86	7,929.86
Shares Outstanding (M)	540.20	540.20	540.20
Fair Value	$13.41	$14.03	$14.68
Upside / Downside	43.74%	50.41%	57.34%

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Qianjiang Water Resources Development Co., Ltd. Class A (600283.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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