DDM Analysis: 600615.SS

Valuation Snapshot

Stable Growth	$0.34 - $0.48	$0.41
Multi-Stage	$0.50 - $0.55	$0.53
Blended Fair Value	$0.47
Current Price	$13.36
Upside	-96.49%
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%	0.00%	0.01	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	2,081.34%	-78.88%	50.48%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.08%	0.00%	0.02%	0.02%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	9.91
(-) Cash Dividends Paid (M)	1.52
(=) Cash Retained (M)	8.39

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1.98	1.24	0.74
Cash Retained (M)	8.39	8.39	8.39
(-) Cash Required (M)	-1.98	-1.24	-0.74
(=) Excess Retained (M)	6.41	7.15	7.64
(/) Shares Outstanding (M)	190.74	190.74	190.74
(=) Excess Retained per Share	0.03	0.04	0.04
LTM Dividend per Share	0.01	0.01	0.01
(+) Excess Retained per Share	0.03	0.04	0.04
(=) Adjusted Dividend	0.04	0.05	0.05
WACC / Discount Rate	9.97%	9.97%	9.97%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$0.34	$0.41	$0.48
Upside / Downside	-97.45%	-96.93%	-96.39%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	9.91	9.81	9.71	9.61	9.52	9.42	9.70
Payout Ratio	15.34%	30.28%	45.21%	60.14%	75.07%	90.00%	92.50%
Projected Dividends (M)	1.52	2.97	4.39	5.78	7.14	8.48	8.98

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.97%	9.97%	9.97%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	2.67	2.70	2.73
Year 2 PV (M)	3.56	3.63	3.70
Year 3 PV (M)	4.22	4.35	4.48
Year 4 PV (M)	4.69	4.88	5.08
Year 5 PV (M)	5.01	5.27	5.54
PV of Terminal Value (M)	76.07	80.03	84.16
Equity Value (M)	96.22	100.87	105.70
Shares Outstanding (M)	190.74	190.74	190.74
Fair Value	$0.50	$0.53	$0.55
Upside / Downside	-96.22%	-96.04%	-95.85%

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Chongqing Fenghwa Group Co., Ltd. (600615.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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