DDM Analysis: 600662.SS

Valuation Snapshot

Stable Growth	$10.38 - $24.69	$15.33
Multi-Stage	$7.13 - $7.80	$7.46
Blended Fair Value	$11.40
Current Price	$5.28
Upside	115.82%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	0.00%	11.60%	0.14	0.12	0.20	0.00	0.00	0.00	0.03	0.05	0.05	0.05
YoY Growth	-	-	15.20%	-40.01%	299,627.84%	-98.49%	0.00%	-100.00%	-40.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	2.60%	2.59%	3.25%	0.00%	0.05%	0.00%	0.51%	0.82%	0.46%	0.34%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,105.92
(-) Cash Dividends Paid (M)	7.43
(=) Cash Retained (M)	1,098.49

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	221.18	138.24	82.94
Cash Retained (M)	1,098.49	1,098.49	1,098.49
(-) Cash Required (M)	-221.18	-138.24	-82.94
(=) Excess Retained (M)	877.30	960.25	1,015.54
(/) Shares Outstanding (M)	2,268.83	2,268.83	2,268.83
(=) Excess Retained per Share	0.39	0.42	0.45
LTM Dividend per Share	0.00	0.00	0.00
(+) Excess Retained per Share	0.39	0.42	0.45
(=) Adjusted Dividend	0.39	0.43	0.45
WACC / Discount Rate	9.46%	9.46%	9.46%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$10.38	$15.33	$24.69
Upside / Downside	96.60%	190.33%	367.62%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,105.92	1,177.80	1,254.36	1,335.89	1,422.72	1,515.20	1,560.66
Payout Ratio	0.67%	18.54%	36.40%	54.27%	72.13%	90.00%	92.50%
Projected Dividends (M)	7.43	218.33	456.62	724.97	1,026.27	1,363.68	1,443.61

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.46%	9.46%	9.46%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	197.59	199.46	201.33
Year 2 PV (M)	373.96	381.09	388.28
Year 3 PV (M)	537.31	552.73	568.45
Year 4 PV (M)	688.34	714.81	742.04
Year 5 PV (M)	827.73	867.71	909.22
PV of Terminal Value (M)	13,557.55	14,212.39	14,892.29
Equity Value (M)	16,182.48	16,928.19	17,701.60
Shares Outstanding (M)	2,268.83	2,268.83	2,268.83
Fair Value	$7.13	$7.46	$7.80
Upside / Downside	35.09%	41.31%	47.77%

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Shanghai Foreign Service Holding Group CO.,Ltd. (600662.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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