DDM Analysis: 600711.SS

Valuation Snapshot

Stable Growth	$32.46 - $128.87	$88.19
Multi-Stage	$15.73 - $17.20	$16.45
Blended Fair Value	$52.32
Current Price	$10.32
Upside	407.00%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	17.05%	22.14%	0.22	0.12	0.13	0.10	0.11	0.10	0.15	0.09	0.07	0.04
YoY Growth	-	-	86.56%	-7.25%	26.15%	-11.78%	14.07%	-35.16%	73.79%	26.91%	75.12%	34.28%
Dividend Yield	-	-	3.90%	2.61%	2.21%	1.17%	1.75%	2.42%	2.36%	1.02%	0.99%	0.56%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	2,006.42
(-) Cash Dividends Paid (M)	711.98
(=) Cash Retained (M)	1,294.44

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	401.28	250.80	150.48
Cash Retained (M)	1,294.44	1,294.44	1,294.44
(-) Cash Required (M)	-401.28	-250.80	-150.48
(=) Excess Retained (M)	893.16	1,043.64	1,143.96
(/) Shares Outstanding (M)	3,096.33	3,096.33	3,096.33
(=) Excess Retained per Share	0.29	0.34	0.37
LTM Dividend per Share	0.23	0.23	0.23
(+) Excess Retained per Share	0.29	0.34	0.37
(=) Adjusted Dividend	0.52	0.57	0.60
WACC / Discount Rate	7.18%	7.18%	7.18%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$32.46	$88.19	$128.87
Upside / Downside	214.57%	754.58%	1,148.75%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	2,006.42	2,136.84	2,275.74	2,423.66	2,581.20	2,748.98	2,831.44
Payout Ratio	35.49%	46.39%	57.29%	68.19%	79.10%	90.00%	92.50%
Projected Dividends (M)	711.98	991.24	1,303.79	1,652.79	2,041.65	2,474.08	2,619.09

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.18%	7.18%	7.18%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	916.11	924.80	933.48
Year 2 PV (M)	1,113.65	1,134.86	1,156.27
Year 3 PV (M)	1,304.75	1,342.21	1,380.37
Year 4 PV (M)	1,489.57	1,546.86	1,605.78
Year 5 PV (M)	1,668.26	1,748.84	1,832.50
PV of Terminal Value (M)	42,202.24	44,240.63	46,357.02
Equity Value (M)	48,694.59	50,938.19	53,265.43
Shares Outstanding (M)	3,096.33	3,096.33	3,096.33
Fair Value	$15.73	$16.45	$17.20
Upside / Downside	52.39%	59.41%	66.69%

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Chengtun Mining Group Co., Ltd. (600711.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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