DDM Analysis: 600714.SS

Valuation Snapshot

Stable Growth	$4.44 - $11.27	$6.70
Multi-Stage	$3.19 - $3.47	$3.33
Blended Fair Value	$5.01
Current Price	$11.82
Upside	-57.59%
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	110.96%	0.13%	0.10	0.00	0.10	0.00	0.00	0.00	0.00	0.02	0.04	0.09
YoY Growth	-	-	0.00%	-100.00%	0.00%	-100.00%	-98.68%	0.00%	-100.00%	-53.99%	-55.42%	-10.27%
Dividend Yield	-	-	0.95%	0.00%	1.03%	0.00%	0.00%	0.05%	0.00%	0.22%	0.29%	0.81%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	56.66
(-) Cash Dividends Paid (M)	30.01
(=) Cash Retained (M)	26.64

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	11.33	7.08	4.25
Cash Retained (M)	26.64	26.64	26.64
(-) Cash Required (M)	-11.33	-7.08	-4.25
(=) Excess Retained (M)	15.31	19.56	22.39
(/) Shares Outstanding (M)	288.27	288.27	288.27
(=) Excess Retained per Share	0.05	0.07	0.08
LTM Dividend per Share	0.10	0.10	0.10
(+) Excess Retained per Share	0.05	0.07	0.08
(=) Adjusted Dividend	0.16	0.17	0.18
WACC / Discount Rate	9.23%	9.23%	9.23%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$4.44	$6.70	$11.27
Upside / Downside	-62.42%	-43.33%	-4.66%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	56.66	60.34	64.26	68.44	72.89	77.62	79.95
Payout Ratio	52.98%	60.38%	67.79%	75.19%	82.60%	90.00%	92.50%
Projected Dividends (M)	30.01	36.43	43.56	51.46	60.20	69.86	73.96

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.23%	9.23%	9.23%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	33.04	33.35	33.67
Year 2 PV (M)	35.82	36.51	37.19
Year 3 PV (M)	38.38	39.48	40.60
Year 4 PV (M)	40.72	42.28	43.89
Year 5 PV (M)	42.85	44.92	47.07
PV of Terminal Value (M)	727.63	762.78	799.27
Equity Value (M)	918.44	959.32	1,001.69
Shares Outstanding (M)	288.27	288.27	288.27
Fair Value	$3.19	$3.33	$3.47
Upside / Downside	-73.05%	-71.85%	-70.60%

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Qinghai Jinrui Mineral Development Co., Ltd (600714.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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