DDM Analysis: 600717.SS

Valuation Snapshot

Stable Growth	$2.46 - $3.65	$3.03
Multi-Stage	$5.97 - $6.58	$6.27
Blended Fair Value	$4.65
Current Price	$4.65
Upside	-0.01%
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	-3.13%	-0.87%	0.18	0.15	0.29	0.17	0.19	0.22	0.30	0.64	0.44	0.22
YoY Growth	-	-	24.22%	-48.20%	64.25%	-8.53%	-11.77%	-27.69%	-53.49%	45.79%	99.17%	9.97%
Dividend Yield	-	-	3.89%	3.39%	7.04%	4.06%	4.58%	5.67%	5.61%	11.36%	6.45%	3.80%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	880.68
(-) Cash Dividends Paid (M)	247.70
(=) Cash Retained (M)	632.98

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	176.14	110.09	66.05
Cash Retained (M)	632.98	632.98	632.98
(-) Cash Required (M)	-176.14	-110.09	-66.05
(=) Excess Retained (M)	456.85	522.90	566.93
(/) Shares Outstanding (M)	2,822.89	2,822.89	2,822.89
(=) Excess Retained per Share	0.16	0.19	0.20
LTM Dividend per Share	0.09	0.09	0.09
(+) Excess Retained per Share	0.16	0.19	0.20
(=) Adjusted Dividend	0.25	0.27	0.29
WACC / Discount Rate	6.51%	6.51%	6.51%
Growth Rate	-3.30%	-2.30%	-1.30%
Fair Value	$2.46	$3.03	$3.65
Upside / Downside	-47.07%	-34.86%	-21.52%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	880.68	860.44	840.67	821.36	802.48	784.04	807.56
Payout Ratio	28.13%	40.50%	52.88%	65.25%	77.63%	90.00%	92.50%
Projected Dividends (M)	247.70	348.49	444.51	535.94	622.93	705.64	747.00

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.51%	6.51%	6.51%
Growth Rate	-3.30%	-2.30%	-1.30%
Year 1 PV (M)	323.84	327.19	330.54
Year 2 PV (M)	383.87	391.85	399.91
Year 3 PV (M)	430.10	443.58	457.34
Year 4 PV (M)	464.56	484.08	504.21
Year 5 PV (M)	489.04	514.85	541.74
PV of Terminal Value (M)	14,759.97	15,539.09	16,350.76
Equity Value (M)	16,851.39	17,700.65	18,584.51
Shares Outstanding (M)	2,822.89	2,822.89	2,822.89
Fair Value	$5.97	$6.27	$6.58
Upside / Downside	28.38%	34.85%	41.58%

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Tianjin Port Co., Ltd. (600717.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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