DDM Analysis: 600724.SS

Valuation Snapshot

Stable Growth	$0.55 - $0.73	$0.64
Multi-Stage	$1.97 - $2.18	$2.07
Blended Fair Value	$1.36
Current Price	$4.96
Upside	-72.63%
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	10.74%	-9.92%	0.16	0.17	0.26	0.22	0.27	0.10	0.16	0.19	0.24	0.44
YoY Growth	-	-	-2.13%	-35.35%	15.31%	-19.07%	182.05%	-37.52%	-16.88%	-21.88%	-45.70%	-4.10%
Dividend Yield	-	-	3.41%	3.84%	6.63%	4.89%	6.64%	2.63%	3.60%	5.49%	4.18%	8.46%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	218.83
(-) Cash Dividends Paid (M)	211.81
(=) Cash Retained (M)	7.03

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	43.77	27.35	16.41
Cash Retained (M)	7.03	7.03	7.03
(-) Cash Required (M)	-43.77	-27.35	-16.41
(=) Excess Retained (M)	-36.74	-20.33	-9.39
(/) Shares Outstanding (M)	1,445.19	1,445.19	1,445.19
(=) Excess Retained per Share	-0.03	-0.01	-0.01
LTM Dividend per Share	0.15	0.15	0.15
(+) Excess Retained per Share	-0.03	-0.01	-0.01
(=) Adjusted Dividend	0.12	0.13	0.14
WACC / Discount Rate	6.43%	6.43%	6.43%
Growth Rate	-12.72%	-11.72%	-10.72%
Fair Value	$0.55	$0.64	$0.73
Upside / Downside	-88.87%	-87.01%	-85.30%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	218.83	193.18	170.53	150.54	132.89	117.31	120.83
Payout Ratio	96.79%	95.43%	94.07%	92.72%	91.36%	90.00%	92.50%
Projected Dividends (M)	211.81	184.35	160.43	139.57	121.41	105.58	111.77

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.43%	6.43%	6.43%
Growth Rate	-12.72%	-11.72%	-10.72%
Year 1 PV (M)	171.26	173.22	175.19
Year 2 PV (M)	138.45	141.64	144.87
Year 3 PV (M)	111.90	115.79	119.77
Year 4 PV (M)	90.42	94.64	99.00
Year 5 PV (M)	73.05	77.33	81.81
PV of Terminal Value (M)	2,257.53	2,389.86	2,528.32
Equity Value (M)	2,842.60	2,992.48	3,148.95
Shares Outstanding (M)	1,445.19	1,445.19	1,445.19
Fair Value	$1.97	$2.07	$2.18
Upside / Downside	-60.34%	-58.25%	-56.07%

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Ningbo Fuda Company Limited (600724.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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