DDM Analysis: 600787.SS

Valuation Snapshot

Stable Growth	$1.84 - $2.73	$2.27
Multi-Stage	$1.56 - $1.70	$1.63
Blended Fair Value	$1.95
Current Price	$5.92
Upside	-67.11%
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	-0.73%	7.60%	0.16	0.15	0.22	0.14	0.10	0.17	0.16	0.12	0.13	0.10
YoY Growth	-	-	5.96%	-30.37%	61.23%	39.80%	-42.04%	3.81%	34.75%	-10.58%	31.77%	30.88%
Dividend Yield	-	-	2.81%	3.11%	4.13%	2.53%	1.89%	3.68%	2.28%	1.32%	1.53%	1.18%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	462.70
(-) Cash Dividends Paid (M)	99.89
(=) Cash Retained (M)	362.81

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	92.54	57.84	34.70
Cash Retained (M)	362.81	362.81	362.81
(-) Cash Required (M)	-92.54	-57.84	-34.70
(=) Excess Retained (M)	270.27	304.97	328.11
(/) Shares Outstanding (M)	2,158.56	2,158.56	2,158.56
(=) Excess Retained per Share	0.13	0.14	0.15
LTM Dividend per Share	0.05	0.05	0.05
(+) Excess Retained per Share	0.13	0.14	0.15
(=) Adjusted Dividend	0.17	0.19	0.20
WACC / Discount Rate	15.31%	15.31%	15.31%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$1.84	$2.27	$2.73
Upside / Downside	-68.86%	-61.72%	-53.92%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	462.70	492.77	524.80	558.92	595.25	633.94	652.95
Payout Ratio	21.59%	35.27%	48.95%	62.64%	76.32%	90.00%	92.50%
Projected Dividends (M)	99.89	173.81	256.91	350.08	454.28	570.54	603.98

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	15.31%	15.31%	15.31%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	149.31	150.72	152.14
Year 2 PV (M)	189.59	193.20	196.85
Year 3 PV (M)	221.94	228.31	234.80
Year 4 PV (M)	247.40	256.92	266.70
Year 5 PV (M)	266.93	279.82	293.20
PV of Terminal Value (M)	2,294.67	2,405.51	2,520.58
Equity Value (M)	3,369.84	3,514.47	3,664.27
Shares Outstanding (M)	2,158.56	2,158.56	2,158.56
Fair Value	$1.56	$1.63	$1.70
Upside / Downside	-73.63%	-72.50%	-71.33%

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CMST Development Co.,Ltd. (600787.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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