DDM Analysis: 600801.SS

Valuation Snapshot

Stable Growth	$18.11 - $30.63	$23.58
Multi-Stage	$35.76 - $39.31	$37.50
Blended Fair Value	$30.54
Current Price	$18.50
Upside	65.08%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	0.90%	9.01%	0.82	0.81	0.96	1.03	1.16	0.79	0.43	0.32	0.26	0.37
YoY Growth	-	-	2.22%	-15.87%	-7.41%	-10.59%	46.93%	83.47%	33.22%	25.48%	-30.20%	5.81%
Dividend Yield	-	-	5.93%	5.76%	6.16%	5.24%	4.87%	3.38%	2.47%	3.03%	3.63%	5.72%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	3,281.65
(-) Cash Dividends Paid (M)	1,577.10
(=) Cash Retained (M)	1,704.55

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	656.33	410.21	246.12
Cash Retained (M)	1,704.55	1,704.55	1,704.55
(-) Cash Required (M)	-656.33	-410.21	-246.12
(=) Excess Retained (M)	1,048.22	1,294.35	1,458.43
(/) Shares Outstanding (M)	2,187.19	2,187.19	2,187.19
(=) Excess Retained per Share	0.48	0.59	0.67
LTM Dividend per Share	0.72	0.72	0.72
(+) Excess Retained per Share	0.48	0.59	0.67
(=) Adjusted Dividend	1.20	1.31	1.39
WACC / Discount Rate	6.32%	6.32%	6.32%
Growth Rate	-0.29%	0.71%	1.71%
Fair Value	$18.11	$23.58	$30.63
Upside / Downside	-2.10%	27.44%	65.59%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	3,281.65	3,304.89	3,328.28	3,351.85	3,375.58	3,399.47	3,501.46
Payout Ratio	48.06%	56.45%	64.83%	73.22%	81.61%	90.00%	92.50%
Projected Dividends (M)	1,577.10	1,865.49	2,157.89	2,454.33	2,754.86	3,059.53	3,238.85

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.32%	6.32%	6.32%
Growth Rate	-0.29%	0.71%	1.71%
Year 1 PV (M)	1,737.24	1,754.67	1,772.09
Year 2 PV (M)	1,871.39	1,909.12	1,947.22
Year 3 PV (M)	1,982.15	2,042.39	2,103.83
Year 4 PV (M)	2,071.91	2,156.29	2,243.22
Year 5 PV (M)	2,142.86	2,252.49	2,366.57
PV of Terminal Value (M)	68,411.24	71,911.33	75,553.23
Equity Value (M)	78,216.79	82,026.28	85,986.16
Shares Outstanding (M)	2,187.19	2,187.19	2,187.19
Fair Value	$35.76	$37.50	$39.31
Upside / Downside	93.30%	102.72%	112.51%

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Huaxin Cement Co., Ltd. (600801.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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