DDM Analysis: 600888.SS

Valuation Snapshot

Stable Growth	$8.74 - $16.77	$11.96
Multi-Stage	$13.90 - $15.26	$14.57
Blended Fair Value	$13.27
Current Price	$7.97
Upside	66.45%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-7.60%	0.24%	0.15	0.38	0.27	0.20	0.18	0.22	0.16	0.16	0.14	0.14
YoY Growth	-	-	-61.57%	42.60%	34.61%	7.76%	-15.28%	33.39%	3.94%	11.33%	2.35%	-3.71%
Dividend Yield	-	-	2.02%	4.70%	3.06%	2.74%	2.95%	5.61%	3.09%	2.99%	2.10%	2.75%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	861.13
(-) Cash Dividends Paid (M)	406.33
(=) Cash Retained (M)	454.80

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	172.23	107.64	64.58
Cash Retained (M)	454.80	454.80	454.80
(-) Cash Required (M)	-172.23	-107.64	-64.58
(=) Excess Retained (M)	282.57	347.16	390.22
(/) Shares Outstanding (M)	1,535.69	1,535.69	1,535.69
(=) Excess Retained per Share	0.18	0.23	0.25
LTM Dividend per Share	0.26	0.26	0.26
(+) Excess Retained per Share	0.18	0.23	0.25
(=) Adjusted Dividend	0.45	0.49	0.52
WACC / Discount Rate	6.42%	6.42%	6.42%
Growth Rate	1.23%	2.23%	3.23%
Fair Value	$8.74	$11.96	$16.77
Upside / Downside	9.71%	50.08%	110.38%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	861.13	880.31	899.92	919.96	940.45	961.39	990.24
Payout Ratio	47.19%	55.75%	64.31%	72.87%	81.44%	90.00%	92.50%
Projected Dividends (M)	406.33	490.76	578.75	670.41	765.87	865.26	915.97

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.42%	6.42%	6.42%
Growth Rate	1.23%	2.23%	3.23%
Year 1 PV (M)	456.64	461.15	465.66
Year 2 PV (M)	501.07	511.02	521.07
Year 3 PV (M)	540.08	556.25	572.73
Year 4 PV (M)	574.09	597.11	620.82
Year 5 PV (M)	603.49	633.89	665.51
PV of Terminal Value (M)	18,677.02	19,617.95	20,596.44
Equity Value (M)	21,352.39	22,377.38	23,442.23
Shares Outstanding (M)	1,535.69	1,535.69	1,535.69
Fair Value	$13.90	$14.57	$15.26
Upside / Downside	74.46%	82.83%	91.53%

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Xinjiang Joinworld Co.,Ltd. (600888.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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