DDM Analysis: 600988.SS

Valuation Snapshot

Stable Growth	$24.19 - $45.50	$32.84
Multi-Stage	$18.39 - $20.08	$19.22
Blended Fair Value	$26.03
Current Price	$29.58
Upside	-12.00%
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	29.60%	28.30%	0.15	0.08	0.07	0.01	0.04	0.04	0.05	0.03	0.02	0.02
YoY Growth	-	-	82.27%	11.40%	1,032.55%	-82.70%	-8.13%	-8.97%	67.40%	13.36%	18.81%	61.12%
Dividend Yield	-	-	0.66%	0.48%	0.41%	0.04%	0.26%	0.49%	1.01%	0.43%	0.33%	0.23%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	2,717.16
(-) Cash Dividends Paid (M)	387.48
(=) Cash Retained (M)	2,329.67

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	543.43	339.64	203.79
Cash Retained (M)	2,329.67	2,329.67	2,329.67
(-) Cash Required (M)	-543.43	-339.64	-203.79
(=) Excess Retained (M)	1,786.24	1,990.03	2,125.89
(/) Shares Outstanding (M)	1,771.58	1,771.58	1,771.58
(=) Excess Retained per Share	1.01	1.12	1.20
LTM Dividend per Share	0.22	0.22	0.22
(+) Excess Retained per Share	1.01	1.12	1.20
(=) Adjusted Dividend	1.23	1.34	1.42
WACC / Discount Rate	10.85%	10.85%	10.85%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$24.19	$32.84	$45.50
Upside / Downside	-18.23%	11.04%	53.83%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	2,717.16	2,893.77	3,081.87	3,282.19	3,495.53	3,722.74	3,834.42
Payout Ratio	14.26%	29.41%	44.56%	59.70%	74.85%	90.00%	92.50%
Projected Dividends (M)	387.48	851.01	1,373.17	1,959.61	2,616.48	3,350.47	3,546.84

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	10.85%	10.85%	10.85%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	760.50	767.71	774.91
Year 2 PV (M)	1,096.59	1,117.48	1,138.56
Year 3 PV (M)	1,398.46	1,438.61	1,479.51
Year 4 PV (M)	1,668.63	1,732.80	1,798.81
Year 5 PV (M)	1,909.45	2,001.68	2,097.44
PV of Terminal Value (M)	25,744.63	26,988.10	28,279.17
Equity Value (M)	32,578.27	34,046.38	35,568.41
Shares Outstanding (M)	1,771.58	1,771.58	1,771.58
Fair Value	$18.39	$19.22	$20.08
Upside / Downside	-37.83%	-35.03%	-32.13%

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Chifeng Jilong Gold Mining Co.,Ltd. (600988.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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