DDM Analysis: 601117.SS

Valuation Snapshot

Stable Growth	$169.24 - $199.39	$186.86
Multi-Stage	$125.77 - $138.06	$131.80
Blended Fair Value	$159.33
Current Price	$7.44
Upside	2,041.53%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	8.77%	8.38%	0.26	0.30	0.22	0.27	0.15	0.17	0.14	0.14	0.13	0.14
YoY Growth	-	-	-14.79%	34.21%	-17.13%	77.90%	-9.71%	24.39%	-6.45%	14.56%	-8.12%	19.91%
Dividend Yield	-	-	3.57%	4.43%	2.42%	2.81%	2.18%	2.82%	2.05%	1.97%	1.44%	2.34%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	6,082.59
(-) Cash Dividends Paid (M)	206.06
(=) Cash Retained (M)	5,876.53

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,216.52	760.32	456.19
Cash Retained (M)	5,876.53	5,876.53	5,876.53
(-) Cash Required (M)	-1,216.52	-760.32	-456.19
(=) Excess Retained (M)	4,660.01	5,116.21	5,420.33
(/) Shares Outstanding (M)	6,066.88	6,066.88	6,066.88
(=) Excess Retained per Share	0.77	0.84	0.89
LTM Dividend per Share	0.03	0.03	0.03
(+) Excess Retained per Share	0.77	0.84	0.89
(=) Adjusted Dividend	0.80	0.88	0.93
WACC / Discount Rate	0.39%	0.39%	0.39%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$169.24	$186.86	$199.39
Upside / Downside	2,174.69%	2,411.53%	2,579.97%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	6,082.59	6,477.96	6,899.02	7,347.46	7,825.04	8,333.67	8,583.68
Payout Ratio	3.39%	20.71%	38.03%	55.36%	72.68%	90.00%	92.50%
Projected Dividends (M)	206.06	1,341.59	2,623.88	4,067.19	5,687.05	7,500.31	7,939.91

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	0.39%	0.39%	0.39%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	1,323.84	1,336.39	1,348.94
Year 2 PV (M)	2,554.90	2,603.56	2,652.69
Year 3 PV (M)	3,907.87	4,020.05	4,134.35
Year 4 PV (M)	5,391.96	5,599.32	5,812.61
Year 5 PV (M)	7,017.04	7,355.96	7,707.86
PV of Terminal Value (M)	742,831.48	778,710.52	815,962.73
Equity Value (M)	763,027.09	799,625.81	837,619.18
Shares Outstanding (M)	6,066.88	6,066.88	6,066.88
Fair Value	$125.77	$131.80	$138.06
Upside / Downside	1,590.45%	1,671.53%	1,755.70%

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China National Chemical Engineering Co., Ltd (601117.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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