DDM Analysis: 601698.SS

Valuation Snapshot

Stable Growth	$0.40 - $0.57	$0.48
Multi-Stage	$0.63 - $0.69	$0.66
Blended Fair Value	$0.57
Current Price	$21.31
Upside	-97.31%
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	0.00%	2.77%	0.03	0.04	0.03	0.02	0.02	0.00	0.05	0.02	0.02	0.03
YoY Growth	-	-	-42.00%	59.30%	16.06%	8.70%	0.00%	-100.00%	94.49%	-3.69%	-7.53%	37.17%
Dividend Yield	-	-	0.13%	0.27%	0.13%	0.20%	0.14%	0.00%	1.17%	0.60%	0.63%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	259.37
(-) Cash Dividends Paid (M)	138.92
(=) Cash Retained (M)	120.45

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	51.87	32.42	19.45
Cash Retained (M)	120.45	120.45	120.45
(-) Cash Required (M)	-51.87	-32.42	-19.45
(=) Excess Retained (M)	68.58	88.03	101.00
(/) Shares Outstanding (M)	4,222.72	4,222.72	4,222.72
(=) Excess Retained per Share	0.02	0.02	0.02
LTM Dividend per Share	0.03	0.03	0.03
(+) Excess Retained per Share	0.02	0.02	0.02
(=) Adjusted Dividend	0.05	0.05	0.06
WACC / Discount Rate	9.97%	9.97%	9.97%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$0.40	$0.48	$0.57
Upside / Downside	-98.11%	-97.72%	-97.33%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	259.37	256.78	254.21	251.67	249.15	246.66	254.06
Payout Ratio	53.56%	60.85%	68.14%	75.42%	82.71%	90.00%	92.50%
Projected Dividends (M)	138.92	156.24	173.21	189.82	206.08	221.99	235.00

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.97%	9.97%	9.97%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	140.64	142.07	143.51
Year 2 PV (M)	140.34	143.22	146.13
Year 3 PV (M)	138.44	142.72	147.09
Year 4 PV (M)	135.29	140.90	146.68
Year 5 PV (M)	131.18	138.01	145.13
PV of Terminal Value (M)	1,991.82	2,095.53	2,203.53
Equity Value (M)	2,677.71	2,802.46	2,932.06
Shares Outstanding (M)	4,222.72	4,222.72	4,222.72
Fair Value	$0.63	$0.66	$0.69
Upside / Downside	-97.02%	-96.89%	-96.74%

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China Satellite Communications Co., Ltd. (601698.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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