DDM Analysis: 601969.SS

Valuation Snapshot

Stable Growth	$23.87 - $47.70	$44.70
Multi-Stage	$7.46 - $8.16	$7.80
Blended Fair Value	$26.25
Current Price	$8.59
Upside	205.61%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	40.49%	-10.23%	0.16	0.10	0.03	0.10	0.04	0.03	0.05	0.00	0.03	0.14
YoY Growth	-	-	61.52%	197.76%	-67.14%	156.50%	35.02%	-35.13%	0.00%	-100.00%	-80.00%	-70.53%
Dividend Yield	-	-	2.33%	1.50%	0.46%	1.17%	0.63%	0.65%	0.83%	0.00%	0.25%	1.16%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	472.38
(-) Cash Dividends Paid (M)	269.70
(=) Cash Retained (M)	202.68

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	94.48	59.05	35.43
Cash Retained (M)	202.68	202.68	202.68
(-) Cash Required (M)	-94.48	-59.05	-35.43
(=) Excess Retained (M)	108.20	143.63	167.25
(/) Shares Outstanding (M)	1,969.39	1,969.39	1,969.39
(=) Excess Retained per Share	0.05	0.07	0.08
LTM Dividend per Share	0.14	0.14	0.14
(+) Excess Retained per Share	0.05	0.07	0.08
(=) Adjusted Dividend	0.19	0.21	0.22
WACC / Discount Rate	6.35%	6.35%	6.35%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$23.87	$44.70	$47.70
Upside / Downside	177.88%	420.42%	455.32%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	472.38	503.08	535.78	570.61	607.70	647.20	666.62
Payout Ratio	57.09%	63.68%	70.26%	76.84%	83.42%	90.00%	92.50%
Projected Dividends (M)	269.70	320.34	376.42	438.44	506.94	582.48	616.62

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.35%	6.35%	6.35%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	298.39	301.22	304.05
Year 2 PV (M)	326.60	332.82	339.10
Year 3 PV (M)	354.35	364.52	374.89
Year 4 PV (M)	381.63	396.31	411.40
Year 5 PV (M)	408.46	428.19	448.67
PV of Terminal Value (M)	12,914.66	13,538.44	14,186.10
Equity Value (M)	14,684.09	15,361.50	16,064.21
Shares Outstanding (M)	1,969.39	1,969.39	1,969.39
Fair Value	$7.46	$7.80	$8.16
Upside / Downside	-13.20%	-9.19%	-5.04%

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Hainan Mining Co., Ltd. (601969.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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