DDM Analysis: 601975.SS

Valuation Snapshot

Stable Growth	$2.46 - $3.83	$3.09
Multi-Stage	$3.50 - $3.84	$3.67
Blended Fair Value	$3.38
Current Price	$3.04
Upside	11.17%
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%	-16.08%	0.01	0.01	0.01	0.02	0.02	0.00	0.00	0.03	0.03	0.04
YoY Growth	-	-	-24.20%	-7.37%	-11.99%	-20.04%	0.00%	0.00%	-100.00%	-4.70%	-30.60%	-27.44%
Dividend Yield	-	-	0.35%	0.39%	0.40%	0.88%	0.91%	0.00%	0.00%	0.87%	0.91%	1.32%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,212.27
(-) Cash Dividends Paid (M)	28.76
(=) Cash Retained (M)	1,183.51

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	242.45	151.53	90.92
Cash Retained (M)	1,183.51	1,183.51	1,183.51
(-) Cash Required (M)	-242.45	-151.53	-90.92
(=) Excess Retained (M)	941.05	1,031.97	1,092.59
(/) Shares Outstanding (M)	4,782.07	4,782.07	4,782.07
(=) Excess Retained per Share	0.20	0.22	0.23
LTM Dividend per Share	0.01	0.01	0.01
(+) Excess Retained per Share	0.20	0.22	0.23
(=) Adjusted Dividend	0.20	0.22	0.23
WACC / Discount Rate	8.47%	8.47%	8.47%
Growth Rate	0.21%	1.21%	2.21%
Fair Value	$2.46	$3.09	$3.83
Upside / Downside	-19.04%	1.75%	25.99%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,212.27	1,226.98	1,241.87	1,256.94	1,272.19	1,287.62	1,326.25
Payout Ratio	2.37%	19.90%	37.42%	54.95%	72.47%	90.00%	92.50%
Projected Dividends (M)	28.76	244.15	464.75	690.68	922.01	1,158.86	1,226.78

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.47%	8.47%	8.47%
Growth Rate	0.21%	1.21%	2.21%
Year 1 PV (M)	222.86	225.08	227.30
Year 2 PV (M)	387.23	395.00	402.84
Year 3 PV (M)	525.28	541.16	557.36
Year 4 PV (M)	640.07	666.01	692.72
Year 5 PV (M)	734.34	771.72	810.60
PV of Terminal Value (M)	14,208.35	14,931.54	15,683.89
Equity Value (M)	16,718.12	17,530.50	18,374.71
Shares Outstanding (M)	4,782.07	4,782.07	4,782.07
Fair Value	$3.50	$3.67	$3.84
Upside / Downside	15.00%	20.59%	26.40%

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Nanjing Tanker Corporation (601975.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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