DDM Analysis: 603099.SS

Valuation Snapshot

Stable Growth	$35.41 - $122.14	$114.47
Multi-Stage	$15.56 - $17.03	$16.28
Blended Fair Value	$65.37
Current Price	$45.66
Upside	43.17%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	13.92%	9.89%	0.10	0.02	0.02	0.02	0.08	0.05	0.04	0.09	0.13	0.10
YoY Growth	-	-	540.00%	-13.96%	-10.99%	-72.98%	44.87%	18.27%	-51.20%	-30.43%	27.78%	160.87%
Dividend Yield	-	-	0.30%	0.07%	0.18%	0.22%	0.88%	0.65%	0.35%	0.75%	0.72%	0.48%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	145.80
(-) Cash Dividends Paid (M)	24.36
(=) Cash Retained (M)	121.44

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	29.16	18.23	10.94
Cash Retained (M)	121.44	121.44	121.44
(-) Cash Required (M)	-29.16	-18.23	-10.94
(=) Excess Retained (M)	92.28	103.21	110.50
(/) Shares Outstanding (M)	237.39	237.39	237.39
(=) Excess Retained per Share	0.39	0.43	0.47
LTM Dividend per Share	0.10	0.10	0.10
(+) Excess Retained per Share	0.39	0.43	0.47
(=) Adjusted Dividend	0.49	0.54	0.57
WACC / Discount Rate	6.96%	6.96%	6.96%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$35.41	$114.47	$122.14
Upside / Downside	-22.46%	150.69%	167.51%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	145.80	155.28	165.37	176.12	187.57	199.76	205.75
Payout Ratio	16.71%	31.37%	46.03%	60.68%	75.34%	90.00%	92.50%
Projected Dividends (M)	24.36	48.71	76.11	106.88	141.32	179.78	190.32

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.96%	6.96%	6.96%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	45.11	45.54	45.96
Year 2 PV (M)	65.28	66.52	67.78
Year 3 PV (M)	84.89	87.33	89.81
Year 4 PV (M)	103.96	107.96	112.07
Year 5 PV (M)	122.48	128.40	134.54
PV of Terminal Value (M)	3,270.96	3,428.95	3,592.99
Equity Value (M)	3,692.69	3,864.70	4,043.15
Shares Outstanding (M)	237.39	237.39	237.39
Fair Value	$15.56	$16.28	$17.03
Upside / Downside	-65.93%	-64.35%	-62.70%

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Changbai Mountain Tourism Co., Ltd. (603099.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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