DDM Analysis: 603112.SS

Valuation Snapshot

Stable Growth	$82.94 - $214.44	$200.96
Multi-Stage	$30.83 - $33.74	$32.26
Blended Fair Value	$116.61
Current Price	$16.70
Upside	598.27%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	55.44%	0.00%	0.63	0.22	0.24	0.17	0.01	0.07	0.07	0.02	0.06	0.00
YoY Growth	-	-	191.23%	-9.58%	43.48%	1,307.67%	-82.94%	-2.90%	271.51%	-66.57%	0.00%	0.00%
Dividend Yield	-	-	4.05%	1.81%	2.21%	1.10%	0.10%	0.62%	0.64%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	535.11
(-) Cash Dividends Paid (M)	231.13
(=) Cash Retained (M)	303.98

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	107.02	66.89	40.13
Cash Retained (M)	303.98	303.98	303.98
(-) Cash Required (M)	-107.02	-66.89	-40.13
(=) Excess Retained (M)	196.95	237.09	263.84
(/) Shares Outstanding (M)	496.27	496.27	496.27
(=) Excess Retained per Share	0.40	0.48	0.53
LTM Dividend per Share	0.47	0.47	0.47
(+) Excess Retained per Share	0.40	0.48	0.53
(=) Adjusted Dividend	0.86	0.94	1.00
WACC / Discount Rate	6.60%	6.60%	6.60%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$82.94	$200.96	$214.44
Upside / Downside	396.63%	1,103.36%	1,184.07%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	535.11	569.89	606.94	646.39	688.40	733.15	755.14
Payout Ratio	43.19%	52.55%	61.92%	71.28%	80.64%	90.00%	92.50%
Projected Dividends (M)	231.13	299.51	375.79	460.73	555.12	659.83	698.51

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.60%	6.60%	6.60%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	278.33	280.97	283.61
Year 2 PV (M)	324.53	330.72	336.96
Year 3 PV (M)	369.76	380.37	391.19
Year 4 PV (M)	414.01	429.93	446.31
Year 5 PV (M)	457.32	479.41	502.34
PV of Terminal Value (M)	13,457.93	14,107.96	14,782.86
Equity Value (M)	15,301.89	16,009.35	16,743.26
Shares Outstanding (M)	496.27	496.27	496.27
Fair Value	$30.83	$32.26	$33.74
Upside / Downside	84.63%	93.17%	102.03%

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Shanxi Huaxiang Group Co., Ltd. (603112.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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