DDM Analysis: 688106.SS

Valuation Snapshot

Stable Growth	$36.36 - $42.84	$40.14
Multi-Stage	$9.42 - $10.32	$9.86
Blended Fair Value	$25.00
Current Price	$19.76
Upside	26.53%
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	32.13%	22.59%	0.56	0.29	0.28	0.28	0.09	0.14	0.05	0.07	0.06	0.07
YoY Growth	-	-	94.92%	4.01%	0.52%	198.45%	-33.78%	167.16%	-26.50%	11.50%	-4.72%	-8.79%
Dividend Yield	-	-	3.10%	1.48%	1.20%	1.20%	0.37%	0.36%	0.13%	0.18%	0.16%	0.17%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	106.73
(-) Cash Dividends Paid (M)	72.43
(=) Cash Retained (M)	34.30

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	21.35	13.34	8.00
Cash Retained (M)	34.30	34.30	34.30
(-) Cash Required (M)	-21.35	-13.34	-8.00
(=) Excess Retained (M)	12.95	20.96	26.29
(/) Shares Outstanding (M)	495.50	495.50	495.50
(=) Excess Retained per Share	0.03	0.04	0.05
LTM Dividend per Share	0.15	0.15	0.15
(+) Excess Retained per Share	0.03	0.04	0.05
(=) Adjusted Dividend	0.17	0.19	0.20
WACC / Discount Rate	5.41%	5.41%	5.41%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$36.36	$40.14	$42.84
Upside / Downside	84.00%	103.16%	116.78%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	106.73	113.66	121.05	128.92	137.30	146.22	150.61
Payout Ratio	67.86%	72.29%	76.72%	81.15%	85.57%	90.00%	92.50%
Projected Dividends (M)	72.43	82.17	92.87	104.61	117.49	131.60	139.32

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	5.41%	5.41%	5.41%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	77.22	77.95	78.68
Year 2 PV (M)	82.02	83.58	85.16
Year 3 PV (M)	86.82	89.32	91.86
Year 4 PV (M)	91.64	95.16	98.79
Year 5 PV (M)	96.46	101.12	105.96
PV of Terminal Value (M)	4,235.27	4,439.83	4,652.23
Equity Value (M)	4,669.43	4,886.96	5,112.66
Shares Outstanding (M)	495.50	495.50	495.50
Fair Value	$9.42	$9.86	$10.32
Upside / Downside	-52.31%	-50.09%	-47.78%

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Sector

Suzhou Jinhong Gas Co.,Ltd. (688106.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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