DDM Analysis: 688248.SS

Valuation Snapshot

Stable Growth	$110.77 - $130.51	$122.30
Multi-Stage	$74.95 - $82.26	$78.54
Blended Fair Value	$100.42
Current Price	$60.60
Upside	65.71%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018
DPS	179.42%	0.00%	0.31	0.12	0.08	0.10	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	148.00%	47.06%	-18.04%	0.00%	-100.00%	7.39%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.99%	0.43%	0.18%	0.60%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	372.09
(-) Cash Dividends Paid (M)	76.23
(=) Cash Retained (M)	295.86

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	74.42	46.51	27.91
Cash Retained (M)	295.86	295.86	295.86
(-) Cash Required (M)	-74.42	-46.51	-27.91
(=) Excess Retained (M)	221.44	249.34	267.95
(/) Shares Outstanding (M)	567.02	567.02	567.02
(=) Excess Retained per Share	0.39	0.44	0.47
LTM Dividend per Share	0.13	0.13	0.13
(+) Excess Retained per Share	0.39	0.44	0.47
(=) Adjusted Dividend	0.52	0.57	0.61
WACC / Discount Rate	2.37%	2.37%	2.37%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$110.77	$122.30	$130.51
Upside / Downside	82.79%	101.82%	115.36%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	372.09	396.28	422.03	449.47	478.68	509.80	525.09
Payout Ratio	20.49%	34.39%	48.29%	62.20%	76.10%	90.00%	92.50%
Projected Dividends (M)	76.23	136.28	203.81	279.55	364.27	458.82	485.71

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	2.37%	2.37%	2.37%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	131.88	133.13	134.38
Year 2 PV (M)	190.85	194.48	198.15
Year 3 PV (M)	253.31	260.58	267.99
Year 4 PV (M)	319.40	331.69	344.32
Year 5 PV (M)	389.31	408.11	427.63
PV of Terminal Value (M)	41,212.28	43,202.84	45,269.60
Equity Value (M)	42,497.02	44,530.83	46,642.07
Shares Outstanding (M)	567.02	567.02	567.02
Fair Value	$74.95	$78.54	$82.26
Upside / Downside	23.68%	29.60%	35.74%

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China Southern Power Grid Technology Co.,Ltd (688248.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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