DDM Analysis: 000600.SZ

Valuation Snapshot

Stable Growth	$11.57 - $19.79	$15.13
Multi-Stage	$24.77 - $27.25	$25.98
Blended Fair Value	$20.56
Current Price	$7.39
Upside	178.16%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	1.52%	-1.35%	0.50	0.42	0.43	0.52	0.46	0.46	0.44	0.67	0.72	0.56
YoY Growth	-	-	19.51%	-3.95%	-17.30%	13.34%	0.23%	5.91%	-34.58%	-7.81%	29.33%	-2.01%
Dividend Yield	-	-	8.69%	6.18%	8.46%	12.78%	7.10%	10.60%	5.37%	9.22%	8.05%	6.10%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,678.06
(-) Cash Dividends Paid (M)	769.15
(=) Cash Retained (M)	908.91

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	335.61	209.76	125.85
Cash Retained (M)	908.91	908.91	908.91
(-) Cash Required (M)	-335.61	-209.76	-125.85
(=) Excess Retained (M)	573.30	699.15	783.06
(/) Shares Outstanding (M)	1,794.20	1,794.20	1,794.20
(=) Excess Retained per Share	0.32	0.39	0.44
LTM Dividend per Share	0.43	0.43	0.43
(+) Excess Retained per Share	0.32	0.39	0.44
(=) Adjusted Dividend	0.75	0.82	0.87
WACC / Discount Rate	5.96%	5.96%	5.96%
Growth Rate	-0.48%	0.52%	1.52%
Fair Value	$11.57	$15.13	$19.79
Upside / Downside	56.52%	104.71%	167.82%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,678.06	1,686.84	1,695.66	1,704.54	1,713.45	1,722.42	1,774.09
Payout Ratio	45.84%	54.67%	63.50%	72.33%	81.17%	90.00%	92.50%
Projected Dividends (M)	769.15	922.17	1,076.77	1,232.96	1,390.76	1,550.18	1,641.03

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	5.96%	5.96%	5.96%
Growth Rate	-0.48%	0.52%	1.52%
Year 1 PV (M)	861.63	870.29	878.95
Year 2 PV (M)	940.04	959.03	978.20
Year 3 PV (M)	1,005.74	1,036.36	1,067.60
Year 4 PV (M)	1,059.99	1,103.24	1,147.80
Year 5 PV (M)	1,103.93	1,160.52	1,219.40
PV of Terminal Value (M)	39,468.41	41,491.54	43,596.79
Equity Value (M)	44,439.75	46,620.98	48,888.74
Shares Outstanding (M)	1,794.20	1,794.20	1,794.20
Fair Value	$24.77	$25.98	$27.25
Upside / Downside	235.16%	251.61%	268.72%

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Jointo Energy Investment Co., Ltd. Hebei (000600.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener