DDM Analysis: 600188.SS

Valuation Snapshot

Stable Growth	$193.52 - $228.00	$213.67
Multi-Stage	$48.10 - $52.65	$50.34
Blended Fair Value	$132.00
Current Price	$13.31
Upside	891.75%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	25.13%	23.93%	1.92	2.56	1.01	0.49	0.46	0.63	0.74	0.46	0.34	0.26
YoY Growth	-	-	-24.71%	152.42%	108.50%	5.19%	-26.39%	-15.31%	60.99%	33.94%	33.99%	13.79%
Dividend Yield	-	-	14.44%	13.95%	5.55%	2.47%	6.81%	14.15%	12.99%	6.51%	5.88%	4.71%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	11,508.78
(-) Cash Dividends Paid (M)	8,924.88
(=) Cash Retained (M)	2,583.90

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	2,301.76	1,438.60	863.16
Cash Retained (M)	2,583.90	2,583.90	2,583.90
(-) Cash Required (M)	-2,301.76	-1,438.60	-863.16
(=) Excess Retained (M)	282.14	1,145.30	1,720.74
(/) Shares Outstanding (M)	10,038.63	10,038.63	10,038.63
(=) Excess Retained per Share	0.03	0.11	0.17
LTM Dividend per Share	0.89	0.89	0.89
(+) Excess Retained per Share	0.03	0.11	0.17
(=) Adjusted Dividend	0.92	1.00	1.06
WACC / Discount Rate	5.52%	5.52%	5.52%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$193.52	$213.67	$228.00
Upside / Downside	1,353.95%	1,505.33%	1,613.00%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	11,508.78	12,256.85	13,053.55	13,902.03	14,805.66	15,768.03	16,241.07
Payout Ratio	77.55%	80.04%	82.53%	85.02%	87.51%	90.00%	92.50%
Projected Dividends (M)	8,924.88	9,810.23	10,772.97	11,819.42	12,956.39	14,191.22	15,022.99

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	5.52%	5.52%	5.52%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	9,209.43	9,296.72	9,384.01
Year 2 PV (M)	9,493.84	9,674.67	9,857.21
Year 3 PV (M)	9,778.13	10,058.82	10,344.84
Year 4 PV (M)	10,062.29	10,449.25	10,847.28
Year 5 PV (M)	10,346.32	10,846.05	11,364.91
PV of Terminal Value (M)	434,010.06	454,972.91	476,738.05
Equity Value (M)	482,900.06	505,298.43	528,536.30
Shares Outstanding (M)	10,038.63	10,038.63	10,038.63
Fair Value	$48.10	$50.34	$52.65
Upside / Downside	261.41%	278.18%	295.57%

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Yankuang Energy Group Company Limited (600188.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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