Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Jinshang Bank Co., Ltd. (2558.HK)

Company Dividend Discount ModelIndustry: Banks - RegionalSector: Financial Services

Valuation Snapshot

Stable Growth$7.89 - $13.30$10.25
Multi-Stage$10.75 - $11.79$11.26
Blended Fair Value$10.76
Current Price$1.32
Upside714.90%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS5.95%7.57%0.100.110.100.100.120.080.080.050.050.04
YoY Growth---2.43%6.45%-3.89%-14.74%56.89%-3.11%48.70%5.89%25.42%-18.83%
Dividend Yield--7.61%8.63%10.37%8.57%8.44%5.53%2.37%1.68%1.47%1.26%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)3,776.23
(-) Cash Dividends Paid (M)1,175.93
(=) Cash Retained (M)2,600.30
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)755.25472.03283.22
Cash Retained (M)2,600.302,600.302,600.30
(-) Cash Required (M)-755.25-472.03-283.22
(=) Excess Retained (M)1,845.052,128.272,317.08
(/) Shares Outstanding (M)5,838.655,838.655,838.65
(=) Excess Retained per Share0.320.360.40
LTM Dividend per Share0.200.200.20
(+) Excess Retained per Share0.320.360.40
(=) Adjusted Dividend0.520.570.60
WACC / Discount Rate7.98%7.98%7.98%
Growth Rate1.33%2.33%3.33%
Fair Value$7.89$10.25$13.30
Upside / Downside497.44%676.73%907.52%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)3,776.233,864.233,954.294,046.444,140.744,237.244,364.36
Payout Ratio31.14%42.91%54.68%66.46%78.23%90.00%92.50%
Projected Dividends (M)1,175.931,658.232,162.372,689.113,239.223,813.524,037.03

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.98%7.98%7.98%
Growth Rate1.33%2.33%3.33%
Year 1 PV (M)1,520.691,535.701,550.70
Year 2 PV (M)1,818.541,854.611,891.04
Year 3 PV (M)2,073.952,135.962,199.19
Year 4 PV (M)2,291.022,382.802,477.32
Year 5 PV (M)2,473.492,597.972,727.42
PV of Terminal Value (M)52,592.9055,239.7557,992.11
Equity Value (M)62,770.5965,746.7968,837.78
Shares Outstanding (M)5,838.655,838.655,838.65
Fair Value$10.75$11.26$11.79
Upside / Downside714.46%753.08%793.18%

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