DDM Analysis: 000661.SZ

Valuation Snapshot

Stable Growth	$48.57 - $111.05	$70.78
Multi-Stage	$33.85 - $37.02	$35.41
Blended Fair Value	$53.09
Current Price	$130.00
Upside	-59.16%
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	72.97%	41.01%	4.55	1.08	1.22	0.76	0.54	0.29	0.34	0.39	0.26	0.14
YoY Growth	-	-	319.75%	-10.88%	60.08%	42.02%	82.04%	-13.74%	-12.35%	50.87%	87.25%	-6.02%
Dividend Yield	-	-	4.65%	0.88%	0.75%	0.45%	0.12%	0.11%	0.21%	0.42%	0.47%	0.31%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	959.05
(-) Cash Dividends Paid (M)	20.45
(=) Cash Retained (M)	938.60

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	191.81	119.88	71.93
Cash Retained (M)	938.60	938.60	938.60
(-) Cash Required (M)	-191.81	-119.88	-71.93
(=) Excess Retained (M)	746.79	818.72	866.67
(/) Shares Outstanding (M)	403.94	403.94	403.94
(=) Excess Retained per Share	1.85	2.03	2.15
LTM Dividend per Share	0.05	0.05	0.05
(+) Excess Retained per Share	1.85	2.03	2.15
(=) Adjusted Dividend	1.90	2.08	2.20
WACC / Discount Rate	9.63%	9.63%	9.63%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$48.57	$70.78	$111.05
Upside / Downside	-62.64%	-45.55%	-14.57%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	959.05	1,021.39	1,087.78	1,158.49	1,233.79	1,313.99	1,353.41
Payout Ratio	2.13%	19.71%	37.28%	54.85%	72.43%	90.00%	92.50%
Projected Dividends (M)	20.45	201.27	405.52	635.46	893.59	1,182.59	1,251.90

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.63%	9.63%	9.63%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	181.88	183.60	185.32
Year 2 PV (M)	331.12	337.43	343.80
Year 3 PV (M)	468.88	482.34	496.05
Year 4 PV (M)	595.80	618.71	642.27
Year 5 PV (M)	712.49	746.91	782.64
PV of Terminal Value (M)	11,383.44	11,933.26	12,504.13
Equity Value (M)	13,673.61	14,302.25	14,954.22
Shares Outstanding (M)	403.94	403.94	403.94
Fair Value	$33.85	$35.41	$37.02
Upside / Downside	-73.96%	-72.76%	-71.52%

High-Yield Dividend Screener

US Stocks Global Stocks

« Prev Page 12 of 30 Next »

Ticker ⇵	Company ⇵	Dividend Yield % ▼	Dividend Per Share ⇵	Payout Ratio % ⇵
SO	The Southern Company	3.09%	$2.69	67.01%
CFR	Cullen/Frost Bankers, Inc.	3.08%	$3.94	39.68%
CMS	CMS Energy Corporation	3.08%	$2.17	62.27%
SJW	SJW Group	3.08%	$1.60	52.08%
SNV	Synovus Financial Corp.	3.08%	$1.54	27.05%
0HCT.L	Alliant Energy Corporation	3.07%	$1.99	62.84%
0M3L.L	Zions Bancorporation, National Association	3.07%	$1.79	31.01%
IVZ	Invesco Ltd.	3.07%	$0.83	35.83%
SWX	Southwest Gas Holdings, Inc.	3.07%	$2.46	38.44%
PEG	Public Service Enterprise Group Incorporated	3.06%	$2.48	59.65%
CASS	Cass Information Systems, Inc.	3.05%	$1.24	52.58%
CIVB	Civista Bancshares, Inc.	3.05%	$0.67	25.26%
TXN	Texas Instruments Incorporated	3.05%	$5.41	98.14%
CTRE	CareTrust REIT, Inc.	3.04%	$1.10	89.62%
UCB	United Community Banks, Inc.	3.04%	$0.95	36.76%
DRI	Darden Restaurants, Inc.	3.03%	$5.68	60.69%
HMN	Horace Mann Educators Corporation	3.02%	$1.36	34.55%
VG	Venture Global, Inc.	3.02%	$0.21	24.09%
HFBL	Home Federal Bancorp, Inc. of Louisiana	3.01%	$0.54	35.96%
TOWN	TowneBank	3.01%	$1.00	45.24%
GBCI	Glacier Bancorp, Inc.	3.00%	$1.34	64.06%
MBWM	Mercantile Bank Corporation	3.00%	$1.43	27.14%
PPL	PPL Corporation	3.00%	$1.05	71.70%
DTSQ	DT Cloud Star Acquisition Corporation	2.99%	$0.32	87.02%
EBMT	Eagle Bancorp Montana, Inc.	2.99%	$0.58	33.76%
INDB	Independent Bank Corp.	2.99%	$2.19	35.86%
ESSA	ESSA Bancorp, Inc.	2.98%	$0.61	39.75%
RDN	Radian Group Inc.	2.98%	$1.07	25.60%
0K0X.L	MetLife, Inc.	2.96%	$2.36	41.08%
CUBB	Customers Bancorp, Inc 5.375% S	2.96%	$0.66	12.54%
HBB	Hamilton Beach Brands Holding Company	2.96%	$0.47	20.02%
SD	SandRidge Energy, Inc.	2.96%	$0.44	24.38%
STRW	Strawberry Fields REIT LLC	2.95%	$0.38	70.76%
INGR	Ingredion Incorporated	2.94%	$3.23	32.02%
JWN	Nordstrom, Inc.	2.94%	$0.73	42.03%
PKBK	Parke Bancorp, Inc.	2.94%	$0.71	25.08%
0JW2.L	M&T Bank Corporation	2.93%	$5.91	33.38%
EIG	Employers Holdings, Inc.	2.93%	$1.26	48.48%
MYE	Myers Industries, Inc.	2.93%	$0.55	73.41%
RM	Regional Management Corp.	2.93%	$1.15	28.16%
HSY	The Hershey Company	2.92%	$5.33	79.75%
STZ	Constellation Brands, Inc.	2.92%	$4.12	59.24%
AROC	Archrock, Inc.	2.91%	$0.77	51.05%
JXN	Jackson Financial Inc.	2.91%	$3.13	38.19%
OSPN	OneSpan Inc.	2.91%	$0.36	23.87%
0LC6.L	Sysco Corporation	2.90%	$2.10	55.57%
EXE	Expand Energy Corporation	2.89%	$3.17	87.89%
PG	The Procter & Gamble Company	2.89%	$4.09	59.50%
RES	RPC, Inc.	2.89%	$0.16	72.96%
0M1R.L	Xcel Energy Inc.	2.88%	$2.16	65.69%

Financial Statements

Fundamentals

Valuations

Miscellaneous

Mode

Ticker

Industry

Sector

Changchun High-Tech Industries (Group) Inc. (000661.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener