DDM Analysis: 601233.SS

Valuation Snapshot

Stable Growth	$74.46 - $146.48	$137.27
Multi-Stage	$22.89 - $25.05	$23.95
Blended Fair Value	$80.61
Current Price	$15.01
Upside	437.05%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	19.41%	20.10%	0.69	0.51	0.33	0.41	0.36	0.29	0.28	0.25	0.11	0.08
YoY Growth	-	-	34.81%	54.90%	-18.52%	13.71%	25.48%	1.37%	10.37%	139.28%	25.35%	-23.36%
Dividend Yield	-	-	5.91%	3.64%	2.31%	2.33%	1.73%	2.43%	1.77%	1.62%	0.98%	1.03%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,743.83
(-) Cash Dividends Paid (M)	880.91
(=) Cash Retained (M)	862.92

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	348.77	217.98	130.79
Cash Retained (M)	862.92	862.92	862.92
(-) Cash Required (M)	-348.77	-217.98	-130.79
(=) Excess Retained (M)	514.15	644.94	732.13
(/) Shares Outstanding (M)	2,367.66	2,367.66	2,367.66
(=) Excess Retained per Share	0.22	0.27	0.31
LTM Dividend per Share	0.37	0.37	0.37
(+) Excess Retained per Share	0.22	0.27	0.31
(=) Adjusted Dividend	0.59	0.64	0.68
WACC / Discount Rate	6.33%	6.33%	6.33%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$74.46	$137.27	$146.48
Upside / Downside	396.05%	814.52%	875.85%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,743.83	1,857.18	1,977.90	2,106.46	2,243.38	2,389.20	2,460.88
Payout Ratio	50.52%	58.41%	66.31%	74.21%	82.10%	90.00%	92.50%
Projected Dividends (M)	880.91	1,084.83	1,311.54	1,563.13	1,841.89	2,150.28	2,276.31

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.33%	6.33%	6.33%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	1,010.62	1,020.20	1,029.78
Year 2 PV (M)	1,138.24	1,159.92	1,181.81
Year 3 PV (M)	1,263.79	1,300.07	1,337.04
Year 4 PV (M)	1,387.30	1,440.66	1,495.53
Year 5 PV (M)	1,508.80	1,581.67	1,657.34
PV of Terminal Value (M)	47,894.73	50,208.07	52,609.94
Equity Value (M)	54,203.49	56,710.59	59,311.43
Shares Outstanding (M)	2,367.66	2,367.66	2,367.66
Fair Value	$22.89	$23.95	$25.05
Upside / Downside	52.52%	59.57%	66.89%

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

Ticker

Industry

Sector

Tongkun Group Co., Ltd. (601233.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener