DDM Analysis: 603060.SS

Valuation Snapshot

Stable Growth	$14.92 - $42.92	$40.22
Multi-Stage	$6.05 - $6.62	$6.33
Blended Fair Value	$23.27
Current Price	$6.40
Upside	263.66%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	17.41%	18.95%	0.16	0.15	0.09	0.09	0.08	0.07	0.06	0.04	0.15	0.03
YoY Growth	-	-	6.45%	61.05%	0.63%	20.90%	6.99%	24.19%	30.65%	-70.74%	435.24%	0.00%
Dividend Yield	-	-	2.35%	1.98%	0.81%	0.86%	0.57%	0.93%	0.78%	0.73%	1.73%	0.72%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	173.58
(-) Cash Dividends Paid (M)	114.33
(=) Cash Retained (M)	59.25

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	34.72	21.70	13.02
Cash Retained (M)	59.25	59.25	59.25
(-) Cash Required (M)	-34.72	-21.70	-13.02
(=) Excess Retained (M)	24.53	37.55	46.23
(/) Shares Outstanding (M)	804.39	804.39	804.39
(=) Excess Retained per Share	0.03	0.05	0.06
LTM Dividend per Share	0.14	0.14	0.14
(+) Excess Retained per Share	0.03	0.05	0.06
(=) Adjusted Dividend	0.17	0.19	0.20
WACC / Discount Rate	6.72%	6.72%	6.72%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$14.92	$40.22	$42.92
Upside / Downside	133.10%	528.41%	570.56%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	173.58	184.86	196.88	209.68	223.31	237.82	244.96
Payout Ratio	65.87%	70.69%	75.52%	80.35%	85.17%	90.00%	92.50%
Projected Dividends (M)	114.33	130.69	148.68	168.47	190.20	214.04	226.58

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.72%	6.72%	6.72%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	121.31	122.46	123.61
Year 2 PV (M)	128.11	130.55	133.01
Year 3 PV (M)	134.73	138.60	142.54
Year 4 PV (M)	141.19	146.62	152.21
Year 5 PV (M)	147.49	154.61	162.01
PV of Terminal Value (M)	4,196.23	4,398.91	4,609.34
Equity Value (M)	4,869.06	5,091.75	5,322.72
Shares Outstanding (M)	804.39	804.39	804.39
Fair Value	$6.05	$6.33	$6.62
Upside / Downside	-5.42%	-1.09%	3.39%

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

Analysis Mode

Ticker

Industry

Sector

China Testing & Certification International Group Co.,Ltd. (603060.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener