DDM Analysis: 603101.SS

Valuation Snapshot

Stable Growth	$31.86 - $37.53	$35.17
Multi-Stage	$80.93 - $88.84	$84.81
Blended Fair Value	$59.99
Current Price	$10.77
Upside	457.03%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	30.31%	8.41%	0.33	0.09	0.09	0.09	0.09	0.09	0.12	0.06	0.06	0.14
YoY Growth	-	-	280.09%	-5.98%	-0.30%	0.15%	5.31%	-23.53%	81.45%	11.11%	-58.31%	-7.13%
Dividend Yield	-	-	4.92%	1.41%	1.78%	1.58%	1.83%	1.74%	1.61%	0.95%	0.52%	2.14%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	88.53
(-) Cash Dividends Paid (M)	52.14
(=) Cash Retained (M)	36.39

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	17.71	11.07	6.64
Cash Retained (M)	36.39	36.39	36.39
(-) Cash Required (M)	-17.71	-11.07	-6.64
(=) Excess Retained (M)	18.69	25.33	29.75
(/) Shares Outstanding (M)	469.12	469.12	469.12
(=) Excess Retained per Share	0.04	0.05	0.06
LTM Dividend per Share	0.11	0.11	0.11
(+) Excess Retained per Share	0.04	0.05	0.06
(=) Adjusted Dividend	0.15	0.17	0.17
WACC / Discount Rate	-21.51%	-21.51%	-21.51%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$31.86	$35.17	$37.53
Upside / Downside	195.79%	226.59%	248.49%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	88.53	94.29	100.42	106.94	113.90	121.30	124.94
Payout Ratio	58.89%	65.11%	71.34%	77.56%	83.78%	90.00%	92.50%
Projected Dividends (M)	52.14	61.39	71.63	82.94	95.42	109.17	115.57

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	-21.51%	-21.51%	-21.51%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	77.49	78.22	78.96
Year 2 PV (M)	114.11	116.28	118.48
Year 3 PV (M)	166.76	171.55	176.43
Year 4 PV (M)	242.14	251.45	261.03
Year 5 PV (M)	349.65	366.54	384.08
PV of Terminal Value (M)	37,014.64	38,802.46	40,658.71
Equity Value (M)	37,964.80	39,786.52	41,677.68
Shares Outstanding (M)	469.12	469.12	469.12
Fair Value	$80.93	$84.81	$88.84
Upside / Downside	651.42%	687.48%	724.91%

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Xinjiang Winka Times Department Store Co.,Ltd. (603101.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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