DDM Analysis: 600109.SS

Valuation Snapshot

Stable Growth	$41.28 - $133.59	$125.19
Multi-Stage	$17.49 - $19.15	$18.30
Blended Fair Value	$71.75
Current Price	$10.23
Upside	601.35%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	24.26%	28.59%	0.35	0.21	0.26	0.21	0.14	0.12	0.11	0.09	0.15	0.04
YoY Growth	-	-	64.31%	-17.48%	24.90%	42.36%	22.90%	3.40%	28.80%	-39.60%	231.39%	56.54%
Dividend Yield	-	-	4.15%	2.44%	2.86%	2.14%	1.07%	1.28%	1.01%	1.04%	1.07%	0.30%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	2,476.95
(-) Cash Dividends Paid (M)	516.08
(=) Cash Retained (M)	1,960.87

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	495.39	309.62	185.77
Cash Retained (M)	1,960.87	1,960.87	1,960.87
(-) Cash Required (M)	-495.39	-309.62	-185.77
(=) Excess Retained (M)	1,465.48	1,651.25	1,775.10
(/) Shares Outstanding (M)	3,687.47	3,687.47	3,687.47
(=) Excess Retained per Share	0.40	0.45	0.48
LTM Dividend per Share	0.14	0.14	0.14
(+) Excess Retained per Share	0.40	0.45	0.48
(=) Adjusted Dividend	0.54	0.59	0.62
WACC / Discount Rate	6.87%	6.87%	6.87%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$41.28	$125.19	$133.59
Upside / Downside	303.55%	1,123.77%	1,205.85%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	2,476.95	2,637.95	2,809.42	2,992.03	3,186.52	3,393.64	3,495.45
Payout Ratio	20.84%	34.67%	48.50%	62.33%	76.17%	90.00%	92.50%
Projected Dividends (M)	516.08	914.53	1,362.60	1,865.06	2,427.08	3,054.28	3,233.29

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.87%	6.87%	6.87%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	847.68	855.72	863.75
Year 2 PV (M)	1,170.68	1,192.97	1,215.48
Year 3 PV (M)	1,485.23	1,527.86	1,571.31
Year 4 PV (M)	1,791.51	1,860.40	1,931.27
Year 5 PV (M)	2,089.66	2,190.60	2,295.39
PV of Terminal Value (M)	57,112.83	59,871.40	62,735.55
Equity Value (M)	64,497.58	67,498.95	70,612.75
Shares Outstanding (M)	3,687.47	3,687.47	3,687.47
Fair Value	$17.49	$18.30	$19.15
Upside / Downside	70.98%	78.93%	87.19%

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Sinolink Securities Co., Ltd. (600109.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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