DDM Analysis: 600906.SS

Valuation Snapshot

Stable Growth	$7.73 - $22.66	$12.17
Multi-Stage	$11.38 - $12.52	$11.94
Blended Fair Value	$12.06
Current Price	$7.23
Upside	66.76%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-4.45%	18.80%	0.20	0.15	0.22	0.21	0.22	0.25	0.19	0.08	0.32	0.15
YoY Growth	-	-	33.38%	-31.69%	3.16%	-4.84%	-10.96%	30.25%	151.34%	-76.43%	120.67%	312.72%
Dividend Yield	-	-	3.01%	2.09%	2.77%	1.94%	4.13%	4.63%	3.56%	1.42%	6.00%	2.72%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	980.61
(-) Cash Dividends Paid (M)	116.44
(=) Cash Retained (M)	864.17

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	196.12	122.58	73.55
Cash Retained (M)	864.17	864.17	864.17
(-) Cash Required (M)	-196.12	-122.58	-73.55
(=) Excess Retained (M)	668.05	741.59	790.62
(/) Shares Outstanding (M)	3,098.90	3,098.90	3,098.90
(=) Excess Retained per Share	0.22	0.24	0.26
LTM Dividend per Share	0.04	0.04	0.04
(+) Excess Retained per Share	0.22	0.24	0.26
(=) Adjusted Dividend	0.25	0.28	0.29
WACC / Discount Rate	5.43%	5.43%	5.43%
Growth Rate	2.09%	3.09%	4.09%
Fair Value	$7.73	$12.17	$22.66
Upside / Downside	6.87%	68.38%	213.40%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	980.61	1,010.88	1,042.08	1,074.25	1,107.42	1,141.60	1,175.85
Payout Ratio	11.87%	27.50%	43.12%	58.75%	74.37%	90.00%	92.50%
Projected Dividends (M)	116.44	277.98	449.39	631.12	823.64	1,027.44	1,087.66

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	5.43%	5.43%	5.43%
Growth Rate	2.09%	3.09%	4.09%
Year 1 PV (M)	261.11	263.66	266.22
Year 2 PV (M)	396.48	404.28	412.16
Year 3 PV (M)	523.00	538.52	554.34
Year 4 PV (M)	641.09	666.58	692.83
Year 5 PV (M)	751.17	788.68	827.69
PV of Terminal Value (M)	32,701.89	34,335.24	36,033.22
Equity Value (M)	35,274.72	36,996.97	38,786.45
Shares Outstanding (M)	3,098.90	3,098.90	3,098.90
Fair Value	$11.38	$11.94	$12.52
Upside / Downside	57.44%	65.13%	73.11%

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Caida Securities Co., Ltd. (600906.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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