Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Jinshang Bank Co., Ltd. (2558.HK)

Company Dividend Discount ModelIndustry: Banks - RegionalSector: Financial Services

Valuation Snapshot

Stable Growth$7.30 - $11.92$9.36
Multi-Stage$9.65 - $10.57$10.10
Blended Fair Value$9.73
Current Price$1.32
Upside637.36%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS5.95%7.57%0.100.110.100.100.120.080.080.050.050.04
YoY Growth---2.43%6.45%-3.89%-14.74%56.89%-3.11%48.70%5.89%25.42%-18.83%
Dividend Yield--7.61%8.63%10.37%8.57%8.44%5.53%2.37%1.68%1.47%1.26%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)3,776.23
(-) Cash Dividends Paid (M)1,175.93
(=) Cash Retained (M)2,600.30
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)755.25472.03283.22
Cash Retained (M)2,600.302,600.302,600.30
(-) Cash Required (M)-755.25-472.03-283.22
(=) Excess Retained (M)1,845.052,128.272,317.08
(/) Shares Outstanding (M)5,838.655,838.655,838.65
(=) Excess Retained per Share0.320.360.40
LTM Dividend per Share0.200.200.20
(+) Excess Retained per Share0.320.360.40
(=) Adjusted Dividend0.520.570.60
WACC / Discount Rate8.52%8.52%8.52%
Growth Rate1.33%2.33%3.33%
Fair Value$7.30$9.36$11.92
Upside / Downside452.84%609.36%803.28%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)3,776.233,864.233,954.294,046.444,140.744,237.244,364.36
Payout Ratio31.14%42.91%54.68%66.46%78.23%90.00%92.50%
Projected Dividends (M)1,175.931,658.232,162.372,689.113,239.223,813.524,037.03

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate8.52%8.52%8.52%
Growth Rate1.33%2.33%3.33%
Year 1 PV (M)1,513.171,528.111,543.04
Year 2 PV (M)1,800.611,836.321,872.39
Year 3 PV (M)2,043.352,104.442,166.74
Year 4 PV (M)2,246.052,336.032,428.70
Year 5 PV (M)2,412.962,534.392,660.67
PV of Terminal Value (M)46,315.7248,646.6551,070.50
Equity Value (M)56,331.8558,985.9561,742.04
Shares Outstanding (M)5,838.655,838.655,838.65
Fair Value$9.65$10.10$10.57
Upside / Downside630.92%665.35%701.11%

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