DDM Analysis: 000001.SZ

Valuation Snapshot

Stable Growth	$141.72 - $417.03	$390.82
Multi-Stage	$57.06 - $62.45	$59.71
Blended Fair Value	$225.26
Current Price	$11.34
Upside	1,886.45%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	45.02%	30.35%	1.05	0.41	0.35	0.31	0.29	0.16	0.16	0.17	0.11	0.10
YoY Growth	-	-	157.47%	15.20%	14.70%	7.06%	76.10%	4.83%	-10.54%	63.86%	10.11%	30.53%
Dividend Yield	-	-	9.32%	3.83%	2.82%	2.01%	1.31%	1.28%	1.18%	1.60%	1.16%	1.09%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	43,118.00
(-) Cash Dividends Paid (M)	14,648.00
(=) Cash Retained (M)	28,470.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	8,623.60	5,389.75	3,233.85
Cash Retained (M)	28,470.00	28,470.00	28,470.00
(-) Cash Required (M)	-8,623.60	-5,389.75	-3,233.85
(=) Excess Retained (M)	19,846.40	23,080.25	25,236.15
(/) Shares Outstanding (M)	20,562.20	20,562.20	20,562.20
(=) Excess Retained per Share	0.97	1.12	1.23
LTM Dividend per Share	0.71	0.71	0.71
(+) Excess Retained per Share	0.97	1.12	1.23
(=) Adjusted Dividend	1.68	1.83	1.94
WACC / Discount Rate	6.75%	6.75%	6.75%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$141.72	$390.82	$417.03
Upside / Downside	1,149.71%	3,346.38%	3,577.53%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	43,118.00	45,920.67	48,905.51	52,084.37	55,469.86	59,075.40	60,847.66
Payout Ratio	33.97%	45.18%	56.38%	67.59%	78.79%	90.00%	92.50%
Projected Dividends (M)	14,648.00	20,745.82	27,574.46	35,203.18	43,707.13	53,167.86	56,284.08

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.75%	6.75%	6.75%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	19,251.75	19,434.23	19,616.71
Year 2 PV (M)	23,745.78	24,198.07	24,654.62
Year 3 PV (M)	28,132.02	28,939.59	29,762.47
Year 4 PV (M)	32,412.38	33,658.87	34,940.97
Year 5 PV (M)	36,588.75	38,356.00	40,190.88
PV of Terminal Value (M)	1,033,205.50	1,083,109.71	1,134,923.87
Equity Value (M)	1,173,336.17	1,227,696.47	1,284,089.53
Shares Outstanding (M)	20,562.20	20,562.20	20,562.20
Fair Value	$57.06	$59.71	$62.45
Upside / Downside	403.20%	426.51%	450.70%

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Ping An Bank Co., Ltd. (000001.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener