DDM Analysis: 3698.HK

Valuation Snapshot

Stable Growth	$29.38 - $51.17	$38.70
Multi-Stage	$34.62 - $37.92	$36.24
Blended Fair Value	$37.47
Current Price	$3.52
Upside	964.44%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-9.15%	4.32%	0.24	0.50	0.46	0.42	0.52	0.38	0.36	0.18	0.30	0.16
YoY Growth	-	-	-52.58%	7.39%	10.89%	-19.18%	35.61%	5.26%	99.41%	-39.56%	85.34%	4.90%
Dividend Yield	-	-	10.14%	23.07%	21.09%	19.56%	24.09%	14.91%	12.12%	5.59%	9.33%	6.05%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	30,855.08
(-) Cash Dividends Paid (M)	8,886.23
(=) Cash Retained (M)	21,968.85

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	6,171.02	3,856.88	2,314.13
Cash Retained (M)	21,968.85	21,968.85	21,968.85
(-) Cash Required (M)	-6,171.02	-3,856.88	-2,314.13
(=) Excess Retained (M)	15,797.83	18,111.96	19,654.72
(/) Shares Outstanding (M)	13,889.80	13,889.80	13,889.80
(=) Excess Retained per Share	1.14	1.30	1.42
LTM Dividend per Share	0.64	0.64	0.64
(+) Excess Retained per Share	1.14	1.30	1.42
(=) Adjusted Dividend	1.78	1.94	2.05
WACC / Discount Rate	8.51%	8.51%	8.51%
Growth Rate	2.32%	3.32%	4.32%
Fair Value	$29.38	$38.70	$51.17
Upside / Downside	734.61%	999.40%	1,353.56%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	30,855.08	31,880.04	32,939.05	34,033.24	35,163.77	36,331.86	37,421.82
Payout Ratio	28.80%	41.04%	53.28%	65.52%	77.76%	90.00%	92.50%
Projected Dividends (M)	8,886.23	13,083.54	17,549.90	22,298.56	27,343.34	32,698.68	34,615.18

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.51%	8.51%	8.51%
Growth Rate	2.32%	3.32%	4.32%
Year 1 PV (M)	11,940.60	12,057.29	12,173.99
Year 2 PV (M)	14,617.60	14,904.71	15,194.62
Year 3 PV (M)	16,950.36	17,452.20	17,963.85
Year 4 PV (M)	18,969.43	19,721.93	20,496.60
Year 5 PV (M)	20,703.01	21,734.64	22,806.99
PV of Terminal Value (M)	397,653.10	417,468.13	438,065.30
Equity Value (M)	480,834.09	503,338.90	526,701.35
Shares Outstanding (M)	13,889.80	13,889.80	13,889.80
Fair Value	$34.62	$36.24	$37.92
Upside / Downside	883.46%	929.49%	977.27%

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Huishang Bank Corporation Limited (3698.HK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener