DDM Analysis: 600830.SS

Valuation Snapshot

Stable Growth	$1.34 - $2.05	$1.67
Multi-Stage	$3.18 - $3.50	$3.34
Blended Fair Value	$2.50
Current Price	$9.72
Upside	-74.24%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	6.74%	-0.23%	0.12	0.06	0.01	0.07	0.02	0.09	0.05	0.06	0.11	0.10
YoY Growth	-	-	106.34%	439.17%	-84.26%	249.47%	-77.36%	81.93%	-19.67%	-44.31%	12.53%	-23.01%
Dividend Yield	-	-	1.32%	0.87%	0.18%	1.09%	0.43%	1.62%	0.71%	0.84%	0.97%	0.94%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	67.66
(-) Cash Dividends Paid (M)	55.92
(=) Cash Retained (M)	11.74

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	13.53	8.46	5.07
Cash Retained (M)	11.74	11.74	11.74
(-) Cash Required (M)	-13.53	-8.46	-5.07
(=) Excess Retained (M)	-1.79	3.28	6.67
(/) Shares Outstanding (M)	455.77	455.77	455.77
(=) Excess Retained per Share	0.00	0.01	0.01
LTM Dividend per Share	0.12	0.12	0.12
(+) Excess Retained per Share	0.00	0.01	0.01
(=) Adjusted Dividend	0.12	0.13	0.14
WACC / Discount Rate	6.45%	6.45%	6.45%
Growth Rate	-2.23%	-1.23%	-0.23%
Fair Value	$1.34	$1.67	$2.05
Upside / Downside	-86.24%	-82.82%	-78.91%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	67.66	66.83	66.00	65.19	64.39	63.59	65.50
Payout Ratio	82.65%	84.12%	85.59%	87.06%	88.53%	90.00%	92.50%
Projected Dividends (M)	55.92	56.21	56.49	56.75	57.00	57.23	60.59

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.45%	6.45%	6.45%
Growth Rate	-2.23%	-1.23%	-0.23%
Year 1 PV (M)	52.27	52.81	53.34
Year 2 PV (M)	48.85	49.85	50.87
Year 3 PV (M)	45.64	47.05	48.49
Year 4 PV (M)	42.62	44.39	46.22
Year 5 PV (M)	39.80	41.87	44.04
PV of Terminal Value (M)	1,221.35	1,285.10	1,351.49
Equity Value (M)	1,450.52	1,521.08	1,594.45
Shares Outstanding (M)	455.77	455.77	455.77
Fair Value	$3.18	$3.34	$3.50
Upside / Downside	-67.26%	-65.66%	-64.01%

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Sunny Loan Top Co.,Ltd. (600830.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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