DDM Analysis: 002091.SZ

Valuation Snapshot

Stable Growth	$60.37 - $120.16	$112.60
Multi-Stage	$18.88 - $20.65	$19.75
Blended Fair Value	$66.18
Current Price	$9.14
Upside	624.05%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	13.82%	29.43%	0.43	0.30	0.26	0.25	0.23	0.22	0.23	0.16	0.14	0.05
YoY Growth	-	-	43.94%	14.55%	2.73%	10.79%	1.81%	-1.49%	45.84%	11.37%	186.48%	50.68%
Dividend Yield	-	-	5.64%	4.14%	3.17%	2.59%	3.44%	3.89%	3.29%	1.99%	1.39%	0.45%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,153.35
(-) Cash Dividends Paid (M)	737.94
(=) Cash Retained (M)	415.41

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	230.67	144.17	86.50
Cash Retained (M)	415.41	415.41	415.41
(-) Cash Required (M)	-230.67	-144.17	-86.50
(=) Excess Retained (M)	184.74	271.25	328.91
(/) Shares Outstanding (M)	1,908.96	1,908.96	1,908.96
(=) Excess Retained per Share	0.10	0.14	0.17
LTM Dividend per Share	0.39	0.39	0.39
(+) Excess Retained per Share	0.10	0.14	0.17
(=) Adjusted Dividend	0.48	0.53	0.56
WACC / Discount Rate	6.34%	6.34%	6.34%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$60.37	$112.60	$120.16
Upside / Downside	560.52%	1,131.99%	1,214.62%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,153.35	1,228.32	1,308.16	1,393.19	1,483.75	1,580.19	1,627.60
Payout Ratio	63.98%	69.19%	74.39%	79.59%	84.80%	90.00%	92.50%
Projected Dividends (M)	737.94	849.82	973.13	1,108.88	1,258.17	1,422.18	1,505.53

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.34%	6.34%	6.34%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	791.62	799.12	806.62
Year 2 PV (M)	844.40	860.48	876.71
Year 3 PV (M)	896.29	922.02	948.23
Year 4 PV (M)	947.30	983.73	1,021.20
Year 5 PV (M)	997.45	1,045.62	1,095.64
PV of Terminal Value (M)	31,570.02	33,094.86	34,678.06
Equity Value (M)	36,047.06	37,705.83	39,426.48
Shares Outstanding (M)	1,908.96	1,908.96	1,908.96
Fair Value	$18.88	$19.75	$20.65
Upside / Downside	106.60%	116.11%	125.97%

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Jiangsu Guotai International Group Co., Ltd. (002091.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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