DDM Analysis: 601128.SS

Valuation Snapshot

Stable Growth	$63.81 - $230.25	$203.01
Multi-Stage	$28.86 - $31.60	$30.21
Blended Fair Value	$116.61
Current Price	$6.84
Upside	1,604.80%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	5.01%	14.87%	0.21	0.21	0.26	0.25	0.24	0.16	0.14	0.12	0.00	0.05
YoY Growth	-	-	-1.57%	-16.57%	2.24%	4.67%	45.27%	20.59%	11.27%	0.00%	-100.00%	-4.00%
Dividend Yield	-	-	3.31%	3.59%	4.15%	3.90%	3.80%	2.91%	2.12%	2.11%	0.00%	0.99%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	4,194.87
(-) Cash Dividends Paid (M)	820.36
(=) Cash Retained (M)	3,374.51

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	838.97	524.36	314.62
Cash Retained (M)	3,374.51	3,374.51	3,374.51
(-) Cash Required (M)	-838.97	-524.36	-314.62
(=) Excess Retained (M)	2,535.54	2,850.15	3,059.90
(/) Shares Outstanding (M)	3,623.28	3,623.28	3,623.28
(=) Excess Retained per Share	0.70	0.79	0.84
LTM Dividend per Share	0.23	0.23	0.23
(+) Excess Retained per Share	0.70	0.79	0.84
(=) Adjusted Dividend	0.93	1.01	1.07
WACC / Discount Rate	7.03%	7.03%	7.03%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$63.81	$203.01	$230.25
Upside / Downside	832.83%	2,867.98%	3,266.21%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	4,194.87	4,467.54	4,757.93	5,067.19	5,396.56	5,747.34	5,919.76
Payout Ratio	19.56%	33.64%	47.73%	61.82%	75.91%	90.00%	92.50%
Projected Dividends (M)	820.36	1,503.10	2,271.14	3,132.67	4,096.60	5,172.60	5,475.78

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.03%	7.03%	7.03%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	1,391.17	1,404.36	1,417.54
Year 2 PV (M)	1,945.48	1,982.53	2,019.94
Year 3 PV (M)	2,483.64	2,554.93	2,627.58
Year 4 PV (M)	3,006.00	3,121.60	3,240.51
Year 5 PV (M)	3,512.91	3,682.58	3,858.75
PV of Terminal Value (M)	92,244.92	96,700.38	101,326.37
Equity Value (M)	104,584.11	109,446.39	114,490.69
Shares Outstanding (M)	3,623.28	3,623.28	3,623.28
Fair Value	$28.86	$30.21	$31.60
Upside / Downside	322.00%	341.61%	361.97%

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Jiangsu Changshu Rural Commercial Bank Co., Ltd. (601128.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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