DDM Analysis: 601198.SS

Valuation Snapshot

Stable Growth	$77.44 - $135.32	$126.81
Multi-Stage	$22.43 - $24.57	$23.48
Blended Fair Value	$75.14
Current Price	$11.59
Upside	548.35%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-7.32%	10.75%	0.35	0.27	0.56	0.52	0.59	0.51	0.54	0.46	0.53	0.30
YoY Growth	-	-	30.18%	-51.99%	7.04%	-11.46%	15.48%	-5.76%	17.29%	-11.70%	76.71%	135.39%
Dividend Yield	-	-	3.04%	3.32%	6.68%	5.37%	5.41%	4.70%	3.91%	3.26%	2.86%	1.10%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	2,200.22
(-) Cash Dividends Paid (M)	541.28
(=) Cash Retained (M)	1,658.95

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	440.04	275.03	165.02
Cash Retained (M)	1,658.95	1,658.95	1,658.95
(-) Cash Required (M)	-440.04	-275.03	-165.02
(=) Excess Retained (M)	1,218.90	1,383.92	1,493.93
(/) Shares Outstanding (M)	3,229.06	3,229.06	3,229.06
(=) Excess Retained per Share	0.38	0.43	0.46
LTM Dividend per Share	0.17	0.17	0.17
(+) Excess Retained per Share	0.38	0.43	0.46
(=) Adjusted Dividend	0.55	0.60	0.63
WACC / Discount Rate	6.09%	6.09%	6.09%
Growth Rate	5.35%	6.35%	7.35%
Fair Value	$77.44	$126.81	$135.32
Upside / Downside	568.16%	994.12%	1,067.52%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	2,200.22	2,339.84	2,488.32	2,646.23	2,814.15	2,992.73	3,082.51
Payout Ratio	24.60%	37.68%	50.76%	63.84%	76.92%	90.00%	92.50%
Projected Dividends (M)	541.28	881.67	1,263.09	1,689.36	2,164.65	2,693.46	2,851.32

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.09%	6.09%	6.09%
Growth Rate	5.35%	6.35%	7.35%
Year 1 PV (M)	823.27	831.08	838.90
Year 2 PV (M)	1,101.29	1,122.29	1,143.50
Year 3 PV (M)	1,375.38	1,414.92	1,455.21
Year 4 PV (M)	1,645.59	1,708.97	1,774.16
Year 5 PV (M)	1,911.96	2,004.44	2,100.47
PV of Terminal Value (M)	65,559.91	68,731.21	72,024.05
Equity Value (M)	72,417.39	75,812.92	79,336.30
Shares Outstanding (M)	3,229.06	3,229.06	3,229.06
Fair Value	$22.43	$23.48	$24.57
Upside / Downside	93.50%	102.57%	111.99%

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Dongxing Securities Corporation Limited (601198.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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