DDM Analysis: 601528.SS

Valuation Snapshot

Stable Growth	$56.59 - $204.22	$180.06
Multi-Stage	$25.65 - $28.08	$26.84
Blended Fair Value	$103.45
Current Price	$5.31
Upside	1,848.26%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	5.90%	12.46%	0.27	0.23	0.19	0.10	0.19	0.20	0.19	0.16	0.13	0.11
YoY Growth	-	-	15.60%	22.64%	84.04%	-44.59%	-7.89%	8.69%	15.04%	24.07%	18.32%	32.41%
Dividend Yield	-	-	5.10%	4.66%	3.40%	1.42%	2.08%	2.26%	2.08%	1.81%	1.46%	1.23%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	2,006.03
(-) Cash Dividends Paid (M)	439.90
(=) Cash Retained (M)	1,566.13

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	401.21	250.75	150.45
Cash Retained (M)	1,566.13	1,566.13	1,566.13
(-) Cash Required (M)	-401.21	-250.75	-150.45
(=) Excess Retained (M)	1,164.92	1,315.38	1,415.68
(/) Shares Outstanding (M)	1,953.48	1,953.48	1,953.48
(=) Excess Retained per Share	0.60	0.67	0.72
LTM Dividend per Share	0.23	0.23	0.23
(+) Excess Retained per Share	0.60	0.67	0.72
(=) Adjusted Dividend	0.82	0.90	0.95
WACC / Discount Rate	7.03%	7.03%	7.03%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$56.59	$180.06	$204.22
Upside / Downside	965.80%	3,291.05%	3,746.03%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	2,006.03	2,136.42	2,275.29	2,423.18	2,580.69	2,748.43	2,830.89
Payout Ratio	21.93%	35.54%	49.16%	62.77%	76.39%	90.00%	92.50%
Projected Dividends (M)	439.90	759.35	1,118.47	1,521.07	1,971.28	2,473.59	2,618.57

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)	702.80	709.46	716.13
Year 2 PV (M)	958.09	976.34	994.76
Year 3 PV (M)	1,205.93	1,240.55	1,275.83
Year 4 PV (M)	1,446.49	1,502.11	1,559.33
Year 5 PV (M)	1,679.91	1,761.05	1,845.29
PV of Terminal Value (M)	44,112.44	46,243.08	48,455.28
Equity Value (M)	50,105.66	52,432.60	54,846.61
Shares Outstanding (M)	1,953.48	1,953.48	1,953.48
Fair Value	$25.65	$26.84	$28.08
Upside / Downside	383.04%	405.47%	428.74%

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Zhejiang Shaoxing RuiFeng Rural Commercial Bank Co.,Ltd (601528.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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