DDM Analysis: 600928.SS

Valuation Snapshot

Stable Growth	$5.50 - $8.46	$6.88
Multi-Stage	$10.75 - $11.83	$11.28
Blended Fair Value	$9.08
Current Price	$3.89
Upside	133.36%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-14.44%	0.45%	0.08	0.20	0.24	0.66	0.24	0.18	0.09	0.08	0.13	0.10
YoY Growth	-	-	-57.66%	-17.09%	-63.23%	171.33%	30.88%	111.70%	12.85%	-39.04%	31.36%	19.26%
Dividend Yield	-	-	2.42%	5.82%	7.08%	16.63%	4.64%	3.36%	0.70%	1.15%	1.88%	1.43%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	2,664.69
(-) Cash Dividends Paid (M)	593.33
(=) Cash Retained (M)	2,071.36

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	532.94	333.09	199.85
Cash Retained (M)	2,071.36	2,071.36	2,071.36
(-) Cash Required (M)	-532.94	-333.09	-199.85
(=) Excess Retained (M)	1,538.42	1,738.28	1,871.51
(/) Shares Outstanding (M)	4,447.20	4,447.20	4,447.20
(=) Excess Retained per Share	0.35	0.39	0.42
LTM Dividend per Share	0.13	0.13	0.13
(+) Excess Retained per Share	0.35	0.39	0.42
(=) Adjusted Dividend	0.48	0.52	0.55
WACC / Discount Rate	7.03%	7.03%	7.03%
Growth Rate	-1.55%	-0.55%	0.45%
Fair Value	$5.50	$6.88	$8.46
Upside / Downside	41.36%	76.78%	117.43%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	2,664.69	2,650.02	2,635.42	2,620.90	2,606.47	2,592.11	2,669.87
Payout Ratio	22.27%	35.81%	49.36%	62.91%	76.45%	90.00%	92.50%
Projected Dividends (M)	593.33	949.05	1,300.84	1,648.72	1,992.73	2,332.90	2,469.63

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.03%	7.03%	7.03%
Growth Rate	-1.55%	-0.55%	0.45%
Year 1 PV (M)	877.79	886.71	895.62
Year 2 PV (M)	1,112.81	1,135.54	1,158.49
Year 3 PV (M)	1,304.50	1,344.66	1,385.63
Year 4 PV (M)	1,458.30	1,518.46	1,580.46
Year 5 PV (M)	1,579.04	1,660.88	1,746.08
PV of Terminal Value (M)	41,463.83	43,612.90	45,850.16
Equity Value (M)	47,796.28	50,159.14	52,616.45
Shares Outstanding (M)	4,447.20	4,447.20	4,447.20
Fair Value	$10.75	$11.28	$11.83
Upside / Downside	176.29%	189.94%	204.15%

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Bank of Xi'an Co.,Ltd. (600928.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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