DDM Analysis: 601601.SS

Valuation Snapshot

Stable Growth	$64.60 - $107.52	$83.53
Multi-Stage	$78.54 - $86.18	$82.29
Blended Fair Value	$82.91
Current Price	$35.12
Upside	136.08%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	7.51%	7.83%	1.35	1.29	1.65	1.30	1.13	0.94	0.99	1.03	1.15	0.70
YoY Growth	-	-	4.58%	-21.41%	26.62%	15.01%	20.00%	-5.05%	-3.80%	-10.57%	64.89%	9.88%
Dividend Yield	-	-	4.21%	5.45%	6.35%	5.67%	2.99%	3.34%	2.85%	3.04%	4.21%	2.67%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	52,350.00
(-) Cash Dividends Paid (M)	3,649.00
(=) Cash Retained (M)	48,701.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	10,470.00	6,543.75	3,926.25
Cash Retained (M)	48,701.00	48,701.00	48,701.00
(-) Cash Required (M)	-10,470.00	-6,543.75	-3,926.25
(=) Excess Retained (M)	38,231.00	42,157.25	44,774.75
(/) Shares Outstanding (M)	9,620.00	9,620.00	9,620.00
(=) Excess Retained per Share	3.97	4.38	4.65
LTM Dividend per Share	0.38	0.38	0.38
(+) Excess Retained per Share	3.97	4.38	4.65
(=) Adjusted Dividend	4.35	4.76	5.03
WACC / Discount Rate	8.65%	8.65%	8.65%
Growth Rate	1.79%	2.79%	3.79%
Fair Value	$64.60	$83.53	$107.52
Upside / Downside	83.95%	137.85%	206.14%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	52,350.00	53,809.33	55,309.33	56,851.15	58,435.96	60,064.94	61,866.88
Payout Ratio	6.97%	23.58%	40.18%	56.79%	73.39%	90.00%	92.50%
Projected Dividends (M)	3,649.00	12,686.26	22,224.53	32,284.72	42,888.53	54,058.44	57,226.87

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.65%	8.65%	8.65%
Growth Rate	1.79%	2.79%	3.79%
Year 1 PV (M)	11,563.02	11,676.62	11,790.22
Year 2 PV (M)	18,463.24	18,827.81	19,195.93
Year 3 PV (M)	24,446.14	25,173.75	25,915.65
Year 4 PV (M)	29,600.03	30,780.49	31,995.91
Year 5 PV (M)	34,005.74	35,709.31	37,480.48
PV of Terminal Value (M)	637,523.94	669,461.71	702,666.84
Equity Value (M)	755,602.11	791,629.69	829,045.03
Shares Outstanding (M)	9,620.00	9,620.00	9,620.00
Fair Value	$78.54	$82.29	$86.18
Upside / Downside	123.65%	134.31%	145.39%

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China Pacific Insurance (Group) Co., Ltd. (601601.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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