DDM Analysis: 601838.SS

Valuation Snapshot

Stable Growth	$532.34 - $627.19	$587.77
Multi-Stage	$155.13 - $170.15	$162.50
Blended Fair Value	$375.13
Current Price	$17.25
Upside	2,074.69%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	25.29%	17.95%	1.11	0.96	0.72	0.58	0.54	0.36	0.30	0.25	0.30	0.22
YoY Growth	-	-	16.38%	32.34%	25.15%	7.12%	49.52%	19.97%	19.76%	-15.32%	32.43%	4.74%
Dividend Yield	-	-	6.48%	6.98%	5.34%	3.85%	4.79%	4.80%	3.30%	2.27%	2.95%	2.23%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	13,312.72
(-) Cash Dividends Paid (M)	469.84
(=) Cash Retained (M)	12,842.89

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	2,662.54	1,664.09	998.45
Cash Retained (M)	12,842.89	12,842.89	12,842.89
(-) Cash Required (M)	-2,662.54	-1,664.09	-998.45
(=) Excess Retained (M)	10,180.34	11,178.80	11,844.43
(/) Shares Outstanding (M)	4,221.32	4,221.32	4,221.32
(=) Excess Retained per Share	2.41	2.65	2.81
LTM Dividend per Share	0.11	0.11	0.11
(+) Excess Retained per Share	2.41	2.65	2.81
(=) Adjusted Dividend	2.52	2.76	2.92
WACC / Discount Rate	5.09%	5.09%	5.09%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$532.34	$587.77	$627.19
Upside / Downside	2,986.04%	3,307.36%	3,535.88%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	13,312.72	14,178.05	15,099.62	16,081.10	17,126.37	18,239.59	18,786.77
Payout Ratio	3.53%	20.82%	38.12%	55.41%	72.71%	90.00%	92.50%
Projected Dividends (M)	469.84	2,952.35	5,755.60	8,910.81	12,451.87	16,415.63	17,377.77

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	5.09%	5.09%	5.09%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	2,782.86	2,809.24	2,835.62
Year 2 PV (M)	5,113.74	5,211.15	5,309.47
Year 3 PV (M)	7,462.58	7,676.81	7,895.09
Year 4 PV (M)	9,829.48	10,207.50	10,596.31
Year 5 PV (M)	12,214.55	12,804.52	13,417.06
PV of Terminal Value (M)	617,433.56	647,255.84	678,219.48
Equity Value (M)	654,836.78	685,965.04	718,273.03
Shares Outstanding (M)	4,221.32	4,221.32	4,221.32
Fair Value	$155.13	$162.50	$170.15
Upside / Downside	799.28%	842.03%	886.40%

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Bank of Chengdu Co., Ltd. (601838.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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