DDM Analysis: 601860.SS

Valuation Snapshot

Stable Growth	$5.04 - $9.02	$6.71
Multi-Stage	$7.36 - $8.09	$7.72
Blended Fair Value	$7.21
Current Price	$2.80
Upside	157.64%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-25.10%	26.28%	0.11	0.11	0.15	0.24	0.34	0.47	0.50	0.09	0.05	0.06
YoY Growth	-	-	6.02%	-30.88%	-36.79%	-29.64%	-27.69%	-5.39%	461.40%	65.45%	-7.80%	440.00%
Dividend Yield	-	-	4.04%	4.06%	5.89%	7.81%	8.93%	11.24%	5.40%	1.98%	1.19%	1.30%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,476.27
(-) Cash Dividends Paid (M)	369.86
(=) Cash Retained (M)	1,106.42

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	295.25	184.53	110.72
Cash Retained (M)	1,106.42	1,106.42	1,106.42
(-) Cash Required (M)	-295.25	-184.53	-110.72
(=) Excess Retained (M)	811.16	921.88	995.70
(/) Shares Outstanding (M)	4,058.65	4,058.65	4,058.65
(=) Excess Retained per Share	0.20	0.23	0.25
LTM Dividend per Share	0.09	0.09	0.09
(+) Excess Retained per Share	0.20	0.23	0.25
(=) Adjusted Dividend	0.29	0.32	0.34
WACC / Discount Rate	7.09%	7.09%	7.09%
Growth Rate	1.24%	2.24%	3.24%
Fair Value	$5.04	$6.71	$9.02
Upside / Downside	79.84%	139.60%	222.20%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,476.27	1,509.32	1,543.11	1,577.65	1,612.97	1,649.07	1,698.54
Payout Ratio	25.05%	38.04%	51.03%	64.02%	77.01%	90.00%	92.50%
Projected Dividends (M)	369.86	574.19	787.48	1,010.03	1,242.16	1,484.17	1,571.15

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.09%	7.09%	7.09%
Growth Rate	1.24%	2.24%	3.24%
Year 1 PV (M)	530.93	536.18	541.42
Year 2 PV (M)	673.31	686.68	700.17
Year 3 PV (M)	798.54	822.44	846.81
Year 4 PV (M)	908.09	944.50	982.00
Year 5 PV (M)	1,003.28	1,053.81	1,106.37
PV of Terminal Value (M)	25,976.04	27,284.55	28,645.27
Equity Value (M)	29,890.19	31,328.16	32,822.05
Shares Outstanding (M)	4,058.65	4,058.65	4,058.65
Fair Value	$7.36	$7.72	$8.09
Upside / Downside	163.02%	175.67%	188.82%

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Jiangsu Zijin Rural Commercial Bank Co.,Ltd (601860.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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