DDM Analysis: 002948.SZ

Valuation Snapshot

Stable Growth	$45.26 - $163.33	$144.01
Multi-Stage	$20.57 - $22.51	$21.52
Blended Fair Value	$82.76
Current Price	$4.76
Upside	1,638.76%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-3.12%	19.47%	0.21	0.20	0.25	0.22	0.24	0.24	0.23	0.14	0.14	0.13
YoY Growth	-	-	2.06%	-17.53%	12.08%	-8.03%	-1.63%	7.71%	62.76%	0.07%	3.87%	280.90%
Dividend Yield	-	-	4.92%	6.12%	7.51%	5.54%	5.07%	5.25%	3.09%	2.30%	2.30%	2.21%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	4,801.06
(-) Cash Dividends Paid (M)	1,212.65
(=) Cash Retained (M)	3,588.41

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	960.21	600.13	360.08
Cash Retained (M)	3,588.41	3,588.41	3,588.41
(-) Cash Required (M)	-960.21	-600.13	-360.08
(=) Excess Retained (M)	2,628.20	2,988.28	3,228.33
(/) Shares Outstanding (M)	5,845.83	5,845.83	5,845.83
(=) Excess Retained per Share	0.45	0.51	0.55
LTM Dividend per Share	0.21	0.21	0.21
(+) Excess Retained per Share	0.45	0.51	0.55
(=) Adjusted Dividend	0.66	0.72	0.76
WACC / Discount Rate	7.03%	7.03%	7.03%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$45.26	$144.01	$163.33
Upside / Downside	850.88%	2,925.41%	3,331.34%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	4,801.06	5,113.13	5,445.48	5,799.44	6,176.40	6,577.87	6,775.20
Payout Ratio	25.26%	38.21%	51.15%	64.10%	77.05%	90.00%	92.50%
Projected Dividends (M)	1,212.65	1,953.54	2,785.62	3,717.62	4,759.01	5,920.08	6,267.06

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)	1,808.06	1,825.20	1,842.34
Year 2 PV (M)	2,386.19	2,431.64	2,477.52
Year 3 PV (M)	2,947.40	3,032.01	3,118.23
Year 4 PV (M)	3,492.07	3,626.36	3,764.50
Year 5 PV (M)	4,020.54	4,214.74	4,416.36
PV of Terminal Value (M)	105,574.93	110,674.24	115,968.71
Equity Value (M)	120,229.20	125,804.19	131,587.65
Shares Outstanding (M)	5,845.83	5,845.83	5,845.83
Fair Value	$20.57	$21.52	$22.51
Upside / Downside	332.07%	352.11%	372.89%

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Bank of Qingdao Co., Ltd. (002948.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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