DDM Analysis: 002966.SZ

Valuation Snapshot

Stable Growth	$62.80 - $226.60	$199.80
Multi-Stage	$28.90 - $31.61	$30.23
Blended Fair Value	$115.01
Current Price	$8.16
Upside	1,309.47%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	8.87%	17.72%	0.65	0.26	0.60	0.52	0.42	0.43	0.40	0.39	0.20	0.13
YoY Growth	-	-	153.49%	-56.97%	14.23%	24.45%	-1.37%	5.56%	4.18%	89.92%	60.05%	0.00%
Dividend Yield	-	-	8.27%	3.58%	8.58%	7.77%	6.01%	5.57%	3.92%	3.76%	1.98%	1.24%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	5,365.79
(-) Cash Dividends Paid (M)	2,242.18
(=) Cash Retained (M)	3,123.61

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,073.16	670.72	402.43
Cash Retained (M)	3,123.61	3,123.61	3,123.61
(-) Cash Required (M)	-1,073.16	-670.72	-402.43
(=) Excess Retained (M)	2,050.45	2,452.89	2,721.18
(/) Shares Outstanding (M)	4,709.21	4,709.21	4,709.21
(=) Excess Retained per Share	0.44	0.52	0.58
LTM Dividend per Share	0.48	0.48	0.48
(+) Excess Retained per Share	0.44	0.52	0.58
(=) Adjusted Dividend	0.91	1.00	1.05
WACC / Discount Rate	7.03%	7.03%	7.03%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$62.80	$199.80	$226.60
Upside / Downside	669.55%	2,348.48%	2,677.00%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	5,365.79	5,714.57	6,086.02	6,481.61	6,902.91	7,351.60	7,572.15
Payout Ratio	41.79%	51.43%	61.07%	70.71%	80.36%	90.00%	92.50%
Projected Dividends (M)	2,242.18	2,938.96	3,716.85	4,583.45	5,547.00	6,616.44	7,004.24

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)	2,720.10	2,745.89	2,771.67
Year 2 PV (M)	3,183.89	3,244.53	3,305.75
Year 3 PV (M)	3,633.85	3,738.16	3,844.45
Year 4 PV (M)	4,070.27	4,226.81	4,387.81
Year 5 PV (M)	4,493.47	4,710.51	4,935.85
PV of Terminal Value (M)	117,993.43	123,692.56	129,609.80
Equity Value (M)	136,095.01	142,358.45	148,855.33
Shares Outstanding (M)	4,709.21	4,709.21	4,709.21
Fair Value	$28.90	$30.23	$31.61
Upside / Downside	254.16%	270.46%	287.37%

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Bank of Suzhou Co., Ltd. (002966.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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