DDM Analysis: 601788.SS

Valuation Snapshot

Stable Growth	$121.69 - $151.58	$142.04
Multi-Stage	$39.26 - $43.08	$41.14
Blended Fair Value	$91.59
Current Price	$18.82
Upside	386.64%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-2.36%	46.30%	0.74	0.63	0.69	0.65	0.64	0.83	0.86	0.61	0.95	0.19
YoY Growth	-	-	17.88%	-8.99%	6.07%	1.33%	-23.04%	-2.43%	39.55%	-35.72%	403.62%	1,048.50%
Dividend Yield	-	-	4.34%	3.80%	4.53%	5.22%	3.95%	7.58%	6.45%	4.98%	6.22%	0.99%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	3,746.07
(-) Cash Dividends Paid (M)	1,254.30
(=) Cash Retained (M)	2,491.76

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	749.21	468.26	280.95
Cash Retained (M)	2,491.76	2,491.76	2,491.76
(-) Cash Required (M)	-749.21	-468.26	-280.95
(=) Excess Retained (M)	1,742.55	2,023.50	2,210.81
(/) Shares Outstanding (M)	4,865.58	4,865.58	4,865.58
(=) Excess Retained per Share	0.36	0.42	0.45
LTM Dividend per Share	0.26	0.26	0.26
(+) Excess Retained per Share	0.36	0.42	0.45
(=) Adjusted Dividend	0.62	0.67	0.71
WACC / Discount Rate	4.95%	4.95%	4.95%
Growth Rate	4.42%	5.42%	6.42%
Fair Value	$121.69	$142.04	$151.58
Upside / Downside	546.59%	654.71%	705.41%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	3,746.07	3,949.10	4,163.13	4,388.77	4,626.63	4,877.39	5,023.71
Payout Ratio	33.48%	44.79%	56.09%	67.39%	78.70%	90.00%	92.50%
Projected Dividends (M)	1,254.30	1,768.67	2,335.10	2,957.73	3,641.00	4,389.65	4,646.93

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	4.95%	4.95%	4.95%
Growth Rate	4.42%	5.42%	6.42%
Year 1 PV (M)	1,669.29	1,685.27	1,701.26
Year 2 PV (M)	2,080.06	2,120.09	2,160.50
Year 3 PV (M)	2,486.65	2,558.78	2,632.28
Year 4 PV (M)	2,889.09	3,001.36	3,116.87
Year 5 PV (M)	3,287.42	3,447.87	3,614.54
PV of Terminal Value (M)	178,616.68	187,334.89	196,390.24
Equity Value (M)	191,029.18	200,148.26	209,615.70
Shares Outstanding (M)	4,865.58	4,865.58	4,865.58
Fair Value	$39.26	$41.14	$43.08
Upside / Downside	108.61%	118.57%	128.91%

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Everbright Securities Company Limited (601788.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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