DDM Analysis: 9677.HK

Valuation Snapshot

Stable Growth	$25.81 - $93.13	$82.11
Multi-Stage	$11.84 - $12.95	$12.38
Blended Fair Value	$47.25
Current Price	$2.70
Upside	1,649.88%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	16.36%	9.93%	0.15	0.00	0.10	0.10	0.09	0.07	0.07	0.10	0.19	0.16
YoY Growth	-	-	8,106,281.82%	-100.00%	-0.08%	9.39%	30.49%	-1.47%	-31.90%	-46.44%	19.79%	180.55%
Dividend Yield	-	-	5.51%	0.00%	3.65%	3.80%	3.24%	2.34%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	2,795.00
(-) Cash Dividends Paid (M)	1,041.66
(=) Cash Retained (M)	1,753.34

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	559.00	349.37	209.62
Cash Retained (M)	1,753.34	1,753.34	1,753.34
(-) Cash Required (M)	-559.00	-349.37	-209.62
(=) Excess Retained (M)	1,194.34	1,403.97	1,543.72
(/) Shares Outstanding (M)	5,968.69	5,968.69	5,968.69
(=) Excess Retained per Share	0.20	0.24	0.26
LTM Dividend per Share	0.17	0.17	0.17
(+) Excess Retained per Share	0.20	0.24	0.26
(=) Adjusted Dividend	0.37	0.41	0.43
WACC / Discount Rate	7.03%	7.03%	7.03%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$25.81	$82.11	$93.13
Upside / Downside	855.83%	2,941.16%	3,349.20%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	2,795.00	2,976.67	3,170.16	3,376.22	3,595.67	3,829.39	3,944.27
Payout Ratio	37.27%	47.81%	58.36%	68.91%	79.45%	90.00%	92.50%
Projected Dividends (M)	1,041.66	1,423.29	1,850.14	2,326.46	2,856.89	3,446.45	3,648.45

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)	1,317.30	1,329.79	1,342.27
Year 2 PV (M)	1,584.85	1,615.03	1,645.51
Year 3 PV (M)	1,844.47	1,897.41	1,951.37
Year 4 PV (M)	2,096.33	2,176.95	2,259.87
Year 5 PV (M)	2,340.61	2,453.67	2,571.04
PV of Terminal Value (M)	61,461.83	64,430.46	67,512.71
Equity Value (M)	70,645.39	73,903.32	77,282.77
Shares Outstanding (M)	5,968.69	5,968.69	5,968.69
Fair Value	$11.84	$12.38	$12.95
Upside / Downside	338.37%	358.59%	379.56%

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Weihai Bank Co., Ltd. Class H (9677.HK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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