DDM Analysis: 002423.SZ

Valuation Snapshot

Stable Growth	$15.26 - $82.69	$29.83
Multi-Stage	$8.68 - $9.49	$9.07
Blended Fair Value	$19.45
Current Price	$13.39
Upside	45.25%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	45.61%	74.60%	0.27	0.27	0.35	0.25	0.03	0.04	0.03	0.02	0.02	0.01
YoY Growth	-	-	-0.36%	-23.51%	37.79%	804.64%	-31.11%	27.10%	30.86%	62.78%	13.91%	1,204.69%
Dividend Yield	-	-	2.14%	3.49%	4.88%	3.15%	0.32%	0.46%	0.28%	0.17%	0.11%	0.08%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	957.98
(-) Cash Dividends Paid (M)	272.59
(=) Cash Retained (M)	685.38

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	191.60	119.75	71.85
Cash Retained (M)	685.38	685.38	685.38
(-) Cash Required (M)	-191.60	-119.75	-71.85
(=) Excess Retained (M)	493.79	565.64	613.54
(/) Shares Outstanding (M)	2,303.96	2,303.96	2,303.96
(=) Excess Retained per Share	0.21	0.25	0.27
LTM Dividend per Share	0.12	0.12	0.12
(+) Excess Retained per Share	0.21	0.25	0.27
(=) Adjusted Dividend	0.33	0.36	0.38
WACC / Discount Rate	7.80%	7.80%	7.80%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$15.26	$29.83	$82.69
Upside / Downside	13.99%	122.74%	517.56%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	957.98	1,020.24	1,086.56	1,157.19	1,232.40	1,312.51	1,351.88
Payout Ratio	28.45%	40.76%	53.07%	65.38%	77.69%	90.00%	92.50%
Projected Dividends (M)	272.59	415.89	576.67	756.59	957.47	1,181.26	1,250.49

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.80%	7.80%	7.80%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	382.18	385.80	389.42
Year 2 PV (M)	486.97	496.24	505.61
Year 3 PV (M)	587.12	603.97	621.14
Year 4 PV (M)	682.77	709.03	736.03
Year 5 PV (M)	774.07	811.46	850.28
PV of Terminal Value (M)	17,074.79	17,899.51	18,755.80
Equity Value (M)	19,987.90	20,906.02	21,858.29
Shares Outstanding (M)	2,303.96	2,303.96	2,303.96
Fair Value	$8.68	$9.07	$9.49
Upside / Downside	-35.21%	-32.23%	-29.15%

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LISOX	Lazard International Strategic Equity Ptf Open Shares	0.99%	$0.13	36.87%
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NIC	Nicolet Bankshares, Inc.	0.99%	$1.19	12.58%
PAYC	Paycom Software, Inc.	0.99%	$1.51	18.80%
RRC	Range Resources Corporation	0.99%	$0.35	14.60%
WLFC	Willis Lease Finance Corporation	0.99%	$1.32	7.58%
WOR	Worthington Industries, Inc.	0.99%	$0.52	23.95%
CNXN	PC Connection, Inc.	0.98%	$0.56	16.89%
CAT	Caterpillar Inc.	0.97%	$5.78	29.40%
CNK	Cinemark Holdings, Inc.	0.97%	$0.23	18.28%
ECL	Ecolab Inc.	0.97%	$2.54	36.57%
EVR	Evercore Inc.	0.97%	$3.41	27.02%
LSBK	Lake Shore Bancorp, Inc.	0.96%	$0.14	24.34%
0ITL.L	Arthur J. Gallagher & Co.	0.95%	$2.42	39.43%
0IZI.L	W.W. Grainger, Inc.	0.95%	$9.52	26.47%
0L5V.L	The Sherwin-Williams Company	0.95%	$3.11	30.09%
0R2S.L	Stryker Corporation	0.95%	$3.28	43.09%
RRX	Regal Rexnord Corporation	0.95%	$1.39	36.07%
WT	WisdomTree, Inc.	0.95%	$0.12	18.12%
J	Jacobs Solutions Inc.	0.94%	$1.27	53.80%
ORCL	Oracle Corporation	0.94%	$1.84	34.81%
TCBS	Texas Community Bancshares, Inc.	0.94%	$0.17	19.22%
IMKTA	Ingles Markets, Incorporated	0.93%	$0.65	14.68%
ODC	Oil-Dri Corporation of America	0.93%	$0.45	12.28%
PENG	Penguin Solutions, Inc.	0.93%	$0.19	40.17%
SSBK	Southern States Bancshares, Inc.	0.93%	$0.34	9.19%
DAL	Delta Air Lines, Inc.	0.92%	$0.63	8.94%
HIFS	Hingham Institution for Savings	0.92%	$2.49	12.15%
RL	Ralph Lauren Corporation	0.92%	$3.34	24.37%
OPY	Oppenheimer Holdings Inc.	0.91%	$0.66	8.90%
BGC	BGC Group, Inc	0.90%	$0.08	23.56%
CDRE	Cadre Holdings, Inc.	0.90%	$0.37	33.35%
MBNKP	Medallion Bank	0.90%	$0.23	12.50%
JBHT	J.B. Hunt Transport Services, Inc.	0.89%	$1.75	30.14%
NYT	The New York Times Company	0.89%	$0.62	30.32%
RMD	ResMed Inc.	0.89%	$2.18	22.31%
VBFC	Village Bank and Trust Financial Corp.	0.89%	$0.72	15.35%
0I14.L	Cognex Corporation	0.88%	$0.32	49.16%
AR	Antero Resources Corporation	0.88%	$0.30	17.15%
LDOS	Leidos Holdings, Inc.	0.88%	$1.61	14.88%
LMAT	LeMaitre Vascular, Inc.	0.88%	$0.70	32.20%
NNI	Nelnet, Inc.	0.88%	$1.14	9.52%
PFSI	PennyMac Financial Services, Inc.	0.88%	$1.16	12.49%
SMBK	SmartFinancial, Inc.	0.88%	$0.32	11.76%
BYD	Boyd Gaming Corporation	0.87%	$0.75	3.22%
ROST	Ross Stores, Inc.	0.87%	$1.59	24.85%
BBSI	Barrett Business Services, Inc.	0.86%	$0.31	15.02%
BCO	The Brink's Company	0.86%	$1.00	24.81%
HXL	Hexcel Corporation	0.86%	$0.66	77.18%

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COFCO Capital Holdings Co., Ltd. (002423.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener