DDM Analysis: 300795.SZ

Valuation Snapshot

Stable Growth	$44.01 - $98.41	$92.22
Multi-Stage	$15.00 - $16.40	$15.69
Blended Fair Value	$53.95
Current Price	$14.43
Upside	273.90%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	0.00%	47.98%	0.59	0.00	0.00	0.00	0.41	0.00	0.21	0.13	0.10	0.01
YoY Growth	-	-	0.00%	0.00%	0.00%	-100.00%	0.00%	-100.00%	69.14%	33.03%	616.87%	13.77%
Dividend Yield	-	-	3.69%	0.00%	0.00%	0.00%	5.16%	0.00%	3.04%	1.80%	1.35%	0.19%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	121.66
(-) Cash Dividends Paid (M)	79.53
(=) Cash Retained (M)	42.13

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	24.33	15.21	9.12
Cash Retained (M)	42.13	42.13	42.13
(-) Cash Required (M)	-24.33	-15.21	-9.12
(=) Excess Retained (M)	17.80	26.92	33.01
(/) Shares Outstanding (M)	245.87	245.87	245.87
(=) Excess Retained per Share	0.07	0.11	0.13
LTM Dividend per Share	0.32	0.32	0.32
(+) Excess Retained per Share	0.07	0.11	0.13
(=) Adjusted Dividend	0.40	0.43	0.46
WACC / Discount Rate	6.45%	6.45%	6.45%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$44.01	$92.22	$98.41
Upside / Downside	204.96%	539.10%	581.96%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	121.66	129.57	137.99	146.96	156.51	166.68	171.69
Payout Ratio	65.37%	70.30%	75.22%	80.15%	85.07%	90.00%	92.50%
Projected Dividends (M)	79.53	91.08	103.80	117.78	133.15	150.02	158.81

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.45%	6.45%	6.45%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	84.76	85.56	86.37
Year 2 PV (M)	89.89	91.60	93.33
Year 3 PV (M)	94.92	97.65	100.42
Year 4 PV (M)	99.86	103.70	107.65
Year 5 PV (M)	104.70	109.76	115.01
PV of Terminal Value (M)	3,213.55	3,368.77	3,529.93
Equity Value (M)	3,687.69	3,857.04	4,032.70
Shares Outstanding (M)	245.87	245.87	245.87
Fair Value	$15.00	$15.69	$16.40
Upside / Downside	3.94%	8.71%	13.67%

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SSBK	Southern States Bancshares, Inc.	0.93%	$0.34	9.19%
DAL	Delta Air Lines, Inc.	0.92%	$0.63	8.94%
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Sector

Zhejiang Meorient Commerce Exhibition Inc. (300795.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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