DDM Analysis: 600104.SS

Valuation Snapshot

Stable Growth	$0.77 - $1.00	$0.89
Multi-Stage	$1.11 - $1.20	$1.15
Blended Fair Value	$1.02
Current Price	$17.12
Upside	-94.02%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-14.61%	-5.44%	0.66	0.61	0.69	0.81	1.09	1.46	2.02	1.81	1.36	1.30
YoY Growth	-	-	8.99%	-11.55%	-15.23%	-25.34%	-25.60%	-27.86%	11.51%	33.41%	4.37%	12.45%
Dividend Yield	-	-	4.20%	3.98%	4.79%	4.77%	5.52%	7.12%	7.61%	5.34%	5.36%	6.49%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	2,859.81
(-) Cash Dividends Paid (M)	2,145.35
(=) Cash Retained (M)	714.46

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	571.96	357.48	214.49
Cash Retained (M)	714.46	714.46	714.46
(-) Cash Required (M)	-571.96	-357.48	-214.49
(=) Excess Retained (M)	142.50	356.98	499.98
(/) Shares Outstanding (M)	11,414.20	11,414.20	11,414.20
(=) Excess Retained per Share	0.01	0.03	0.04
LTM Dividend per Share	0.19	0.19	0.19
(+) Excess Retained per Share	0.01	0.03	0.04
(=) Adjusted Dividend	0.20	0.22	0.23
WACC / Discount Rate	16.51%	16.51%	16.51%
Growth Rate	-7.44%	-6.44%	-5.44%
Fair Value	$0.77	$0.89	$1.00
Upside / Downside	-95.48%	-94.78%	-94.17%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	2,859.81	2,675.72	2,503.48	2,342.32	2,191.54	2,050.46	2,111.98
Payout Ratio	75.02%	78.01%	81.01%	84.01%	87.00%	90.00%	92.50%
Projected Dividends (M)	2,145.35	2,087.43	2,028.07	1,967.71	1,906.71	1,845.42	1,953.58

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	16.51%	16.51%	16.51%
Growth Rate	-7.44%	-6.44%	-5.44%
Year 1 PV (M)	1,772.41	1,791.56	1,810.70
Year 2 PV (M)	1,462.14	1,493.90	1,526.00
Year 3 PV (M)	1,204.53	1,243.99	1,284.31
Year 4 PV (M)	991.04	1,034.57	1,079.52
Year 5 PV (M)	814.43	859.39	906.30
PV of Terminal Value (M)	6,379.39	6,731.51	7,099.01
Equity Value (M)	12,623.93	13,154.91	13,705.85
Shares Outstanding (M)	11,414.20	11,414.20	11,414.20
Fair Value	$1.11	$1.15	$1.20
Upside / Downside	-93.54%	-93.27%	-92.99%

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SSBK	Southern States Bancshares, Inc.	0.93%	$0.34	9.19%
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SAIC Motor Corporation Limited (600104.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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