DDM Analysis: 601198.SS

Valuation Snapshot

Stable Growth	$45.93 - $135.32	$126.81
Multi-Stage	$19.11 - $20.92	$20.00
Blended Fair Value	$73.40
Current Price	$11.59
Upside	533.34%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-7.32%	10.75%	0.35	0.27	0.56	0.52	0.59	0.51	0.54	0.46	0.53	0.30
YoY Growth	-	-	30.18%	-51.99%	7.04%	-11.46%	15.48%	-5.76%	17.29%	-11.70%	76.71%	135.39%
Dividend Yield	-	-	3.04%	3.32%	6.68%	5.37%	5.41%	4.70%	3.91%	3.26%	2.86%	1.10%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	2,200.22
(-) Cash Dividends Paid (M)	541.28
(=) Cash Retained (M)	1,658.95

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	440.04	275.03	165.02
Cash Retained (M)	1,658.95	1,658.95	1,658.95
(-) Cash Required (M)	-440.04	-275.03	-165.02
(=) Excess Retained (M)	1,218.90	1,383.92	1,493.93
(/) Shares Outstanding (M)	3,229.06	3,229.06	3,229.06
(=) Excess Retained per Share	0.38	0.43	0.46
LTM Dividend per Share	0.17	0.17	0.17
(+) Excess Retained per Share	0.38	0.43	0.46
(=) Adjusted Dividend	0.55	0.60	0.63
WACC / Discount Rate	6.60%	6.60%	6.60%
Growth Rate	5.35%	6.35%	7.35%
Fair Value	$45.93	$126.81	$135.32
Upside / Downside	296.26%	994.12%	1,067.52%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	2,200.22	2,339.84	2,488.32	2,646.23	2,814.15	2,992.73	3,082.51
Payout Ratio	24.60%	37.68%	50.76%	63.84%	76.92%	90.00%	92.50%
Projected Dividends (M)	541.28	881.67	1,263.09	1,689.36	2,164.65	2,693.46	2,851.32

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.60%	6.60%	6.60%
Growth Rate	5.35%	6.35%	7.35%
Year 1 PV (M)	819.34	827.11	834.89
Year 2 PV (M)	1,090.80	1,111.61	1,132.61
Year 3 PV (M)	1,355.78	1,394.76	1,434.47
Year 4 PV (M)	1,614.39	1,676.57	1,740.53
Year 5 PV (M)	1,866.76	1,957.06	2,050.82
PV of Terminal Value (M)	54,952.97	57,611.18	60,371.28
Equity Value (M)	61,700.04	64,578.29	67,564.60
Shares Outstanding (M)	3,229.06	3,229.06	3,229.06
Fair Value	$19.11	$20.00	$20.92
Upside / Downside	64.86%	72.55%	80.53%

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Dongxing Securities Corporation Limited (601198.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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