DDM Analysis: 6190.HK

Valuation Snapshot

Stable Growth	$7.35 - $11.82	$9.37
Multi-Stage	$12.91 - $14.20	$13.54
Blended Fair Value	$11.45
Current Price	$3.51
Upside	226.33%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	19.73%	5.03%	0.18	0.21	0.20	0.09	0.11	0.07	0.07	0.09	0.06	0.08
YoY Growth	-	-	-13.78%	1.80%	136.80%	-18.94%	46.06%	-1.40%	-17.00%	39.29%	-21.13%	-26.16%
Dividend Yield	-	-	3.64%	3.28%	2.41%	0.97%	1.15%	0.76%	0.79%	1.01%	0.67%	0.91%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,967.13
(-) Cash Dividends Paid (M)	195.59
(=) Cash Retained (M)	1,771.54

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	393.43	245.89	147.53
Cash Retained (M)	1,771.54	1,771.54	1,771.54
(-) Cash Required (M)	-393.43	-245.89	-147.53
(=) Excess Retained (M)	1,378.11	1,525.65	1,624.00
(/) Shares Outstanding (M)	2,847.37	2,847.37	2,847.37
(=) Excess Retained per Share	0.48	0.54	0.57
LTM Dividend per Share	0.07	0.07	0.07
(+) Excess Retained per Share	0.48	0.54	0.57
(=) Adjusted Dividend	0.55	0.60	0.64
WACC / Discount Rate	7.03%	7.03%	7.03%
Growth Rate	-0.46%	0.54%	1.54%
Fair Value	$7.35	$9.37	$11.82
Upside / Downside	109.28%	166.83%	236.78%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,967.13	1,977.85	1,988.63	1,999.46	2,010.36	2,021.32	2,081.96
Payout Ratio	9.94%	25.95%	41.97%	57.98%	73.99%	90.00%	92.50%
Projected Dividends (M)	195.59	513.34	834.54	1,159.23	1,487.44	1,819.18	1,925.81

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.03%	7.03%	7.03%
Growth Rate	-0.46%	0.54%	1.54%
Year 1 PV (M)	474.83	479.60	484.37
Year 2 PV (M)	714.03	728.45	743.01
Year 3 PV (M)	917.44	945.36	973.85
Year 4 PV (M)	1,088.88	1,133.30	1,179.06
Year 5 PV (M)	1,231.83	1,294.96	1,360.65
PV of Terminal Value (M)	32,322.00	33,978.43	35,702.09
Equity Value (M)	36,749.00	38,560.10	40,443.04
Shares Outstanding (M)	2,847.37	2,847.37	2,847.37
Fair Value	$12.91	$13.54	$14.20
Upside / Downside	267.70%	285.82%	304.66%

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Bank of Jiujiang Co., Ltd. (6190.HK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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