DDM Analysis: 601336.SS

Valuation Snapshot

Stable Growth	$841.01 - $2,448.25	$2,294.37
Multi-Stage	$333.74 - $365.39	$349.28
Blended Fair Value	$1,321.82
Current Price	$61.16
Upside	2,061.26%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	14.36%	14.61%	1.51	1.35	1.62	1.39	1.41	0.77	0.57	0.69	0.58	0.51
YoY Growth	-	-	11.17%	-16.54%	16.81%	-1.43%	83.14%	33.97%	-16.21%	17.97%	13.52%	32.95%
Dividend Yield	-	-	2.92%	4.44%	5.32%	3.93%	2.90%	1.93%	1.03%	1.49%	1.38%	1.26%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	38,406.00
(-) Cash Dividends Paid (M)	9,032.00
(=) Cash Retained (M)	29,374.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	7,681.20	4,800.75	2,880.45
Cash Retained (M)	29,374.00	29,374.00	29,374.00
(-) Cash Required (M)	-7,681.20	-4,800.75	-2,880.45
(=) Excess Retained (M)	21,692.80	24,573.25	26,493.55
(/) Shares Outstanding (M)	3,119.77	3,119.77	3,119.77
(=) Excess Retained per Share	6.95	7.88	8.49
LTM Dividend per Share	2.90	2.90	2.90
(+) Excess Retained per Share	6.95	7.88	8.49
(=) Adjusted Dividend	9.85	10.77	11.39
WACC / Discount Rate	6.74%	6.74%	6.74%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$841.01	$2,294.37	$2,448.25
Upside / Downside	1,275.10%	3,651.42%	3,903.03%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	38,406.00	40,902.39	43,561.05	46,392.51	49,408.03	52,619.55	54,198.13
Payout Ratio	23.52%	36.81%	50.11%	63.41%	76.70%	90.00%	92.50%
Projected Dividends (M)	9,032.00	15,057.69	21,828.57	29,416.04	37,897.65	47,357.59	50,133.27

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.74%	6.74%	6.74%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	13,975.03	14,107.49	14,239.96
Year 2 PV (M)	18,802.42	19,160.55	19,522.07
Year 3 PV (M)	23,516.19	24,191.25	24,879.12
Year 4 PV (M)	28,118.32	29,199.67	30,311.91
Year 5 PV (M)	32,610.76	34,185.87	35,821.27
PV of Terminal Value (M)	924,180.94	968,819.22	1,015,165.92
Equity Value (M)	1,041,203.65	1,089,664.06	1,139,940.24
Shares Outstanding (M)	3,119.77	3,119.77	3,119.77
Fair Value	$333.74	$349.28	$365.39
Upside / Downside	445.69%	471.09%	497.44%

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New China Life Insurance Company Ltd. (601336.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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