DDM Analysis: 603568.SS

Valuation Snapshot

Stable Growth	$37.12 - $98.29	$56.73
Multi-Stage	$25.71 - $28.08	$26.87
Blended Fair Value	$41.80
Current Price	$19.72
Upside	111.97%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	22.53%	17.99%	0.36	0.19	0.10	0.22	0.17	0.13	0.10	0.08	0.05	0.02
YoY Growth	-	-	91.61%	93.08%	-55.49%	27.03%	32.03%	31.99%	25.10%	51.43%	122.45%	-65.96%
Dividend Yield	-	-	1.71%	1.01%	0.54%	0.99%	1.03%	0.78%	0.98%	0.94%	0.58%	0.24%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	2,727.96
(-) Cash Dividends Paid (M)	931.37
(=) Cash Retained (M)	1,796.59

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	545.59	341.00	204.60
Cash Retained (M)	1,796.59	1,796.59	1,796.59
(-) Cash Required (M)	-545.59	-341.00	-204.60
(=) Excess Retained (M)	1,251.00	1,455.60	1,591.99
(/) Shares Outstanding (M)	1,721.49	1,721.49	1,721.49
(=) Excess Retained per Share	0.73	0.85	0.92
LTM Dividend per Share	0.54	0.54	0.54
(+) Excess Retained per Share	0.73	0.85	0.92
(=) Adjusted Dividend	1.27	1.39	1.47
WACC / Discount Rate	9.10%	9.10%	9.10%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$37.12	$56.73	$98.29
Upside / Downside	88.23%	187.67%	398.45%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	2,727.96	2,905.28	3,094.13	3,295.24	3,509.43	3,737.55	3,849.67
Payout Ratio	34.14%	45.31%	56.49%	67.66%	78.83%	90.00%	92.50%
Projected Dividends (M)	931.37	1,316.48	1,747.72	2,229.45	2,766.43	3,363.79	3,560.95

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.10%	9.10%	9.10%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	1,195.31	1,206.64	1,217.97
Year 2 PV (M)	1,440.80	1,468.24	1,495.94
Year 3 PV (M)	1,668.77	1,716.67	1,765.48
Year 4 PV (M)	1,880.11	1,952.41	2,026.78
Year 5 PV (M)	2,075.67	2,175.93	2,280.02
PV of Terminal Value (M)	36,003.57	37,742.56	39,548.10
Equity Value (M)	44,264.22	46,262.45	48,334.29
Shares Outstanding (M)	1,721.49	1,721.49	1,721.49
Fair Value	$25.71	$26.87	$28.08
Upside / Downside	30.39%	36.28%	42.38%

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MCGS.QA	Medicare Group Q.P.S.C.	2.99%	$0.20	64.83%
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DXT.TO	Dexterra Group Inc.	2.98%	$0.35	55.12%
NST.AX	Northern Star Resources Limited	2.98%	$0.73	45.12%
600704.SS	Wuchan Zhongda Group Co.,Ltd.	2.97%	$0.17	22.55%
8593.T	Mitsubishi HC Capital Inc.	2.97%	$38.97	34.55%
KBL.TO	K-Bro Linen Inc.	2.97%	$1.04	69.43%
O10.SI	Far East Orchard Limited	2.97%	$0.04	30.11%
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6527.TWO	Crystalvue Medical Corporation	2.96%	$2.24	40.94%
9201.T	Japan Airlines Co., Ltd.	2.96%	$85.89	30.05%
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9931.TW	Hsin Kao Gas Co.,Ltd.	2.96%	$1.01	40.68%
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035890.KQ	Seohee Construction Co., Ltd.	2.95%	$47.87	7.53%
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002540.SZ	Jiangsu Asia-Pacific Light Alloy Technology Co., Ltd.	2.94%	$0.21	63.05%
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Zhejiang Weiming Environment Protection Co., Ltd. (603568.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener