DDM Analysis: 000776.SZ

Valuation Snapshot

Stable Growth	$29.98 - $60.36	$41.77
Multi-Stage	$40.58 - $44.48	$42.50
Blended Fair Value	$42.13
Current Price	$22.28
Upside	89.10%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-7.05%	5.85%	0.55	0.47	1.26	1.05	0.93	0.79	0.98	0.90	1.43	0.52
YoY Growth	-	-	17.41%	-62.84%	19.90%	12.14%	18.29%	-19.76%	9.83%	-37.29%	174.93%	67.53%
Dividend Yield	-	-	3.40%	3.47%	7.96%	5.96%	5.96%	5.77%	6.01%	5.44%	8.36%	3.11%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	13,806.67
(-) Cash Dividends Paid (M)	8,324.93
(=) Cash Retained (M)	5,481.75

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	2,761.33	1,725.83	1,035.50
Cash Retained (M)	5,481.75	5,481.75	5,481.75
(-) Cash Required (M)	-2,761.33	-1,725.83	-1,035.50
(=) Excess Retained (M)	2,720.41	3,755.91	4,446.25
(/) Shares Outstanding (M)	7,793.17	7,793.17	7,793.17
(=) Excess Retained per Share	0.35	0.48	0.57
LTM Dividend per Share	1.07	1.07	1.07
(+) Excess Retained per Share	0.35	0.48	0.57
(=) Adjusted Dividend	1.42	1.55	1.64
WACC / Discount Rate	6.87%	6.87%	6.87%
Growth Rate	2.05%	3.05%	4.05%
Fair Value	$29.98	$41.77	$60.36
Upside / Downside	34.55%	87.46%	170.93%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	13,806.67	14,227.59	14,661.33	15,108.30	15,568.90	16,043.53	16,524.84
Payout Ratio	60.30%	66.24%	72.18%	78.12%	84.06%	90.00%	92.50%
Projected Dividends (M)	8,324.93	9,423.94	10,582.23	11,802.39	13,087.10	14,439.18	15,285.48

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.87%	6.87%	6.87%
Growth Rate	2.05%	3.05%	4.05%
Year 1 PV (M)	8,732.29	8,817.86	8,903.43
Year 2 PV (M)	9,085.90	9,264.84	9,445.53
Year 3 PV (M)	9,389.79	9,668.54	9,952.76
Year 4 PV (M)	9,647.72	10,031.48	10,426.57
Year 5 PV (M)	9,863.23	10,356.06	10,868.39
PV of Terminal Value (M)	269,564.58	283,033.63	297,035.78
Equity Value (M)	316,283.50	331,172.40	346,632.45
Shares Outstanding (M)	7,793.17	7,793.17	7,793.17
Fair Value	$40.58	$42.50	$44.48
Upside / Downside	82.16%	90.73%	99.64%

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GF Securities Co., Ltd. (000776.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener