DDM Analysis: 601108.SS

Valuation Snapshot

Stable Growth	$10.78 - $22.42	$15.20
Multi-Stage	$10.13 - $11.07	$10.59
Blended Fair Value	$12.90
Current Price	$8.42
Upside	53.15%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	5.66%	22.56%	0.35	0.33	0.42	0.37	0.31	0.27	0.30	0.16	0.15	0.21
YoY Growth	-	-	5.43%	-21.23%	14.86%	17.75%	17.27%	-10.42%	84.14%	7.40%	-27.14%	349.79%
Dividend Yield	-	-	4.50%	4.39%	5.62%	4.54%	2.94%	2.76%	2.31%	1.10%	0.96%	1.32%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	2,905.32
(-) Cash Dividends Paid (M)	1,114.04
(=) Cash Retained (M)	1,791.28

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	581.06	363.16	217.90
Cash Retained (M)	1,791.28	1,791.28	1,791.28
(-) Cash Required (M)	-581.06	-363.16	-217.90
(=) Excess Retained (M)	1,210.22	1,428.11	1,573.38
(/) Shares Outstanding (M)	4,850.17	4,850.17	4,850.17
(=) Excess Retained per Share	0.25	0.29	0.32
LTM Dividend per Share	0.23	0.23	0.23
(+) Excess Retained per Share	0.25	0.29	0.32
(=) Adjusted Dividend	0.48	0.52	0.55
WACC / Discount Rate	8.52%	8.52%	8.52%
Growth Rate	3.90%	4.90%	5.90%
Fair Value	$10.78	$15.20	$22.42
Upside / Downside	28.06%	80.51%	166.25%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	2,905.32	3,047.63	3,196.92	3,353.53	3,517.80	3,690.13	3,800.83
Payout Ratio	38.34%	48.68%	59.01%	69.34%	79.67%	90.00%	92.50%
Projected Dividends (M)	1,114.04	1,483.46	1,886.41	2,325.27	2,802.60	3,321.11	3,515.77

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.52%	8.52%	8.52%
Growth Rate	3.90%	4.90%	5.90%
Year 1 PV (M)	1,354.01	1,367.04	1,380.08
Year 2 PV (M)	1,571.55	1,601.95	1,632.63
Year 3 PV (M)	1,768.12	1,819.67	1,872.20
Year 4 PV (M)	1,945.12	2,021.09	2,099.27
Year 5 PV (M)	2,103.85	2,207.07	2,314.29
PV of Terminal Value (M)	40,376.49	42,357.33	44,415.16
Equity Value (M)	49,119.14	51,374.14	53,713.63
Shares Outstanding (M)	4,850.17	4,850.17	4,850.17
Fair Value	$10.13	$10.59	$11.07
Upside / Downside	20.28%	25.80%	31.53%

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Caitong Securities Co.,Ltd. (601108.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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