DDM Analysis: 600000.SS

Valuation Snapshot

Stable Growth	$23.01 - $43.89	$31.41
Multi-Stage	$31.79 - $34.86	$33.30
Blended Fair Value	$32.36
Current Price	$11.90
Upside	171.90%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	6.30%	16.65%	1.74	1.26	1.71	1.74	1.60	1.28	1.03	0.18	0.36	0.46
YoY Growth	-	-	37.65%	-26.06%	-1.71%	8.45%	25.11%	24.58%	461.41%	-48.94%	-21.14%	22.01%
Dividend Yield	-	-	16.68%	17.48%	23.77%	21.73%	14.59%	12.63%	8.99%	1.57%	2.91%	3.63%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	48,853.00
(-) Cash Dividends Paid (M)	23,091.00
(=) Cash Retained (M)	25,762.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	9,770.60	6,106.63	3,663.98
Cash Retained (M)	25,762.00	25,762.00	25,762.00
(-) Cash Required (M)	-9,770.60	-6,106.63	-3,663.98
(=) Excess Retained (M)	15,991.40	19,655.38	22,098.03
(/) Shares Outstanding (M)	33,009.13	33,009.13	33,009.13
(=) Excess Retained per Share	0.48	0.60	0.67
LTM Dividend per Share	0.70	0.70	0.70
(+) Excess Retained per Share	0.48	0.60	0.67
(=) Adjusted Dividend	1.18	1.29	1.37
WACC / Discount Rate	7.03%	7.03%	7.03%
Growth Rate	1.80%	2.80%	3.80%
Fair Value	$23.01	$31.41	$43.89
Upside / Downside	93.37%	163.97%	268.80%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	48,853.00	50,219.26	51,623.73	53,067.47	54,551.60	56,077.22	57,759.54
Payout Ratio	47.27%	55.81%	64.36%	72.91%	81.45%	90.00%	92.50%
Projected Dividends (M)	23,091.00	28,028.89	33,224.91	38,689.64	44,434.05	50,469.50	53,427.58

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.03%	7.03%	7.03%
Growth Rate	1.80%	2.80%	3.80%
Year 1 PV (M)	25,932.05	26,186.79	26,441.53
Year 2 PV (M)	28,439.74	29,001.24	29,568.23
Year 3 PV (M)	30,639.91	31,551.78	32,481.57
Year 4 PV (M)	32,556.63	33,854.89	35,191.59
Year 5 PV (M)	34,212.40	35,926.17	37,707.94
PV of Terminal Value (M)	897,706.57	942,674.54	989,426.75
Equity Value (M)	1,049,487.29	1,099,195.40	1,150,817.61
Shares Outstanding (M)	33,009.13	33,009.13	33,009.13
Fair Value	$31.79	$33.30	$34.86
Upside / Downside	167.18%	179.83%	192.97%

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Shanghai Pudong Development Bank Co., Ltd. (600000.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener