DDM Analysis: 600064.SS

Valuation Snapshot

Stable Growth	$10.45 - $15.39	$12.82
Multi-Stage	$18.35 - $20.20	$19.26
Blended Fair Value	$16.04
Current Price	$8.06
Upside	99.02%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	15.40%	4.56%	0.44	0.47	0.54	0.36	0.37	0.22	0.15	0.30	0.25	0.17
YoY Growth	-	-	-6.68%	-11.58%	49.85%	-2.19%	69.21%	46.10%	-50.68%	20.73%	46.67%	-40.21%
Dividend Yield	-	-	6.05%	7.50%	8.07%	4.89%	5.08%	3.66%	1.75%	5.69%	3.99%	2.76%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	2,325.22
(-) Cash Dividends Paid (M)	362.72
(=) Cash Retained (M)	1,962.50

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	465.04	290.65	174.39
Cash Retained (M)	1,962.50	1,962.50	1,962.50
(-) Cash Required (M)	-465.04	-290.65	-174.39
(=) Excess Retained (M)	1,497.46	1,671.85	1,788.11
(/) Shares Outstanding (M)	1,730.35	1,730.35	1,730.35
(=) Excess Retained per Share	0.87	0.97	1.03
LTM Dividend per Share	0.21	0.21	0.21
(+) Excess Retained per Share	0.87	0.97	1.03
(=) Adjusted Dividend	1.08	1.18	1.24
WACC / Discount Rate	8.08%	8.08%	8.08%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$10.45	$12.82	$15.39
Upside / Downside	29.70%	59.09%	90.91%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	2,325.22	2,301.97	2,278.95	2,256.16	2,233.60	2,211.26	2,277.60
Payout Ratio	15.60%	30.48%	45.36%	60.24%	75.12%	90.00%	92.50%
Projected Dividends (M)	362.72	701.63	1,033.72	1,359.10	1,677.87	1,990.13	2,106.78

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.08%	8.08%	8.08%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	642.63	649.19	655.74
Year 2 PV (M)	867.18	884.97	902.94
Year 3 PV (M)	1,044.27	1,076.57	1,109.52
Year 4 PV (M)	1,180.79	1,229.73	1,280.17
Year 5 PV (M)	1,282.77	1,349.57	1,419.12
PV of Terminal Value (M)	26,741.93	28,134.45	29,584.38
Equity Value (M)	31,759.58	33,324.47	34,951.87
Shares Outstanding (M)	1,730.35	1,730.35	1,730.35
Fair Value	$18.35	$19.26	$20.20
Upside / Downside	127.72%	138.94%	150.61%

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Nanjing Gaoke Company Limited (600064.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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