DDM Analysis: 601229.SS

Valuation Snapshot

Stable Growth	$45.61 - $202.71	$79.62
Multi-Stage	$37.21 - $40.66	$38.90
Blended Fair Value	$59.26
Current Price	$8.96
Upside	561.40%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	11.48%	36.25%	1.29	0.40	0.88	0.83	0.76	0.75	0.77	0.35	0.00	0.07
YoY Growth	-	-	222.66%	-54.46%	6.22%	8.82%	1.38%	-2.36%	120.55%	13,437.20%	-96.22%	16.09%
Dividend Yield	-	-	13.11%	5.90%	14.67%	12.46%	8.65%	9.10%	8.18%	4.28%	0.03%	0.63%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	24,047.91
(-) Cash Dividends Paid (M)	22,541.89
(=) Cash Retained (M)	1,506.02

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	4,809.58	3,005.99	1,803.59
Cash Retained (M)	1,506.02	1,506.02	1,506.02
(-) Cash Required (M)	-4,809.58	-3,005.99	-1,803.59
(=) Excess Retained (M)	-3,303.56	-1,499.97	-297.57
(/) Shares Outstanding (M)	16,165.50	16,165.50	16,165.50
(=) Excess Retained per Share	-0.20	-0.09	-0.02
LTM Dividend per Share	1.39	1.39	1.39
(+) Excess Retained per Share	-0.20	-0.09	-0.02
(=) Adjusted Dividend	1.19	1.30	1.38
WACC / Discount Rate	7.03%	7.03%	7.03%
Growth Rate	4.31%	5.31%	6.31%
Fair Value	$45.61	$79.62	$202.71
Upside / Downside	409.05%	788.61%	2,162.37%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	24,047.91	25,324.80	26,669.49	28,085.59	29,576.87	31,147.34	32,081.76
Payout Ratio	93.74%	92.99%	92.24%	91.49%	90.75%	90.00%	92.50%
Projected Dividends (M)	22,541.89	23,549.51	24,600.59	25,696.90	26,840.26	28,032.60	29,675.63

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.03%	7.03%	7.03%
Growth Rate	4.31%	5.31%	6.31%
Year 1 PV (M)	21,793.50	22,002.43	22,211.36
Year 2 PV (M)	21,068.59	21,474.49	21,884.26
Year 3 PV (M)	20,366.46	20,957.84	21,560.56
Year 4 PV (M)	19,686.41	20,452.26	21,240.24
Year 5 PV (M)	19,027.78	19,957.52	20,923.25
PV of Terminal Value (M)	499,647.93	524,061.76	549,420.73
Equity Value (M)	601,590.66	628,906.29	657,240.39
Shares Outstanding (M)	16,165.50	16,165.50	16,165.50
Fair Value	$37.21	$38.90	$40.66
Upside / Downside	315.34%	334.20%	353.76%

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Bank of Shanghai Co., Ltd. (601229.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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