DDM Analysis: 601577.SS

Valuation Snapshot

Stable Growth	$34.61 - $70.03	$48.31
Multi-Stage	$44.66 - $48.95	$46.77
Blended Fair Value	$47.54
Current Price	$8.83
Upside	438.35%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	14.68%	21.48%	0.77	0.35	0.69	0.64	0.54	0.39	0.15	0.18	0.12	0.11
YoY Growth	-	-	122.46%	-49.42%	8.25%	18.19%	37.77%	154.40%	-15.99%	54.03%	8.41%	-1.10%
Dividend Yield	-	-	8.44%	4.45%	8.70%	8.31%	5.15%	5.05%	1.37%	1.59%	1.03%	0.95%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	8,197.51
(-) Cash Dividends Paid (M)	4,303.61
(=) Cash Retained (M)	3,893.90

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,639.50	1,024.69	614.81
Cash Retained (M)	3,893.90	3,893.90	3,893.90
(-) Cash Required (M)	-1,639.50	-1,024.69	-614.81
(=) Excess Retained (M)	2,254.40	2,869.21	3,279.08
(/) Shares Outstanding (M)	4,042.71	4,042.71	4,042.71
(=) Excess Retained per Share	0.56	0.71	0.81
LTM Dividend per Share	1.06	1.06	1.06
(+) Excess Retained per Share	0.56	0.71	0.81
(=) Adjusted Dividend	1.62	1.77	1.88
WACC / Discount Rate	7.03%	7.03%	7.03%
Growth Rate	2.24%	3.24%	4.24%
Fair Value	$34.61	$48.31	$70.03
Upside / Downside	291.97%	447.07%	693.08%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	8,197.51	8,463.31	8,737.72	9,021.04	9,313.54	9,615.52	9,903.99
Payout Ratio	52.50%	60.00%	67.50%	75.00%	82.50%	90.00%	92.50%
Projected Dividends (M)	4,303.61	5,077.92	5,897.91	6,765.74	7,683.65	8,653.97	9,161.19

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.03%	7.03%	7.03%
Growth Rate	2.24%	3.24%	4.24%
Year 1 PV (M)	4,698.24	4,744.19	4,790.14
Year 2 PV (M)	5,048.90	5,148.15	5,248.36
Year 3 PV (M)	5,358.75	5,517.53	5,679.41
Year 4 PV (M)	5,630.73	5,854.28	6,084.41
Year 5 PV (M)	5,867.62	6,160.24	6,464.41
PV of Terminal Value (M)	153,961.79	161,639.77	169,621.06
Equity Value (M)	180,566.03	189,064.15	197,887.79
Shares Outstanding (M)	4,042.71	4,042.71	4,042.71
Fair Value	$44.66	$46.77	$48.95
Upside / Downside	405.83%	429.63%	454.35%

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Bank of Changsha Co., Ltd. (601577.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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