DDM Analysis: 600918.SS

Valuation Snapshot

Stable Growth	$3.16 - $5.47	$4.15
Multi-Stage	$7.08 - $7.79	$7.43
Blended Fair Value	$5.79
Current Price	$6.95
Upside	-16.71%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-1.30%	29.94%	0.35	0.34	0.38	0.39	0.31	0.37	0.34	0.37	0.38	0.15
YoY Growth	-	-	1.79%	-9.31%	-3.60%	24.39%	-15.39%	9.75%	-7.64%	-4.43%	156.70%	489.27%
Dividend Yield	-	-	5.40%	5.07%	5.61%	4.78%	2.35%	5.87%	5.35%	5.79%	6.06%	2.36%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,734.61
(-) Cash Dividends Paid (M)	1,182.95
(=) Cash Retained (M)	551.66

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	346.92	216.83	130.10
Cash Retained (M)	551.66	551.66	551.66
(-) Cash Required (M)	-346.92	-216.83	-130.10
(=) Excess Retained (M)	204.74	334.83	421.56
(/) Shares Outstanding (M)	6,956.89	6,956.89	6,956.89
(=) Excess Retained per Share	0.03	0.05	0.06
LTM Dividend per Share	0.17	0.17	0.17
(+) Excess Retained per Share	0.03	0.05	0.06
(=) Adjusted Dividend	0.20	0.22	0.23
WACC / Discount Rate	5.80%	5.80%	5.80%
Growth Rate	-0.48%	0.52%	1.52%
Fair Value	$3.16	$4.15	$5.47
Upside / Downside	-54.54%	-40.27%	-21.35%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,734.61	1,743.63	1,752.69	1,761.81	1,770.96	1,780.17	1,833.58
Payout Ratio	68.20%	72.56%	76.92%	81.28%	85.64%	90.00%	92.50%
Projected Dividends (M)	1,182.95	1,265.13	1,348.14	1,431.97	1,516.64	1,602.15	1,696.06

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	5.80%	5.80%	5.80%
Growth Rate	-0.48%	0.52%	1.52%
Year 1 PV (M)	1,183.85	1,195.74	1,207.64
Year 2 PV (M)	1,180.47	1,204.31	1,228.39
Year 3 PV (M)	1,173.31	1,209.04	1,245.48
Year 4 PV (M)	1,162.84	1,210.29	1,259.18
Year 5 PV (M)	1,149.48	1,208.40	1,269.72
PV of Terminal Value (M)	43,411.29	45,636.60	47,952.25
Equity Value (M)	49,261.25	51,664.39	54,162.66
Shares Outstanding (M)	6,956.89	6,956.89	6,956.89
Fair Value	$7.08	$7.43	$7.79
Upside / Downside	1.88%	6.85%	12.02%

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Zhongtai Securities Co., Ltd. (600918.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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