DDM Analysis: 601166.SS

Valuation Snapshot

Stable Growth	$59.15 - $120.79	$82.84
Multi-Stage	$76.11 - $83.37	$79.67
Blended Fair Value	$81.26
Current Price	$19.85
Upside	309.35%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	4.30%	15.30%	2.40	2.61	2.24	2.34	1.99	1.95	1.94	1.88	1.44	0.48
YoY Growth	-	-	-8.09%	16.61%	-4.07%	17.35%	2.33%	0.55%	3.08%	30.29%	199.79%	-16.96%
Dividend Yield	-	-	11.12%	16.51%	13.27%	11.30%	8.27%	12.23%	10.38%	11.25%	8.89%	3.09%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	77,282.00
(-) Cash Dividends Paid (M)	47,938.00
(=) Cash Retained (M)	29,344.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	15,456.40	9,660.25	5,796.15
Cash Retained (M)	29,344.00	29,344.00	29,344.00
(-) Cash Required (M)	-15,456.40	-9,660.25	-5,796.15
(=) Excess Retained (M)	13,887.60	19,683.75	23,547.85
(/) Shares Outstanding (M)	22,597.80	22,597.80	22,597.80
(=) Excess Retained per Share	0.61	0.87	1.04
LTM Dividend per Share	2.12	2.12	2.12
(+) Excess Retained per Share	0.61	0.87	1.04
(=) Adjusted Dividend	2.74	2.99	3.16
WACC / Discount Rate	7.04%	7.04%	7.04%
Growth Rate	2.30%	3.30%	4.30%
Fair Value	$59.15	$82.84	$120.79
Upside / Downside	198.00%	317.32%	508.50%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	77,282.00	79,835.79	82,473.97	85,199.33	88,014.74	90,923.20	93,650.89
Payout Ratio	62.03%	67.62%	73.22%	78.81%	84.41%	90.00%	92.50%
Projected Dividends (M)	47,938.00	53,988.13	60,385.77	67,147.28	74,289.72	81,830.88	86,627.08

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.04%	7.04%	7.04%
Growth Rate	2.30%	3.30%	4.30%
Year 1 PV (M)	49,950.87	50,439.13	50,927.39
Year 2 PV (M)	51,692.10	52,707.59	53,732.97
Year 3 PV (M)	53,181.77	54,756.57	56,362.17
Year 4 PV (M)	54,438.71	56,598.62	58,822.17
Year 5 PV (M)	55,480.59	58,245.66	61,119.90
PV of Terminal Value (M)	1,455,136.73	1,527,658.63	1,603,043.63
Equity Value (M)	1,719,880.78	1,800,406.21	1,884,008.22
Shares Outstanding (M)	22,597.80	22,597.80	22,597.80
Fair Value	$76.11	$79.67	$83.37
Upside / Downside	283.42%	301.37%	320.01%

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Industrial Bank Co., Ltd. (601166.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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