DDM Analysis: 600908.SS

Valuation Snapshot

Stable Growth	$58.04 - $209.86	$183.99
Multi-Stage	$26.06 - $28.54	$27.27
Blended Fair Value	$105.63
Current Price	$5.88
Upside	1,696.42%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	8.01%	13.78%	0.36	0.34	0.35	0.40	0.34	0.24	0.21	0.17	0.04	0.14
YoY Growth	-	-	5.95%	-3.27%	-12.84%	18.91%	38.37%	13.25%	27.01%	291.44%	-69.71%	45.01%
Dividend Yield	-	-	6.25%	6.55%	6.48%	6.87%	5.25%	4.88%	3.20%	2.35%	0.31%	2.21%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	2,318.84
(-) Cash Dividends Paid (M)	191.09
(=) Cash Retained (M)	2,127.76

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	463.77	289.86	173.91
Cash Retained (M)	2,127.76	2,127.76	2,127.76
(-) Cash Required (M)	-463.77	-289.86	-173.91
(=) Excess Retained (M)	1,663.99	1,837.90	1,953.84
(/) Shares Outstanding (M)	2,197.49	2,197.49	2,197.49
(=) Excess Retained per Share	0.76	0.84	0.89
LTM Dividend per Share	0.09	0.09	0.09
(+) Excess Retained per Share	0.76	0.84	0.89
(=) Adjusted Dividend	0.84	0.92	0.98
WACC / Discount Rate	7.03%	7.03%	7.03%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$58.04	$183.99	$209.86
Upside / Downside	887.08%	3,029.02%	3,469.00%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	2,318.84	2,469.57	2,630.09	2,801.05	2,983.11	3,177.02	3,272.33
Payout Ratio	8.24%	24.59%	40.94%	57.30%	73.65%	90.00%	92.50%
Projected Dividends (M)	191.09	607.33	1,076.87	1,604.89	2,197.01	2,859.31	3,026.90

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.03%	7.03%	7.03%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	562.09	567.41	572.74
Year 2 PV (M)	922.41	939.98	957.71
Year 3 PV (M)	1,272.28	1,308.81	1,346.02
Year 4 PV (M)	1,611.94	1,673.93	1,737.69
Year 5 PV (M)	1,941.59	2,035.37	2,132.74
PV of Terminal Value (M)	50,945.86	53,406.57	55,961.45
Equity Value (M)	57,256.17	59,932.07	62,708.36
Shares Outstanding (M)	2,197.49	2,197.49	2,197.49
Fair Value	$26.06	$27.27	$28.54
Upside / Downside	343.12%	363.83%	385.31%

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Wuxi Rural Commercial Bank Co.,Ltd (600908.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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