DDM Analysis: 601236.SS

Valuation Snapshot

Stable Growth	$12.72 - $41.18	$38.59
Multi-Stage	$5.69 - $6.22	$5.95
Blended Fair Value	$22.27
Current Price	$8.83
Upside	152.20%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	20.30%	18.29%	0.18	0.12	0.17	0.25	0.22	0.07	0.01	0.12	0.14	0.07
YoY Growth	-	-	42.52%	-29.38%	-28.87%	11.33%	216.14%	526.92%	-91.08%	-9.83%	111.45%	99.70%
Dividend Yield	-	-	2.25%	1.71%	2.02%	2.37%	1.74%	0.39%	0.25%	2.80%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	976.50
(-) Cash Dividends Paid (M)	934.39
(=) Cash Retained (M)	42.11

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	195.30	122.06	73.24
Cash Retained (M)	42.11	42.11	42.11
(-) Cash Required (M)	-195.30	-122.06	-73.24
(=) Excess Retained (M)	-153.19	-79.95	-31.13
(/) Shares Outstanding (M)	4,716.23	4,716.23	4,716.23
(=) Excess Retained per Share	-0.03	-0.02	-0.01
LTM Dividend per Share	0.20	0.20	0.20
(+) Excess Retained per Share	-0.03	-0.02	-0.01
(=) Adjusted Dividend	0.17	0.18	0.19
WACC / Discount Rate	6.87%	6.87%	6.87%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$12.72	$38.59	$41.18
Upside / Downside	44.11%	337.02%	366.33%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	976.50	1,039.97	1,107.57	1,179.56	1,256.23	1,337.89	1,378.02
Payout Ratio	95.69%	94.55%	93.41%	92.28%	91.14%	90.00%	92.50%
Projected Dividends (M)	934.39	983.29	1,034.61	1,088.44	1,144.90	1,204.10	1,274.67

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.87%	6.87%	6.87%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	911.42	920.06	928.69
Year 2 PV (M)	888.88	905.81	922.90
Year 3 PV (M)	866.77	891.66	917.01
Year 4 PV (M)	845.09	877.59	911.02
Year 5 PV (M)	823.82	863.61	904.92
PV of Terminal Value (M)	22,515.70	23,603.22	24,732.36
Equity Value (M)	26,851.68	28,061.94	29,316.90
Shares Outstanding (M)	4,716.23	4,716.23	4,716.23
Fair Value	$5.69	$5.95	$6.22
Upside / Downside	-35.52%	-32.62%	-29.60%

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Hongta Securities Co., Ltd. (601236.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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