DDM Analysis: 002936.SZ

Valuation Snapshot

Stable Growth	$1.47 - $2.13	$1.79
Multi-Stage	$3.34 - $3.69	$3.51
Blended Fair Value	$2.65
Current Price	$1.98
Upside	33.91%
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	-19.24%	-1.86%	0.05	0.05	0.11	0.05	0.12	0.15	0.05	0.13	0.12	0.08
YoY Growth	-	-	-0.01%	-52.13%	111.17%	-56.35%	-22.12%	178.07%	-57.04%	9.54%	49.12%	23.65%
Dividend Yield	-	-	2.71%	2.65%	5.30%	1.94%	3.80%	5.18%	1.19%	2.56%	2.34%	1.57%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,910.68
(-) Cash Dividends Paid (M)	480.01
(=) Cash Retained (M)	1,430.67

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	382.14	238.84	143.30
Cash Retained (M)	1,430.67	1,430.67	1,430.67
(-) Cash Required (M)	-382.14	-238.84	-143.30
(=) Excess Retained (M)	1,048.53	1,191.83	1,287.37
(/) Shares Outstanding (M)	9,178.76	9,178.76	9,178.76
(=) Excess Retained per Share	0.11	0.13	0.14
LTM Dividend per Share	0.05	0.05	0.05
(+) Excess Retained per Share	0.11	0.13	0.14
(=) Adjusted Dividend	0.17	0.18	0.19
WACC / Discount Rate	7.03%	7.03%	7.03%
Growth Rate	-3.86%	-2.86%	-1.86%
Fair Value	$1.47	$1.79	$2.13
Upside / Downside	-25.73%	-9.63%	7.38%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,910.68	1,856.10	1,803.08	1,751.57	1,701.53	1,652.92	1,702.51
Payout Ratio	25.12%	38.10%	51.07%	64.05%	77.02%	90.00%	92.50%
Projected Dividends (M)	480.01	707.14	920.89	1,121.86	1,310.59	1,487.63	1,574.82

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.03%	7.03%	7.03%
Growth Rate	-3.86%	-2.86%	-1.86%
Year 1 PV (M)	653.88	660.68	667.48
Year 2 PV (M)	787.41	803.87	820.51
Year 3 PV (M)	887.00	914.97	943.51
Year 4 PV (M)	958.18	998.67	1,040.43
Year 5 PV (M)	1,005.70	1,059.10	1,114.75
PV of Terminal Value (M)	26,408.56	27,810.83	29,272.04
Equity Value (M)	30,700.73	32,248.12	33,858.72
Shares Outstanding (M)	9,178.76	9,178.76	9,178.76
Fair Value	$3.34	$3.51	$3.69
Upside / Downside	68.93%	77.44%	86.30%

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Bank of Zhengzhou Co., Ltd. (002936.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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