DDM Analysis: 1818.HK

Valuation Snapshot

Stable Growth	$33.20 - $132.17	$56.58
Multi-Stage	$20.60 - $22.53	$21.54
Blended Fair Value	$39.06
Current Price	$18.61
Upside	109.89%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	13.33%	-2.16%	0.10	0.17	0.08	0.13	0.13	0.06	0.10	0.09	0.07	0.06
YoY Growth	-	-	-38.70%	107.51%	-35.41%	-5.58%	141.07%	-42.55%	1.81%	37.96%	6.64%	-50.05%
Dividend Yield	-	-	1.00%	1.92%	1.06%	2.32%	1.71%	0.72%	1.38%	1.84%	1.15%	1.75%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	3,654.06
(-) Cash Dividends Paid (M)	694.96
(=) Cash Retained (M)	2,959.11

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	730.81	456.76	274.05
Cash Retained (M)	2,959.11	2,959.11	2,959.11
(-) Cash Required (M)	-730.81	-456.76	-274.05
(=) Excess Retained (M)	2,228.29	2,502.35	2,685.05
(/) Shares Outstanding (M)	3,269.65	3,269.65	3,269.65
(=) Excess Retained per Share	0.68	0.77	0.82
LTM Dividend per Share	0.21	0.21	0.21
(+) Excess Retained per Share	0.68	0.77	0.82
(=) Adjusted Dividend	0.89	0.98	1.03
WACC / Discount Rate	8.34%	8.34%	8.34%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$33.20	$56.58	$132.17
Upside / Downside	78.41%	204.01%	610.21%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	3,654.06	3,891.58	4,144.53	4,413.92	4,700.83	5,006.38	5,156.57
Payout Ratio	19.02%	33.22%	47.41%	61.61%	75.80%	90.00%	92.50%
Projected Dividends (M)	694.96	1,292.59	1,964.97	2,719.31	3,563.40	4,505.74	4,769.83

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.34%	8.34%	8.34%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	1,181.87	1,193.08	1,204.28
Year 2 PV (M)	1,642.78	1,674.07	1,705.65
Year 3 PV (M)	2,078.70	2,138.37	2,199.17
Year 4 PV (M)	2,490.63	2,586.41	2,684.93
Year 5 PV (M)	2,879.52	3,018.61	3,163.01
PV of Terminal Value (M)	57,075.74	59,832.52	62,694.80
Equity Value (M)	67,349.23	70,443.04	73,651.84
Shares Outstanding (M)	3,269.65	3,269.65	3,269.65
Fair Value	$20.60	$21.54	$22.53
Upside / Downside	10.68%	15.77%	21.04%

High-Yield Dividend Screener

US Stocks Global Stocks

« Prev Page 9 of 30 Next »

Ticker ⇵	Company ⇵	Dividend Yield % ▼	Dividend Per Share ⇵	Payout Ratio % ⇵
ATLO	Ames National Corporation	3.84%	$0.87	48.60%
FRME	First Merchants Corporation	3.83%	$1.44	35.39%
PCAR	PACCAR Inc	3.83%	$4.27	83.66%
0HJO.L	AvalonBay Communities, Inc.	3.82%	$6.86	84.26%
FE	FirstEnergy Corp.	3.82%	$1.73	75.49%
LXFR	Luxfer Holdings PLC	3.81%	$0.52	98.38%
LCII	LCI Industries	3.80%	$4.72	64.48%
NEN	New England Realty Associates Limited Partnership	3.78%	$2.44	73.23%
PAYX	Paychex, Inc.	3.78%	$4.10	91.97%
RGCO	RGC Resources, Inc.	3.78%	$0.81	63.02%
UBSI	United Bankshares, Inc.	3.78%	$1.45	48.05%
SLVM	Sylvamo Corporation	3.77%	$1.80	41.11%
CAC	Camden National Corporation	3.75%	$1.61	47.99%
ARCH	Arch Resources, Inc.	3.74%	$5.04	50.87%
USB	U.S. Bancorp	3.74%	$2.02	43.68%
WSR	Whitestone REIT	3.74%	$0.52	60.32%
FDBC	Fidelity D & D Bancorp, Inc.	3.73%	$1.61	35.71%
WNC	Wabash National Corporation	3.73%	$0.33	5.38%
VLY	Valley National Bancorp	3.72%	$0.43	47.26%
GHLD	Guild Holdings Company	3.71%	$0.74	36.91%
FNF	Fidelity National Financial, Inc.	3.69%	$2.00	46.79%
IPAR	Inter Parfums, Inc.	3.68%	$3.15	61.47%
WSBF	Waterstone Financial, Inc.	3.68%	$0.61	45.57%
AROW	Arrow Financial Corporation	3.66%	$1.15	54.67%
ASIX	AdvanSix Inc.	3.66%	$0.63	32.72%
ASRV	AmeriServ Financial, Inc.	3.66%	$0.12	78.81%
CVGW	Calavo Growers, Inc.	3.66%	$0.80	71.92%
OXY	Occidental Petroleum Corporation	3.65%	$1.55	75.62%
FMAO	Farmers & Merchants Bancorp, Inc.	3.64%	$0.89	37.59%
LNKB	LINKBANCORP, Inc.	3.64%	$0.30	29.21%
BHRB	Burke & Herbert Bank & Trust Company	3.63%	$2.24	31.71%
EOG	EOG Resources, Inc.	3.63%	$3.90	38.34%
FITB	Fifth Third Bancorp	3.61%	$1.72	47.89%
LNC	Lincoln National Corporation	3.61%	$1.63	14.98%
MCBS	MetroCity Bankshares, Inc.	3.61%	$0.95	36.60%
OZK	Bank OZK	3.61%	$1.70	26.69%
PCB	PCB Bancorp	3.61%	$0.78	31.72%
SFD	SMITHFIELD FOODS INC	3.60%	$0.80	36.46%
0HOB.L	H&R Block, Inc.	3.59%	$1.54	33.12%
ASB	Associated Banc-Corp	3.59%	$0.92	87.56%
PLOW	Douglas Dynamics, Inc.	3.59%	$1.18	66.47%
EXC	Exelon Corporation	3.58%	$1.57	56.50%
MC	Moelis & Company	3.58%	$2.55	85.89%
TIPT	Tiptree Inc.	3.57%	$0.64	49.10%
BPRN	Princeton Bancorp, Inc.	3.56%	$1.20	46.56%
EVRG	Evergy, Inc.	3.56%	$2.60	71.71%
CZFS	Citizens Financial Services, Inc.	3.55%	$1.97	27.82%
CNO-PA	CNO Financial Group, Inc. 5.125	3.54%	$0.67	22.53%
NBTB	NBT Bancorp Inc.	3.54%	$1.47	46.30%
0JQQ.L	Archer-Daniels-Midland Company	3.53%	$2.03	82.76%

Financial Statements

Fundamentals

Valuations

Miscellaneous

Mode

Ticker

Industry

Sector

Zhaojin Mining Industry Company Limited (1818.HK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener