DDM Analysis: 300059.SZ

Valuation Snapshot

Stable Growth	$46.21 - $159.47	$149.44
Multi-Stage	$20.26 - $22.18	$21.20
Blended Fair Value	$85.32
Current Price	$27.12
Upside	214.61%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	37.68%	62.04%	0.11	0.11	0.11	0.07	0.03	0.02	0.02	0.02	0.01	0.00
YoY Growth	-	-	-3.02%	0.10%	53.48%	116.84%	53.13%	-9.89%	43.12%	16.12%	212.04%	440.00%
Dividend Yield	-	-	0.47%	0.84%	0.66%	0.41%	0.21%	0.28%	0.29%	0.29%	0.34%	0.07%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	12,665.60
(-) Cash Dividends Paid (M)	1,727.11
(=) Cash Retained (M)	10,938.49

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	2,533.12	1,583.20	949.92
Cash Retained (M)	10,938.49	10,938.49	10,938.49
(-) Cash Required (M)	-2,533.12	-1,583.20	-949.92
(=) Excess Retained (M)	8,405.37	9,355.29	9,988.57
(/) Shares Outstanding (M)	15,795.51	15,795.51	15,795.51
(=) Excess Retained per Share	0.53	0.59	0.63
LTM Dividend per Share	0.11	0.11	0.11
(+) Excess Retained per Share	0.53	0.59	0.63
(=) Adjusted Dividend	0.64	0.70	0.74
WACC / Discount Rate	6.96%	6.96%	6.96%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$46.21	$149.44	$159.47
Upside / Downside	70.38%	451.05%	488.01%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	12,665.60	13,488.86	14,365.64	15,299.40	16,293.86	17,352.97	17,873.55
Payout Ratio	13.64%	28.91%	44.18%	59.45%	74.73%	90.00%	92.50%
Projected Dividends (M)	1,727.11	3,899.49	6,346.99	9,096.18	12,175.96	15,617.67	16,533.04

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.96%	6.96%	6.96%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	3,611.36	3,645.59	3,679.82
Year 2 PV (M)	5,443.68	5,547.37	5,652.03
Year 3 PV (M)	7,225.15	7,432.56	7,643.90
Year 4 PV (M)	8,956.81	9,301.26	9,655.56
Year 5 PV (M)	10,639.69	11,153.59	11,687.16
PV of Terminal Value (M)	284,092.95	297,814.75	312,061.71
Equity Value (M)	319,969.64	334,895.12	350,380.18
Shares Outstanding (M)	15,795.51	15,795.51	15,795.51
Fair Value	$20.26	$21.20	$22.18
Upside / Downside	-25.31%	-21.82%	-18.21%

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East Money Information Co.,Ltd. (300059.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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