DDM Analysis: 600061.SS

Valuation Snapshot

Stable Growth	$28.04 - $96.49	$90.42
Multi-Stage	$12.67 - $13.87	$13.26
Blended Fair Value	$51.84
Current Price	$7.89
Upside	557.04%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	7.41%	24.75%	0.48	0.43	0.49	0.45	0.42	0.33	0.25	0.43	0.41	0.23
YoY Growth	-	-	10.77%	-11.45%	8.31%	7.68%	24.99%	32.03%	-40.67%	4.51%	74.22%	347.61%
Dividend Yield	-	-	6.75%	6.62%	7.01%	6.37%	5.19%	4.14%	2.60%	5.09%	4.13%	1.86%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	3,466.74
(-) Cash Dividends Paid (M)	1,005.29
(=) Cash Retained (M)	2,461.44

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	693.35	433.34	260.01
Cash Retained (M)	2,461.44	2,461.44	2,461.44
(-) Cash Required (M)	-693.35	-433.34	-260.01
(=) Excess Retained (M)	1,768.10	2,028.10	2,201.44
(/) Shares Outstanding (M)	7,139.66	7,139.66	7,139.66
(=) Excess Retained per Share	0.25	0.28	0.31
LTM Dividend per Share	0.14	0.14	0.14
(+) Excess Retained per Share	0.25	0.28	0.31
(=) Adjusted Dividend	0.39	0.42	0.45
WACC / Discount Rate	6.87%	6.87%	6.87%
Growth Rate	5.41%	6.41%	7.41%
Fair Value	$28.04	$90.42	$96.49
Upside / Downside	255.43%	1,046.04%	1,122.91%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	3,466.74	3,689.06	3,925.65	4,177.41	4,445.31	4,730.40	4,872.31
Payout Ratio	29.00%	41.20%	53.40%	65.60%	77.80%	90.00%	92.50%
Projected Dividends (M)	1,005.29	1,519.84	2,096.26	2,740.35	3,458.44	4,257.36	4,506.89

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.87%	6.87%	6.87%
Growth Rate	5.41%	6.41%	7.41%
Year 1 PV (M)	1,408.74	1,422.10	1,435.46
Year 2 PV (M)	1,800.96	1,835.30	1,869.95
Year 3 PV (M)	2,182.21	2,244.91	2,308.79
Year 4 PV (M)	2,552.71	2,650.96	2,752.02
Year 5 PV (M)	2,912.67	3,053.47	3,199.67
PV of Terminal Value (M)	79,606.14	83,454.38	87,450.01
Equity Value (M)	90,463.43	94,661.11	99,015.91
Shares Outstanding (M)	7,139.66	7,139.66	7,139.66
Fair Value	$12.67	$13.26	$13.87
Upside / Downside	60.59%	68.04%	75.77%

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SDIC Capital Co.,Ltd (600061.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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