DDM Analysis: 600528.SS

Valuation Snapshot

Stable Growth	$65.25 - $118.74	$111.21
Multi-Stage	$60.00 - $66.26	$63.07
Blended Fair Value	$87.14
Current Price	$8.28
Upside	952.41%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	3.67%	-10.44%	0.14	0.24	0.16	0.20	0.18	0.12	0.47	0.20	0.53	0.39
YoY Growth	-	-	-40.72%	46.85%	-19.18%	14.34%	48.85%	-74.56%	131.86%	-61.96%	35.11%	-8.59%
Dividend Yield	-	-	1.72%	3.07%	1.71%	2.55%	1.95%	1.24%	3.81%	1.74%	3.28%	2.85%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,444.77
(-) Cash Dividends Paid (M)	88.56
(=) Cash Retained (M)	1,356.22

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	288.95	180.60	108.36
Cash Retained (M)	1,356.22	1,356.22	1,356.22
(-) Cash Required (M)	-288.95	-180.60	-108.36
(=) Excess Retained (M)	1,067.26	1,175.62	1,247.86
(/) Shares Outstanding (M)	2,272.82	2,272.82	2,272.82
(=) Excess Retained per Share	0.47	0.52	0.55
LTM Dividend per Share	0.04	0.04	0.04
(+) Excess Retained per Share	0.47	0.52	0.55
(=) Adjusted Dividend	0.51	0.56	0.59
WACC / Discount Rate	-0.26%	-0.26%	-0.26%
Growth Rate	-1.03%	-0.03%	0.97%
Fair Value	$65.25	$111.21	$118.74
Upside / Downside	688.06%	1,243.11%	1,334.06%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,444.77	1,444.33	1,443.89	1,443.45	1,443.01	1,442.57	1,485.85
Payout Ratio	6.13%	22.90%	39.68%	56.45%	73.23%	90.00%	92.50%
Projected Dividends (M)	88.56	330.80	572.90	814.85	1,056.66	1,298.31	1,374.41

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	-0.26%	-0.26%	-0.26%
Growth Rate	-1.03%	-0.03%	0.97%
Year 1 PV (M)	328.34	331.66	334.98
Year 2 PV (M)	564.42	575.88	587.46
Year 3 PV (M)	796.82	821.22	846.11
Year 4 PV (M)	1,025.60	1,067.68	1,111.05
Year 5 PV (M)	1,250.79	1,315.27	1,382.38
PV of Terminal Value (M)	132,410.03	139,236.02	146,340.67
Equity Value (M)	136,376.01	143,347.74	150,602.66
Shares Outstanding (M)	2,272.82	2,272.82	2,272.82
Fair Value	$60.00	$63.07	$66.26
Upside / Downside	624.68%	661.72%	700.27%

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

China Railway Hi-tech Industry Corporation Limited (600528.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener