DDM Analysis: 9999.HK

Valuation Snapshot

Stable Growth	$707.34 - $2,246.13	$2,104.95
Multi-Stage	$299.61 - $327.83	$313.46
Blended Fair Value	$1,209.21
Current Price	$192.47
Upside	528.26%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	4.78%	18.87%	3.48	2.49	2.09	1.09	1.33	2.75	0.45	1.01	0.79	0.46
YoY Growth	-	-	39.32%	19.19%	91.65%	-18.04%	-51.58%	513.85%	-55.79%	27.94%	73.45%	-25.97%
Dividend Yield	-	-	2.36%	1.78%	1.73%	0.94%	1.00%	2.32%	0.40%	0.98%	0.69%	0.42%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	36,284.32
(-) Cash Dividends Paid (M)	13,232.99
(=) Cash Retained (M)	23,051.33

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	7,256.86	4,535.54	2,721.32
Cash Retained (M)	23,051.33	23,051.33	23,051.33
(-) Cash Required (M)	-7,256.86	-4,535.54	-2,721.32
(=) Excess Retained (M)	15,794.47	18,515.79	20,330.01
(/) Shares Outstanding (M)	3,212.66	3,212.66	3,212.66
(=) Excess Retained per Share	4.92	5.76	6.33
LTM Dividend per Share	4.12	4.12	4.12
(+) Excess Retained per Share	4.92	5.76	6.33
(=) Adjusted Dividend	9.04	9.88	10.45
WACC / Discount Rate	6.85%	6.85%	6.85%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$707.34	$2,104.95	$2,246.13
Upside / Downside	267.51%	993.65%	1,067.00%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	36,284.32	38,642.80	41,154.59	43,829.63	46,678.56	49,712.67	51,204.05
Payout Ratio	36.47%	47.18%	57.88%	68.59%	79.29%	90.00%	92.50%
Projected Dividends (M)	13,232.99	18,230.21	23,821.16	30,061.92	37,013.32	44,741.40	47,363.74

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.85%	6.85%	6.85%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	16,901.67	17,061.88	17,222.08
Year 2 PV (M)	20,475.71	20,865.71	21,259.40
Year 3 PV (M)	23,956.90	24,644.62	25,345.37
Year 4 PV (M)	27,347.02	28,398.71	29,480.44
Year 5 PV (M)	30,647.81	32,128.11	33,665.07
PV of Terminal Value (M)	843,224.45	883,952.50	926,239.32
Equity Value (M)	962,553.56	1,007,051.53	1,053,211.68
Shares Outstanding (M)	3,212.66	3,212.66	3,212.66
Fair Value	$299.61	$313.46	$327.83
Upside / Downside	55.67%	62.86%	70.33%

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

Periods / Units / Analysis

Fundamentals

Valuations

Mode

Miscellaneous

Ticker

Industry

Sector

NetEase, Inc. (9999.HK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener