DDM Analysis: 601229.SS

Valuation Snapshot

Stable Growth	$45.55 - $201.73	$79.46
Multi-Stage	$37.18 - $40.62	$38.87
Blended Fair Value	$59.16
Current Price	$8.96
Upside	560.32%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	11.48%	36.25%	1.29	0.40	0.88	0.83	0.76	0.75	0.77	0.35	0.00	0.07
YoY Growth	-	-	222.66%	-54.46%	6.22%	8.82%	1.38%	-2.36%	120.55%	13,437.20%	-96.22%	16.09%
Dividend Yield	-	-	13.11%	5.90%	14.67%	12.46%	8.65%	9.10%	8.18%	4.28%	0.03%	0.63%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	24,047.91
(-) Cash Dividends Paid (M)	22,541.89
(=) Cash Retained (M)	1,506.02

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	4,809.58	3,005.99	1,803.59
Cash Retained (M)	1,506.02	1,506.02	1,506.02
(-) Cash Required (M)	-4,809.58	-3,005.99	-1,803.59
(=) Excess Retained (M)	-3,303.56	-1,499.97	-297.57
(/) Shares Outstanding (M)	16,165.50	16,165.50	16,165.50
(=) Excess Retained per Share	-0.20	-0.09	-0.02
LTM Dividend per Share	1.39	1.39	1.39
(+) Excess Retained per Share	-0.20	-0.09	-0.02
(=) Adjusted Dividend	1.19	1.30	1.38
WACC / Discount Rate	7.03%	7.03%	7.03%
Growth Rate	4.31%	5.31%	6.31%
Fair Value	$45.55	$79.46	$201.73
Upside / Downside	408.40%	786.81%	2,151.49%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	24,047.91	25,324.80	26,669.49	28,085.59	29,576.87	31,147.34	32,081.76
Payout Ratio	93.74%	92.99%	92.24%	91.49%	90.75%	90.00%	92.50%
Projected Dividends (M)	22,541.89	23,549.51	24,600.59	25,696.90	26,840.26	28,032.60	29,675.63

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.03%	7.03%	7.03%
Growth Rate	4.31%	5.31%	6.31%
Year 1 PV (M)	21,792.79	22,001.71	22,210.63
Year 2 PV (M)	21,067.22	21,473.09	21,882.83
Year 3 PV (M)	20,364.47	20,955.79	21,558.46
Year 4 PV (M)	19,683.85	20,449.59	21,237.47
Year 5 PV (M)	19,024.68	19,954.27	20,919.84
PV of Terminal Value (M)	499,134.93	523,523.69	548,856.63
Equity Value (M)	601,067.93	628,358.15	656,665.86
Shares Outstanding (M)	16,165.50	16,165.50	16,165.50
Fair Value	$37.18	$38.87	$40.62
Upside / Downside	314.98%	333.82%	353.36%

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Bank of Shanghai Co., Ltd. (601229.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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