DDM Analysis: 601916.SS

Valuation Snapshot

Stable Growth	$85.40 - $100.62	$94.30
Multi-Stage	$24.85 - $27.23	$26.02
Blended Fair Value	$60.16
Current Price	$2.98
Upside	1,918.67%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	43.94%	70.27%	0.20	0.21	0.07	0.16	0.21	0.03	0.15	0.11	0.09	0.00
YoY Growth	-	-	-3.77%	184.15%	-53.63%	-25.38%	553.11%	-78.10%	32.38%	29.75%	29,491.20%	-70.23%
Dividend Yield	-	-	6.75%	6.92%	2.70%	5.01%	5.49%	0.84%	3.14%	2.37%	1.83%	0.01%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	13,949.00
(-) Cash Dividends Paid (M)	8,830.00
(=) Cash Retained (M)	5,119.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	2,789.80	1,743.63	1,046.18
Cash Retained (M)	5,119.00	5,119.00	5,119.00
(-) Cash Required (M)	-2,789.80	-1,743.63	-1,046.18
(=) Excess Retained (M)	2,329.20	3,375.38	4,072.83
(/) Shares Outstanding (M)	27,570.25	27,570.25	27,570.25
(=) Excess Retained per Share	0.08	0.12	0.15
LTM Dividend per Share	0.32	0.32	0.32
(+) Excess Retained per Share	0.08	0.12	0.15
(=) Adjusted Dividend	0.40	0.44	0.47
WACC / Discount Rate	5.15%	5.15%	5.15%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$85.40	$94.30	$100.62
Upside / Downside	2,765.88%	3,064.27%	3,276.50%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	13,949.00	14,855.69	15,821.30	16,849.69	17,944.92	19,111.34	19,684.68
Payout Ratio	63.30%	68.64%	73.98%	79.32%	84.66%	90.00%	92.50%
Projected Dividends (M)	8,830.00	10,197.18	11,704.79	13,365.31	15,192.24	17,200.20	18,208.33

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	5.15%	5.15%	5.15%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	9,606.93	9,697.99	9,789.05
Year 2 PV (M)	10,388.96	10,586.84	10,786.59
Year 3 PV (M)	11,176.14	11,496.96	11,823.87
Year 4 PV (M)	11,968.47	12,428.75	12,902.17
Year 5 PV (M)	12,766.00	13,382.60	14,022.80
PV of Terminal Value (M)	629,322.65	659,719.17	691,279.04
Equity Value (M)	685,229.15	717,312.31	750,603.52
Shares Outstanding (M)	27,570.25	27,570.25	27,570.25
Fair Value	$24.85	$26.02	$27.23
Upside / Downside	734.02%	773.07%	813.59%

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China Zheshang Bank Co., Ltd (601916.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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