Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Jinshang Bank Co., Ltd. (2558.HK)

Company Dividend Discount ModelIndustry: Banks - RegionalSector: Financial Services

Valuation Snapshot

Stable Growth$9.19 - $16.68$12.31
Multi-Stage$13.40 - $14.71$14.05
Blended Fair Value$13.18
Current Price$1.32
Upside898.17%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS5.95%7.57%0.100.110.100.100.120.080.080.050.050.04
YoY Growth---2.43%6.45%-3.89%-14.74%56.89%-3.11%48.70%5.89%25.42%-18.83%
Dividend Yield--7.61%8.63%10.37%8.57%8.44%5.53%2.37%1.68%1.47%1.26%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)3,776.23
(-) Cash Dividends Paid (M)1,175.93
(=) Cash Retained (M)2,600.30
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)755.25472.03283.22
Cash Retained (M)2,600.302,600.302,600.30
(-) Cash Required (M)-755.25-472.03-283.22
(=) Excess Retained (M)1,845.052,128.272,317.08
(/) Shares Outstanding (M)5,838.655,838.655,838.65
(=) Excess Retained per Share0.320.360.40
LTM Dividend per Share0.200.200.20
(+) Excess Retained per Share0.320.360.40
(=) Adjusted Dividend0.520.570.60
WACC / Discount Rate7.04%7.04%7.04%
Growth Rate1.33%2.33%3.33%
Fair Value$9.19$12.31$16.68
Upside / Downside596.13%832.31%1,163.78%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)3,776.233,864.233,954.294,046.444,140.744,237.244,364.36
Payout Ratio31.14%42.91%54.68%66.46%78.23%90.00%92.50%
Projected Dividends (M)1,175.931,658.232,162.372,689.113,239.223,813.524,037.03

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.04%7.04%7.04%
Growth Rate1.33%2.33%3.33%
Year 1 PV (M)1,534.081,549.221,564.36
Year 2 PV (M)1,850.711,887.421,924.49
Year 3 PV (M)2,129.222,192.892,257.80
Year 4 PV (M)2,372.782,467.852,565.73
Year 5 PV (M)2,584.332,714.392,849.64
PV of Terminal Value (M)67,781.3971,192.6374,739.85
Equity Value (M)78,252.5282,004.3985,901.87
Shares Outstanding (M)5,838.655,838.655,838.65
Fair Value$13.40$14.05$14.71
Upside / Downside915.34%964.02%1,014.59%

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