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| Metrics | Range | Conclusion |
|---|---|---|
| Adjusted Dividend | ¥0.17 - ¥0.17 | ¥0.17 |
| Adjusted Dividend Yield | 3.2% - 3.2% | 3.2% |
| Perpetuity Growth Rate | 6.8% - 7.3% | 7.0% |
| Discount Rate | 13.1% - 11.1% | 12.1% |
| Fair Value | ¥2.90 - ¥4.79 | ¥3.62 |
| Upside | -46.7% - -11.9% | -33.5% |
| Calculate Adjusted Dividend | ||||||||
| (CNY in millions) | Latest | Notes | ||||||
| Net Income To Common | 76 | |||||||
| (-) Cash Dividends Paid | (241) | |||||||
| (=) Cash Retained | 0 | 0.0% | ||||||
| Low | Mid | High | ||||||
| Required Retention Ratio | 20.0% | 12.5% | 7.5% | % of net income needed for future growth | ||||
| Adj Net Income | 76 | 76 | 76 | |||||
| (=) Cash Required | 15 | 9 | 6 | |||||
| Cash Retained | 0 | 0 | 0 | |||||
| (-) Cash Required | (15) | (9) | (6) | |||||
| (=) Excess Retained | 0 | 0 | 0 | |||||
| (/) FX Rate Adjustment | 1.00 | 1.00 | 1.00 | |||||
| (=) Excess Retained (CNY) | 0 | 0 | 0 | |||||
| (/) Shares Outstanding | 1,394.2 | 1,394.2 | 1,394.2 | |||||
| (=) Excess Retained per Share | 0.00 | 0.00 | 0.00 | |||||
| Low | Mid | High | ||||||
| LTM Dividend per Share | 0.17 | 0.17 | 0.17 | |||||
| (+) Excess Retained per Share | 0.00 | 0.00 | 0.00 | |||||
| Adjusted Dividend | 0.17 | 0.17 | 0.17 | |||||
| Sensitivity Analysis | ||||||||
| Adjusted Dividend | 0.17 | |||||||
| Cost of Equity | ||||||||
| Growth Rate | 11.1% | 11.6% | 12.1% | 12.6% | 13.1% | |||
| 5.0% | 2.97 | 2.74 | 2.55 | 2.38 | 2.24 | |||
| 6.0% | 3.58 | 3.26 | 3.00 | 2.77 | 2.58 | |||
| 7.0% | 4.49 | 4.01 | 3.62 | 3.29 | 3.03 | |||
| 8.0% | 5.98 | 5.16 | 4.53 | 4.04 | 3.65 | |||
| 9.0% | 8.88 | 7.19 | 6.04 | 5.21 | 4.58 | |||