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CK Asset Holdings Limited (1113.HK)

Company Dividend Discount ModelIndustry: Real Estate - DevelopmentSector: Real Estate

Valuation Snapshot

Stable Growth$69.75 - $107.26$87.22
Multi-Stage$173.02 - $190.56$181.61
Blended Fair Value$134.42
Current Price$34.60
Upside288.48%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-0.42%2.39%2.002.312.292.012.162.041.831.661.569.21
YoY Growth---13.68%1.13%13.63%-6.77%5.89%11.31%10.73%6.27%-83.08%483.89%
Dividend Yield--6.26%6.01%4.76%4.10%5.43%3.63%3.20%2.40%3.28%18.27%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)27,112.00
(-) Cash Dividends Paid (M)13,876.00
(=) Cash Retained (M)13,236.00
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)5,422.403,389.002,033.40
Cash Retained (M)13,236.0013,236.0013,236.00
(-) Cash Required (M)-5,422.40-3,389.00-2,033.40
(=) Excess Retained (M)7,813.609,847.0011,202.60
(/) Shares Outstanding (M)3,529.853,529.853,529.85
(=) Excess Retained per Share2.212.793.17
LTM Dividend per Share3.933.933.93
(+) Excess Retained per Share2.212.793.17
(=) Adjusted Dividend6.146.727.10
WACC / Discount Rate6.18%6.18%6.18%
Growth Rate-2.42%-1.42%-0.42%
Fair Value$69.75$87.22$107.26
Upside / Downside101.59%152.07%209.99%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)27,112.0026,727.0126,347.4825,973.3525,604.5225,240.9425,998.17
Payout Ratio51.18%58.94%66.71%74.47%82.24%90.00%92.50%
Projected Dividends (M)13,876.0015,754.0317,575.9219,342.9021,056.1522,716.8424,048.30

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.18%6.18%6.18%
Growth Rate-2.42%-1.42%-0.42%
Year 1 PV (M)14,687.1014,837.6114,988.13
Year 2 PV (M)15,275.9115,590.6115,908.51
Year 3 PV (M)15,673.1016,159.9116,656.69
Year 4 PV (M)15,905.8416,567.9417,250.51
Year 5 PV (M)15,998.1616,834.8817,706.25
PV of Terminal Value (M)533,193.44561,080.02590,121.37
Equity Value (M)610,733.55641,070.97672,631.46
Shares Outstanding (M)3,529.853,529.853,529.85
Fair Value$173.02$181.61$190.56
Upside / Downside400.06%424.90%450.74%

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