DDM Analysis: 000531.SZ

Valuation Snapshot

Stable Growth	$8.84 - $22.20	$13.29
Multi-Stage	$11.32 - $12.41	$11.86
Blended Fair Value	$12.57
Current Price	$6.06
Upside	107.48%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	4.51%	5.28%	0.44	0.35	0.41	0.39	0.24	0.35	0.29	0.33	0.20	0.34
YoY Growth	-	-	24.81%	-14.45%	4.62%	65.53%	-32.57%	22.58%	-14.12%	64.32%	-41.05%	31.57%
Dividend Yield	-	-	7.06%	5.80%	6.45%	5.78%	2.59%	6.30%	4.57%	5.75%	2.14%	4.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	422.10
(-) Cash Dividends Paid (M)	287.83
(=) Cash Retained (M)	134.27

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	84.42	52.76	31.66
Cash Retained (M)	134.27	134.27	134.27
(-) Cash Required (M)	-84.42	-52.76	-31.66
(=) Excess Retained (M)	49.85	81.51	102.61
(/) Shares Outstanding (M)	1,038.91	1,038.91	1,038.91
(=) Excess Retained per Share	0.05	0.08	0.10
LTM Dividend per Share	0.28	0.28	0.28
(+) Excess Retained per Share	0.05	0.08	0.10
(=) Adjusted Dividend	0.33	0.36	0.38
WACC / Discount Rate	6.28%	6.28%	6.28%
Growth Rate	2.51%	3.51%	4.51%
Fair Value	$8.84	$13.29	$22.20
Upside / Downside	45.87%	119.28%	266.34%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	422.10	436.92	452.27	468.16	484.60	501.62	516.67
Payout Ratio	68.19%	72.55%	76.91%	81.28%	85.64%	90.00%	92.50%
Projected Dividends (M)	287.83	317.00	347.86	380.50	415.00	451.46	477.92

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.28%	6.28%	6.28%
Growth Rate	2.51%	3.51%	4.51%
Year 1 PV (M)	295.38	298.26	301.14
Year 2 PV (M)	302.03	307.95	313.93
Year 3 PV (M)	307.84	316.94	326.21
Year 4 PV (M)	312.86	325.25	338.00
Year 5 PV (M)	317.14	332.91	349.30
PV of Terminal Value (M)	10,230.03	10,738.83	11,267.67
Equity Value (M)	11,765.28	12,320.14	12,896.26
Shares Outstanding (M)	1,038.91	1,038.91	1,038.91
Fair Value	$11.32	$11.86	$12.41
Upside / Downside	86.87%	95.69%	104.84%

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Guangzhou Hengyun Enterprises Holding Ltd (000531.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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