DDM Analysis: 0142.HK

Valuation Snapshot

Stable Growth	$5.89 - $14.61	$8.82
Multi-Stage	$5.41 - $5.92	$5.66
Blended Fair Value	$7.24
Current Price	$0.71
Upside	922.24%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	14.87%	1.40%	0.03	0.03	0.03	0.02	0.02	0.02	0.02	0.02	0.02	0.03
YoY Growth	-	-	11.93%	7.01%	21.26%	16.96%	17.72%	-10.72%	-0.27%	0.81%	-35.76%	-0.35%
Dividend Yield	-	-	5.40%	7.03%	8.77%	5.86%	5.79%	4.61%	4.55%	2.52%	2.50%	4.10%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,147.10
(-) Cash Dividends Paid (M)	252.20
(=) Cash Retained (M)	894.90

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	229.42	143.39	86.03
Cash Retained (M)	894.90	894.90	894.90
(-) Cash Required (M)	-229.42	-143.39	-86.03
(=) Excess Retained (M)	665.48	751.51	808.87
(/) Shares Outstanding (M)	4,249.37	4,249.37	4,249.37
(=) Excess Retained per Share	0.16	0.18	0.19
LTM Dividend per Share	0.06	0.06	0.06
(+) Excess Retained per Share	0.16	0.18	0.19
(=) Adjusted Dividend	0.22	0.24	0.25
WACC / Discount Rate	7.61%	7.61%	7.61%
Growth Rate	3.80%	4.80%	5.80%
Fair Value	$5.89	$8.82	$14.61
Upside / Downside	731.43%	1,145.12%	1,963.84%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,147.10	1,202.21	1,259.97	1,320.51	1,383.95	1,450.45	1,493.96
Payout Ratio	21.99%	35.59%	49.19%	62.79%	76.40%	90.00%	92.50%
Projected Dividends (M)	252.20	427.85	619.80	829.21	1,057.30	1,305.40	1,381.91

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.61%	7.61%	7.61%
Growth Rate	3.80%	4.80%	5.80%
Year 1 PV (M)	393.79	397.59	401.38
Year 2 PV (M)	525.05	535.21	545.48
Year 3 PV (M)	646.52	665.39	684.62
Year 4 PV (M)	758.74	788.41	818.93
Year 5 PV (M)	862.21	904.55	948.53
PV of Terminal Value (M)	19,788.88	20,760.60	21,770.13
Equity Value (M)	22,975.20	24,051.74	25,169.06
Shares Outstanding (M)	4,249.37	4,249.37	4,249.37
Fair Value	$5.41	$5.66	$5.92
Upside / Downside	663.59%	699.37%	736.50%

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First Pacific Company Limited (0142.HK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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