DDM Analysis: 0270.HK

Valuation Snapshot

Stable Growth	$10.26 - $16.37	$13.03
Multi-Stage	$17.34 - $18.97	$18.14
Blended Fair Value	$15.58
Current Price	$6.56
Upside	137.55%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-7.91%	4.71%	0.36	0.61	0.61	0.59	0.58	0.55	0.50	0.44	0.34	0.29
YoY Growth	-	-	-40.81%	0.13%	2.99%	2.29%	6.09%	9.60%	12.36%	29.00%	20.19%	25.30%
Dividend Yield	-	-	5.41%	10.56%	7.67%	6.00%	4.16%	3.36%	3.30%	4.26%	3.37%	2.61%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	6,419.03
(-) Cash Dividends Paid (M)	6,382.88
(=) Cash Retained (M)	36.16

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,283.81	802.38	481.43
Cash Retained (M)	36.16	36.16	36.16
(-) Cash Required (M)	-1,283.81	-802.38	-481.43
(=) Excess Retained (M)	-1,247.65	-766.22	-445.27
(/) Shares Outstanding (M)	6,537.82	6,537.82	6,537.82
(=) Excess Retained per Share	-0.19	-0.12	-0.07
LTM Dividend per Share	0.98	0.98	0.98
(+) Excess Retained per Share	-0.19	-0.12	-0.07
(=) Adjusted Dividend	0.79	0.86	0.91
WACC / Discount Rate	7.75%	7.75%	7.75%
Growth Rate	0.08%	1.08%	2.08%
Fair Value	$10.26	$13.03	$16.37
Upside / Downside	56.34%	98.62%	149.47%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	6,419.03	6,488.67	6,559.07	6,630.23	6,702.17	6,774.88	6,978.13
Payout Ratio	99.44%	97.55%	95.66%	93.77%	91.89%	90.00%	92.50%
Projected Dividends (M)	6,382.88	6,329.66	6,274.54	6,217.48	6,158.44	6,097.39	6,454.77

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.75%	7.75%	7.75%
Growth Rate	0.08%	1.08%	2.08%
Year 1 PV (M)	5,816.28	5,874.39	5,932.50
Year 2 PV (M)	5,297.99	5,404.39	5,511.84
Year 3 PV (M)	4,824.01	4,970.05	5,119.02
Year 4 PV (M)	4,390.65	4,568.77	4,752.26
Year 5 PV (M)	3,994.54	4,198.12	4,409.93
PV of Terminal Value (M)	89,022.12	93,559.21	98,279.44
Equity Value (M)	113,345.57	118,574.94	124,004.99
Shares Outstanding (M)	6,537.82	6,537.82	6,537.82
Fair Value	$17.34	$18.14	$18.97
Upside / Downside	164.28%	176.48%	189.14%

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Guangdong Investment Limited (0270.HK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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