DDM Analysis: 0363.HK

Valuation Snapshot

Stable Growth	$52.41 - $81.92	$66.00
Multi-Stage	$109.86 - $120.91	$115.28
Blended Fair Value	$90.64
Current Price	$13.56
Upside	568.41%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	12.57%	0.48%	0.94	0.92	0.96	1.00	0.74	0.52	0.96	0.99	0.96	1.05
YoY Growth	-	-	2.17%	-4.17%	-4.00%	35.14%	42.31%	-45.83%	-2.81%	3.11%	-9.10%	17.58%
Dividend Yield	-	-	7.94%	9.49%	9.95%	8.80%	6.98%	3.47%	6.06%	4.37%	4.56%	5.18%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	5,897.45
(-) Cash Dividends Paid (M)	2,064.29
(=) Cash Retained (M)	3,833.16

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,179.49	737.18	442.31
Cash Retained (M)	3,833.16	3,833.16	3,833.16
(-) Cash Required (M)	-1,179.49	-737.18	-442.31
(=) Excess Retained (M)	2,653.67	3,095.98	3,390.85
(/) Shares Outstanding (M)	1,087.21	1,087.21	1,087.21
(=) Excess Retained per Share	2.44	2.85	3.12
LTM Dividend per Share	1.90	1.90	1.90
(+) Excess Retained per Share	2.44	2.85	3.12
(=) Adjusted Dividend	4.34	4.75	5.02
WACC / Discount Rate	6.63%	6.63%	6.63%
Growth Rate	-1.52%	-0.52%	0.48%
Fair Value	$52.41	$66.00	$81.92
Upside / Downside	286.48%	386.69%	504.12%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	5,897.45	5,866.60	5,835.92	5,805.40	5,775.04	5,744.83	5,917.18
Payout Ratio	35.00%	46.00%	57.00%	68.00%	79.00%	90.00%	92.50%
Projected Dividends (M)	2,064.29	2,698.78	3,326.58	3,947.74	4,562.31	5,170.35	5,473.39

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.63%	6.63%	6.63%
Growth Rate	-1.52%	-0.52%	0.48%
Year 1 PV (M)	2,505.50	2,530.95	2,556.39
Year 2 PV (M)	2,867.17	2,925.69	2,984.81
Year 3 PV (M)	3,158.87	3,256.08	3,355.26
Year 4 PV (M)	3,389.18	3,528.96	3,673.01
Year 5 PV (M)	3,565.80	3,750.57	3,942.91
PV of Terminal Value (M)	103,952.26	109,338.55	114,945.82
Equity Value (M)	119,438.79	125,330.79	131,458.21
Shares Outstanding (M)	1,087.21	1,087.21	1,087.21
Fair Value	$109.86	$115.28	$120.91
Upside / Downside	710.16%	750.13%	791.69%

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Shanghai Industrial Holdings Limited (0363.HK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener