DDM Analysis: 0371.HK

Valuation Snapshot

Stable Growth	$2.56 - $3.79	$3.15
Multi-Stage	$7.82 - $8.62	$8.21
Blended Fair Value	$5.68
Current Price	$2.16
Upside	163.03%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-5.48%	11.24%	0.14	0.16	0.13	0.17	0.16	0.19	0.16	0.12	0.10	0.08
YoY Growth	-	-	-8.28%	15.78%	-20.06%	4.15%	-14.69%	18.92%	30.38%	28.13%	19.46%	62.04%
Dividend Yield	-	-	5.70%	8.86%	6.74%	5.56%	5.19%	4.81%	4.00%	1.97%	1.85%	1.47%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	3,285.26
(-) Cash Dividends Paid (M)	2,102.63
(=) Cash Retained (M)	1,182.63

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	657.05	410.66	246.39
Cash Retained (M)	1,182.63	1,182.63	1,182.63
(-) Cash Required (M)	-657.05	-410.66	-246.39
(=) Excess Retained (M)	525.58	771.98	936.24
(/) Shares Outstanding (M)	10,034.50	10,034.50	10,034.50
(=) Excess Retained per Share	0.05	0.08	0.09
LTM Dividend per Share	0.21	0.21	0.21
(+) Excess Retained per Share	0.05	0.08	0.09
(=) Adjusted Dividend	0.26	0.29	0.30
WACC / Discount Rate	5.80%	5.80%	5.80%
Growth Rate	-4.03%	-3.03%	-2.03%
Fair Value	$2.56	$3.15	$3.79
Upside / Downside	18.48%	45.77%	75.59%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	3,285.26	3,185.87	3,089.48	2,996.02	2,905.38	2,817.48	2,902.00
Payout Ratio	64.00%	69.20%	74.40%	79.60%	84.80%	90.00%	92.50%
Projected Dividends (M)	2,102.63	2,204.67	2,298.61	2,384.85	2,463.77	2,535.73	2,684.35

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	5.80%	5.80%	5.80%
Growth Rate	-4.03%	-3.03%	-2.03%
Year 1 PV (M)	2,062.37	2,083.86	2,105.35
Year 2 PV (M)	2,011.46	2,053.60	2,096.17
Year 3 PV (M)	1,952.23	2,013.89	2,076.83
Year 4 PV (M)	1,886.65	1,966.52	2,048.90
Year 5 PV (M)	1,816.43	1,913.05	2,013.74
PV of Terminal Value (M)	68,736.55	72,392.93	76,203.28
Equity Value (M)	78,465.69	82,423.85	86,544.27
Shares Outstanding (M)	10,034.50	10,034.50	10,034.50
Fair Value	$7.82	$8.21	$8.62
Upside / Downside	262.02%	280.28%	299.29%

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600191.SS	Baotou Huazi Industry Co., Ltd	0.06%	$0.01	9.61%
600288.SS	Daheng New Epoch Technology Inc.	0.06%	$0.01	8.37%
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600615.SS	Chongqing Fenghwa Group Co., Ltd.	0.06%	$0.01	15.34%
600654.SS	China Security Co., Ltd.	0.06%	$0.00	3.19%
603068.SS	Beken Corporation	0.06%	$0.02	19.57%
603328.SS	Guangdong Ellington Electronics Technology Co.,Ltd	0.06%	$0.01	1.50%
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688696.SS	Chengdu Xgimi Technology Co.,Ltd.	0.06%	$0.07	1.87%
AAIF.L	abrdn Asian Income Fund Limited	0.06%	$0.16	36.85%
AKSGY.IS	Akis Gayrimenkul Yatirim Ortakligi A.S.	0.06%	$0.00	0.27%
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BRIG.L	BlackRock Income and Growth Investment Trust plc	0.06%	$0.14	68.68%
BWY.L	Bellway p.l.c.	0.06%	$1.69	70.03%
CAPD.L	Capital Limited	0.06%	$0.07	24.60%
CASP.L	Caspian Sunrise plc	0.06%	$0.00	25.15%
CSSG.L	Croma Security Solutions Group plc	0.06%	$0.04	46.50%
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EPWN.L	Epwin Group Plc	0.06%	$0.07	37.55%
ETGA.TA	ETGA Group Ltd	0.06%	$1.55	89.99%
FIBIH.TA	F.I.B.I. Holdings Ltd	0.06%	$16.92	41.38%
HSL.L	The Henderson Smaller Companies Investment Trust plc	0.06%	$0.50	70.94%
HSX.L	Hiscox Ltd	0.06%	$0.77	20.38%
HVO.L	hVIVO plc	0.06%	$0.00	12.02%
IBT.L	International Biotechnology Trust plc	0.06%	$0.61	57.78%
IDIN.TA	I.D.I. Insurance Company Ltd.	0.06%	$14.75	68.21%
IGG.L	IG Group Holdings plc	0.06%	$0.81	31.08%
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JUGI.L	JPMorgan UK Small Cap Growth & Income Plc	0.06%	$0.20	53.22%
LAAC	Lithium Americas (Argentina) Corp.	0.06%	$0.00	0.02%
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Financial Statements

Fundamentals

Valuations

Miscellaneous

Mode

Ticker

Industry

Sector

Beijing Enterprises Water Group Limited (0371.HK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener