DDM Analysis: 0392.HK

Valuation Snapshot

Stable Growth	$197.57 - $576.01	$310.74
Multi-Stage	$185.13 - $202.74	$193.77
Blended Fair Value	$252.25
Current Price	$32.30
Upside	680.97%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	5.72%	5.30%	1.50	1.97	1.29	1.14	1.14	1.13	1.00	0.95	0.96	0.94
YoY Growth	-	-	-24.01%	52.73%	12.78%	0.00%	0.88%	13.00%	5.26%	-1.11%	2.61%	5.19%
Dividend Yield	-	-	5.60%	7.17%	5.16%	4.25%	4.52%	3.17%	2.42%	2.03%	2.63%	2.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	10,063.32
(-) Cash Dividends Paid (M)	4,357.24
(=) Cash Retained (M)	5,706.08

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	2,012.66	1,257.91	754.75
Cash Retained (M)	5,706.08	5,706.08	5,706.08
(-) Cash Required (M)	-2,012.66	-1,257.91	-754.75
(=) Excess Retained (M)	3,693.41	4,448.16	4,951.33
(/) Shares Outstanding (M)	1,258.96	1,258.96	1,258.96
(=) Excess Retained per Share	2.93	3.53	3.93
LTM Dividend per Share	3.46	3.46	3.46
(+) Excess Retained per Share	2.93	3.53	3.93
(=) Adjusted Dividend	6.39	6.99	7.39
WACC / Discount Rate	7.07%	7.07%	7.07%
Growth Rate	3.72%	4.72%	5.72%
Fair Value	$197.57	$310.74	$576.01
Upside / Downside	511.66%	862.03%	1,683.31%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	10,063.32	10,537.99	11,035.05	11,555.55	12,100.61	12,671.37	13,051.51
Payout Ratio	43.30%	52.64%	61.98%	71.32%	80.66%	90.00%	92.50%
Projected Dividends (M)	4,357.24	5,547.05	6,839.41	8,241.34	9,760.31	11,404.23	12,072.65

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.07%	7.07%	7.07%
Growth Rate	3.72%	4.72%	5.72%
Year 1 PV (M)	5,131.11	5,180.58	5,230.06
Year 2 PV (M)	5,852.17	5,965.56	6,080.05
Year 3 PV (M)	6,522.98	6,713.48	6,907.65
Year 4 PV (M)	7,145.96	7,425.57	7,713.30
Year 5 PV (M)	7,723.48	8,103.06	8,497.42
PV of Terminal Value (M)	200,698.53	210,562.22	220,809.97
Equity Value (M)	233,074.22	243,950.47	255,238.44
Shares Outstanding (M)	1,258.96	1,258.96	1,258.96
Fair Value	$185.13	$193.77	$202.74
Upside / Downside	473.17%	499.91%	527.67%

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Beijing Enterprises Holdings Limited (0392.HK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener