DDM Analysis: 1113.HK

Valuation Snapshot

Stable Growth	$56.52 - $82.19	$68.95
Multi-Stage	$104.95 - $115.25	$110.00
Blended Fair Value	$89.48
Current Price	$34.60
Upside	158.60%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-0.42%	2.39%	2.00	2.31	2.29	2.01	2.16	2.04	1.83	1.66	1.56	9.21
YoY Growth	-	-	-13.68%	1.13%	13.63%	-6.77%	5.89%	11.31%	10.73%	6.27%	-83.08%	483.89%
Dividend Yield	-	-	6.26%	6.01%	4.76%	4.10%	5.43%	3.63%	3.20%	2.40%	3.28%	18.27%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	27,112.00
(-) Cash Dividends Paid (M)	13,876.00
(=) Cash Retained (M)	13,236.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	5,422.40	3,389.00	2,033.40
Cash Retained (M)	13,236.00	13,236.00	13,236.00
(-) Cash Required (M)	-5,422.40	-3,389.00	-2,033.40
(=) Excess Retained (M)	7,813.60	9,847.00	11,202.60
(/) Shares Outstanding (M)	3,529.85	3,529.85	3,529.85
(=) Excess Retained per Share	2.21	2.79	3.17
LTM Dividend per Share	3.93	3.93	3.93
(+) Excess Retained per Share	2.21	2.79	3.17
(=) Adjusted Dividend	6.14	6.72	7.10
WACC / Discount Rate	8.19%	8.19%	8.19%
Growth Rate	-2.42%	-1.42%	-0.42%
Fair Value	$56.52	$68.95	$82.19
Upside / Downside	63.36%	99.29%	137.54%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	27,112.00	26,727.01	26,347.48	25,973.35	25,604.52	25,240.94	25,998.17
Payout Ratio	51.18%	58.94%	66.71%	74.47%	82.24%	90.00%	92.50%
Projected Dividends (M)	13,876.00	15,754.03	17,575.92	19,342.90	21,056.15	22,716.84	24,048.30

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.19%	8.19%	8.19%
Growth Rate	-2.42%	-1.42%	-0.42%
Year 1 PV (M)	14,413.98	14,561.69	14,709.41
Year 2 PV (M)	14,713.05	15,016.15	15,322.34
Year 3 PV (M)	14,814.88	15,275.03	15,744.62
Year 4 PV (M)	14,755.29	15,369.50	16,002.69
Year 5 PV (M)	14,564.95	15,326.71	16,120.02
PV of Terminal Value (M)	297,187.61	312,730.83	328,917.70
Equity Value (M)	370,449.76	388,279.92	406,816.78
Shares Outstanding (M)	3,529.85	3,529.85	3,529.85
Fair Value	$104.95	$110.00	$115.25
Upside / Downside	203.32%	217.92%	233.09%

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CK Asset Holdings Limited (1113.HK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener