DDM Analysis: 3600.HK

Valuation Snapshot

Stable Growth	$21.81 - $57.20	$33.23
Multi-Stage	$15.15 - $16.55	$15.84
Blended Fair Value	$24.54
Current Price	$4.26
Upside	475.95%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	29.52%	26.76%	0.17	0.10	0.08	0.20	0.02	0.05	0.04	0.04	0.02	0.03
YoY Growth	-	-	62.23%	27.83%	-58.46%	780.92%	-51.97%	10.21%	17.65%	61.90%	-19.13%	73.11%
Dividend Yield	-	-	4.09%	2.47%	3.40%	3.57%	1.50%	3.03%	3.21%	1.70%	0.78%	0.67%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	886.15
(-) Cash Dividends Paid (M)	304.06
(=) Cash Retained (M)	582.09

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	177.23	110.77	66.46
Cash Retained (M)	582.09	582.09	582.09
(-) Cash Required (M)	-177.23	-110.77	-66.46
(=) Excess Retained (M)	404.86	471.32	515.62
(/) Shares Outstanding (M)	944.33	944.33	944.33
(=) Excess Retained per Share	0.43	0.50	0.55
LTM Dividend per Share	0.32	0.32	0.32
(+) Excess Retained per Share	0.43	0.50	0.55
(=) Adjusted Dividend	0.75	0.82	0.87
WACC / Discount Rate	9.13%	9.13%	9.13%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$21.81	$33.23	$57.20
Upside / Downside	411.98%	680.12%	1,242.74%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	886.15	943.75	1,005.09	1,070.42	1,140.00	1,214.10	1,250.53
Payout Ratio	34.31%	45.45%	56.59%	67.73%	78.86%	90.00%	92.50%
Projected Dividends (M)	304.06	428.94	568.76	724.95	899.04	1,092.69	1,156.74

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.13%	9.13%	9.13%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	389.36	393.05	396.74
Year 2 PV (M)	468.64	477.56	486.57
Year 3 PV (M)	542.21	557.77	573.63
Year 4 PV (M)	610.37	633.84	657.98
Year 5 PV (M)	673.39	705.91	739.68
PV of Terminal Value (M)	11,626.50	12,188.06	12,771.12
Equity Value (M)	14,310.45	14,956.20	15,625.73
Shares Outstanding (M)	944.33	944.33	944.33
Fair Value	$15.15	$15.84	$16.55
Upside / Downside	255.73%	271.78%	288.43%

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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%
DNET.JK	PT Indoritel Makmur Internasional Tbk.	0.06%	$5.00	6.08%
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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%
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JUGI.L	JPMorgan UK Small Cap Growth & Income Plc	0.06%	$0.20	53.22%
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Sector

Modern Dental Group Limited (3600.HK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener