DDM Analysis: 3877.HK

Valuation Snapshot

Stable Growth	$18.53 - $70.06	$31.20
Multi-Stage	$20.13 - $22.09	$21.10
Blended Fair Value	$26.15
Current Price	$2.10
Upside	1,145.08%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	32.03%	0.00%	0.12	0.10	0.09	0.09	0.08	0.03	0.24	0.00	0.00	0.00
YoY Growth	-	-	16.31%	14.99%	0.00%	12.50%	166.67%	-87.45%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	6.65%	6.96%	7.72%	8.21%	7.30%	2.28%	19.18%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	4,027.11
(-) Cash Dividends Paid (M)	1,373.65
(=) Cash Retained (M)	2,653.47

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	805.42	503.39	302.03
Cash Retained (M)	2,653.47	2,653.47	2,653.47
(-) Cash Required (M)	-805.42	-503.39	-302.03
(=) Excess Retained (M)	1,848.04	2,150.08	2,351.43
(/) Shares Outstanding (M)	6,168.66	6,168.66	6,168.66
(=) Excess Retained per Share	0.30	0.35	0.38
LTM Dividend per Share	0.22	0.22	0.22
(+) Excess Retained per Share	0.30	0.35	0.38
(=) Adjusted Dividend	0.52	0.57	0.60
WACC / Discount Rate	5.99%	5.99%	5.99%
Growth Rate	3.08%	4.08%	5.08%
Fair Value	$18.53	$31.20	$70.06
Upside / Downside	782.27%	1,385.61%	3,236.21%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	4,027.11	4,191.48	4,362.55	4,540.60	4,725.92	4,918.80	5,066.36
Payout Ratio	34.11%	45.29%	56.47%	67.64%	78.82%	90.00%	92.50%
Projected Dividends (M)	1,373.65	1,898.23	2,463.35	3,071.44	3,725.06	4,426.92	4,686.38

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	5.99%	5.99%	5.99%
Growth Rate	3.08%	4.08%	5.08%
Year 1 PV (M)	1,773.80	1,791.01	1,808.21
Year 2 PV (M)	2,150.97	2,192.91	2,235.25
Year 3 PV (M)	2,506.14	2,579.78	2,654.86
Year 4 PV (M)	2,840.21	2,952.03	3,067.13
Year 5 PV (M)	3,154.08	3,310.06	3,472.16
PV of Terminal Value (M)	111,778.61	117,306.69	123,051.36
Equity Value (M)	124,203.80	130,132.49	136,288.98
Shares Outstanding (M)	6,168.66	6,168.66	6,168.66
Fair Value	$20.13	$21.10	$22.09
Upside / Downside	858.79%	904.56%	952.09%

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Ticker ⇵	Company ⇵	Dividend Yield % ▼	Dividend Per Share ⇵	Payout Ratio % ⇵
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%
600486.SS	Jiangsu Yangnong Chemical Co., Ltd.	0.06%	$0.04	1.25%
600490.SS	Pengxin International Mining Co.,Ltd	0.06%	$0.00	4.03%
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%
605080.SS	Zhejiang Natural Outdoor Goods Inc.	0.06%	$0.01	0.98%
688017.SS	Leader Harmonious Drive Systems Co., Ltd.	0.06%	$0.12	25.12%
688585.SS	Swancor Advanced Materials Co., Ltd.	0.06%	$0.07	34.27%
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%
ALTF.TA	Altshuler Shaham Finance Ltd	0.06%	$0.42	73.06%
BAKK.L	Bakkavor Group plc	0.06%	$0.15	87.07%
BLV.L	Belvoir Group PLC	0.06%	$0.17	44.51%
BNZL.L	Bunzl plc	0.06%	$1.26	47.00%
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%
DWHA.L	Dewhurst Group Plc	0.06%	$0.36	25.82%
ELSPC.TA	Elspec Engineering Ltd	0.06%	$0.25	80.53%
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%
IHP.L	IntegraFin Holdings plc	0.06%	$0.21	67.29%
ITRK.L	Intertek Group plc	0.06%	$2.66	64.13%
IVPU.L	Invesco Perpetual Select Trust plc - UK Equity Share Portfolio	0.06%	$0.12	35.31%
JMI.L	JPMorgan UK Smaller Companies Investment Trust Plc	0.06%	$0.16	23.47%
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%
LWDB.L	The Law Debenture Corporation p.l.c.	0.06%	$0.66	28.04%
MGRO.JK	PT Mahkota Group Tbk	0.06%	$0.43	7.88%
MTVW.L	Mountview Estates PLC	0.06%	$5.25	42.08%
NAWI.TA	Nawi Brothers Group Ltd	0.06%	$3.28	46.36%
NTN.L	Northern 3 VCT PLC	0.06%	$0.05	76.12%
PSON.L	Pearson plc	0.06%	$0.63	53.29%
RCDO.L	Ricardo plc	0.06%	$0.24	49.35%
RMKE.JK	PT RMK Energy Tbk	0.06%	$3.50	6.74%
SALM.OL	SalMar ASA	0.06%	$0.36	4.26%

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CSSC (Hong Kong) Shipping Company Limited (3877.HK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener