DDM Analysis: 0027.HK

Valuation Snapshot

Stable Growth	$24.60 - $34.51	$29.53
Multi-Stage	$56.70 - $62.59	$59.58
Blended Fair Value	$44.56
Current Price	$34.85
Upside	27.85%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-2.36%	-3.28%	0.80	0.20	0.30	0.00	0.45	0.90	0.90	0.58	0.32	0.41
YoY Growth	-	-	300.12%	-33.17%	0.00%	-100.00%	-50.49%	0.26%	55.60%	79.34%	-21.22%	-63.36%
Dividend Yield	-	-	2.42%	0.46%	0.58%	0.00%	0.74%	1.57%	1.80%	0.96%	0.95%	1.67%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	17,937.28
(-) Cash Dividends Paid (M)	4,371.51
(=) Cash Retained (M)	13,565.78

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	3,587.46	2,242.16	1,345.30
Cash Retained (M)	13,565.78	13,565.78	13,565.78
(-) Cash Required (M)	-3,587.46	-2,242.16	-1,345.30
(=) Excess Retained (M)	9,978.32	11,323.61	12,220.48
(/) Shares Outstanding (M)	4,376.52	4,376.52	4,376.52
(=) Excess Retained per Share	2.28	2.59	2.79
LTM Dividend per Share	1.00	1.00	1.00
(+) Excess Retained per Share	2.28	2.59	2.79
(=) Adjusted Dividend	3.28	3.59	3.79
WACC / Discount Rate	7.35%	7.35%	7.35%
Growth Rate	-5.28%	-4.28%	-3.28%
Fair Value	$24.60	$29.53	$34.51
Upside / Downside	-29.41%	-15.27%	-0.97%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	17,937.28	17,169.99	16,435.52	15,732.47	15,059.50	14,415.31	14,847.77
Payout Ratio	24.37%	37.50%	50.62%	63.75%	76.87%	90.00%	92.50%
Projected Dividends (M)	4,371.51	6,438.21	8,320.09	10,029.20	11,576.87	12,973.78	13,734.18

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.35%	7.35%	7.35%
Growth Rate	-5.28%	-4.28%	-3.28%
Year 1 PV (M)	5,934.88	5,997.54	6,060.19
Year 2 PV (M)	7,070.05	7,220.12	7,371.76
Year 3 PV (M)	7,856.11	8,107.56	8,364.32
Year 4 PV (M)	8,359.48	8,718.12	9,088.18
Year 5 PV (M)	8,635.78	9,101.36	9,586.80
PV of Terminal Value (M)	210,279.14	221,615.76	233,436.13
Equity Value (M)	248,135.45	260,760.45	273,907.38
Shares Outstanding (M)	4,376.52	4,376.52	4,376.52
Fair Value	$56.70	$59.58	$62.59
Upside / Downside	62.69%	70.97%	79.59%

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PPG	PPG Industries, Inc.	2.65%	$2.76	62.85%
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VHI	Valhi, Inc.	2.63%	$0.32	49.46%
FHI	Federated Hermes, Inc.	2.62%	$1.37	27.23%
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UNH	UnitedHealth Group Incorporated	2.56%	$8.60	44.61%
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Galaxy Entertainment Group Limited (0027.HK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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