DDM Analysis: 0354.HK

Valuation Snapshot

Stable Growth	$16.14 - $87.66	$31.47
Multi-Stage	$9.87 - $10.81	$10.33
Blended Fair Value	$20.90
Current Price	$4.55
Upside	359.31%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	31.70%	0.00%	0.07	0.05	0.03	0.03	0.02	0.02	0.01	0.01	0.00	0.00
YoY Growth	-	-	37.84%	73.89%	13.46%	35.34%	7.66%	30.50%	47.39%	0.00%	0.00%	0.00%
Dividend Yield	-	-	1.46%	0.95%	0.49%	0.32%	0.27%	0.46%	0.40%	0.22%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,188.35
(-) Cash Dividends Paid (M)	190.68
(=) Cash Retained (M)	997.66

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	237.67	148.54	89.13
Cash Retained (M)	997.66	997.66	997.66
(-) Cash Required (M)	-237.67	-148.54	-89.13
(=) Excess Retained (M)	759.99	849.12	908.54
(/) Shares Outstanding (M)	2,685.46	2,685.46	2,685.46
(=) Excess Retained per Share	0.28	0.32	0.34
LTM Dividend per Share	0.07	0.07	0.07
(+) Excess Retained per Share	0.28	0.32	0.34
(=) Adjusted Dividend	0.35	0.39	0.41
WACC / Discount Rate	7.38%	7.38%	7.38%
Growth Rate	5.08%	6.08%	7.08%
Fair Value	$16.14	$31.47	$87.66
Upside / Downside	254.64%	591.59%	1,826.57%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,188.35	1,260.57	1,337.18	1,418.45	1,504.66	1,596.11	1,643.99
Payout Ratio	16.05%	30.84%	45.63%	60.42%	75.21%	90.00%	92.50%
Projected Dividends (M)	190.68	388.72	610.13	857.01	1,131.64	1,436.50	1,520.69

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.38%	7.38%	7.38%
Growth Rate	5.08%	6.08%	7.08%
Year 1 PV (M)	358.58	361.99	365.41
Year 2 PV (M)	519.18	529.11	539.14
Year 3 PV (M)	672.73	692.12	711.87
Year 4 PV (M)	819.44	851.08	883.63
Year 5 PV (M)	959.54	1,006.07	1,054.40
PV of Terminal Value (M)	23,175.96	24,299.95	25,467.14
Equity Value (M)	26,505.43	27,740.33	29,021.58
Shares Outstanding (M)	2,685.46	2,685.46	2,685.46
Fair Value	$9.87	$10.33	$10.81
Upside / Downside	116.92%	127.03%	137.52%

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Chinasoft International Limited (0354.HK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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