DDM Analysis: 1070.HK

Valuation Snapshot

Stable Growth	$13.10 - $24.58	$17.77
Multi-Stage	$21.16 - $23.26	$22.19
Blended Fair Value	$19.98
Current Price	$9.54
Upside	109.43%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	3.01%	0.00%	0.21	0.13	0.17	0.11	0.19	0.18	0.22	0.02	0.00	0.03
YoY Growth	-	-	65.87%	-23.58%	50.32%	-41.58%	4.19%	-18.85%	991.07%	0.00%	-100.00%	0.00%
Dividend Yield	-	-	2.24%	3.54%	4.99%	3.28%	3.13%	5.56%	4.99%	0.56%	0.00%	0.60%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	2,199.87
(-) Cash Dividends Paid (M)	403.35
(=) Cash Retained (M)	1,796.52

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	439.97	274.98	164.99
Cash Retained (M)	1,796.52	1,796.52	1,796.52
(-) Cash Required (M)	-439.97	-274.98	-164.99
(=) Excess Retained (M)	1,356.54	1,521.53	1,631.53
(/) Shares Outstanding (M)	2,521.56	2,521.56	2,521.56
(=) Excess Retained per Share	0.54	0.60	0.65
LTM Dividend per Share	0.16	0.16	0.16
(+) Excess Retained per Share	0.54	0.60	0.65
(=) Adjusted Dividend	0.70	0.76	0.81
WACC / Discount Rate	6.39%	6.39%	6.39%
Growth Rate	1.01%	2.01%	3.01%
Fair Value	$13.10	$17.77	$24.58
Upside / Downside	37.30%	86.26%	157.62%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	2,199.87	2,244.02	2,289.05	2,334.99	2,381.86	2,429.66	2,502.55
Payout Ratio	18.34%	32.67%	47.00%	61.33%	75.67%	90.00%	92.50%
Projected Dividends (M)	403.35	733.08	1,075.88	1,432.15	1,802.28	2,186.69	2,314.86

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.39%	6.39%	6.39%
Growth Rate	1.01%	2.01%	3.01%
Year 1 PV (M)	682.30	689.05	695.81
Year 2 PV (M)	931.99	950.54	969.26
Year 3 PV (M)	1,154.67	1,189.31	1,224.63
Year 4 PV (M)	1,352.44	1,406.80	1,462.78
Year 5 PV (M)	1,527.24	1,604.36	1,684.55
PV of Terminal Value (M)	47,703.58	50,112.20	52,617.15
Equity Value (M)	53,352.23	55,952.26	58,654.19
Shares Outstanding (M)	2,521.56	2,521.56	2,521.56
Fair Value	$21.16	$22.19	$23.26
Upside / Downside	121.79%	132.60%	143.83%

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TCL Electronics Holdings Limited (1070.HK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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