DDM Analysis: 1888.HK

Valuation Snapshot

Stable Growth	$7.23 - $10.82	$8.94
Multi-Stage	$16.88 - $18.58	$17.71
Blended Fair Value	$13.32
Current Price	$9.56
Upside	39.38%
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	-18.48%	-0.78%	0.16	0.35	1.50	2.50	0.69	0.44	0.69	0.80	0.72	0.16
YoY Growth	-	-	-54.29%	-76.67%	-40.00%	261.66%	55.56%	-35.81%	-13.56%	11.35%	356.10%	-8.89%
Dividend Yield	-	-	2.22%	5.64%	17.48%	18.85%	5.46%	4.60%	10.71%	6.32%	9.44%	4.48%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	2,744.57
(-) Cash Dividends Paid (M)	1,591.20
(=) Cash Retained (M)	1,153.37

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	548.91	343.07	205.84
Cash Retained (M)	1,153.37	1,153.37	1,153.37
(-) Cash Required (M)	-548.91	-343.07	-205.84
(=) Excess Retained (M)	604.46	810.30	947.53
(/) Shares Outstanding (M)	3,120.28	3,120.28	3,120.28
(=) Excess Retained per Share	0.19	0.26	0.30
LTM Dividend per Share	0.51	0.51	0.51
(+) Excess Retained per Share	0.19	0.26	0.30
(=) Adjusted Dividend	0.70	0.77	0.81
WACC / Discount Rate	6.68%	6.68%	6.68%
Growth Rate	-2.78%	-1.78%	-0.78%
Fair Value	$7.23	$8.94	$10.82
Upside / Downside	-24.35%	-6.52%	13.21%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	2,744.57	2,695.65	2,647.60	2,600.40	2,554.05	2,508.52	2,583.78
Payout Ratio	57.98%	64.38%	70.79%	77.19%	83.60%	90.00%	92.50%
Projected Dividends (M)	1,591.20	1,735.49	1,874.12	2,007.26	2,135.06	2,257.67	2,389.99

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.68%	6.68%	6.68%
Growth Rate	-2.78%	-1.78%	-0.78%
Year 1 PV (M)	1,610.31	1,626.87	1,643.43
Year 2 PV (M)	1,613.52	1,646.88	1,680.59
Year 3 PV (M)	1,603.49	1,653.49	1,704.51
Year 4 PV (M)	1,582.56	1,648.69	1,716.87
Year 5 PV (M)	1,552.74	1,634.26	1,719.17
PV of Terminal Value (M)	44,712.18	47,059.57	49,504.54
Equity Value (M)	52,674.80	55,269.76	57,969.10
Shares Outstanding (M)	3,120.28	3,120.28	3,120.28
Fair Value	$16.88	$17.71	$18.58
Upside / Downside	76.58%	85.28%	94.33%

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Kingboard Laminates Holdings Limited (1888.HK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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