DDM Analysis: 2678.HK

Valuation Snapshot

Stable Growth	$13.79 - $21.41	$17.31
Multi-Stage	$30.92 - $34.11	$32.48
Blended Fair Value	$24.90
Current Price	$3.54
Upside	603.34%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-22.94%	-9.71%	0.09	0.00	0.83	0.57	0.14	0.33	0.37	0.43	0.25	0.16
YoY Growth	-	-	0.00%	-100.00%	45.27%	320.84%	-59.19%	-9.73%	-14.09%	74.95%	58.12%	-38.21%
Dividend Yield	-	-	2.42%	0.00%	15.12%	6.85%	2.44%	4.27%	4.72%	4.95%	2.62%	3.18%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,343.87
(-) Cash Dividends Paid (M)	83.47
(=) Cash Retained (M)	1,260.39

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	268.77	167.98	100.79
Cash Retained (M)	1,260.39	1,260.39	1,260.39
(-) Cash Required (M)	-268.77	-167.98	-100.79
(=) Excess Retained (M)	991.62	1,092.41	1,159.60
(/) Shares Outstanding (M)	918.00	918.00	918.00
(=) Excess Retained per Share	1.08	1.19	1.26
LTM Dividend per Share	0.09	0.09	0.09
(+) Excess Retained per Share	1.08	1.19	1.26
(=) Adjusted Dividend	1.17	1.28	1.35
WACC / Discount Rate	6.33%	6.33%	6.33%
Growth Rate	-1.99%	-0.99%	0.01%
Fair Value	$13.79	$17.31	$21.41
Upside / Downside	289.48%	389.09%	504.83%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,343.87	1,330.56	1,317.39	1,304.34	1,291.43	1,278.64	1,317.00
Payout Ratio	6.21%	22.97%	39.73%	56.48%	73.24%	90.00%	92.50%
Projected Dividends (M)	83.47	305.62	523.36	736.75	945.87	1,150.78	1,218.22

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.33%	6.33%	6.33%
Growth Rate	-1.99%	-0.99%	0.01%
Year 1 PV (M)	284.51	287.41	290.31
Year 2 PV (M)	453.55	462.86	472.25
Year 3 PV (M)	594.39	612.77	631.52
Year 4 PV (M)	710.39	739.82	770.17
Year 5 PV (M)	804.58	846.47	890.09
PV of Terminal Value (M)	25,540.27	26,870.07	28,254.70
Equity Value (M)	28,387.68	29,819.40	31,309.05
Shares Outstanding (M)	918.00	918.00	918.00
Fair Value	$30.92	$32.48	$34.11
Upside / Downside	773.54%	817.60%	863.44%

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Sector

Texhong Textile Group Limited (2678.HK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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