DDM Analysis: 3393.HK

Valuation Snapshot

Stable Growth	$107.01 - $291.78	$273.44
Multi-Stage	$40.51 - $44.36	$42.40
Blended Fair Value	$157.92
Current Price	$7.61
Upside	1,975.17%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	2.78%	4.88%	0.26	0.21	0.17	0.17	0.18	0.22	0.20	0.21	0.21	0.19
YoY Growth	-	-	23.27%	22.39%	2.22%	-8.50%	-18.73%	9.45%	-0.75%	-1.00%	7.50%	21.43%
Dividend Yield	-	-	3.83%	5.92%	7.40%	5.97%	9.48%	6.59%	6.12%	6.48%	5.58%	2.86%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,452.68
(-) Cash Dividends Paid (M)	256.82
(=) Cash Retained (M)	1,195.86

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	290.54	181.58	108.95
Cash Retained (M)	1,195.86	1,195.86	1,195.86
(-) Cash Required (M)	-290.54	-181.58	-108.95
(=) Excess Retained (M)	905.33	1,014.28	1,086.91
(/) Shares Outstanding (M)	990.13	990.13	990.13
(=) Excess Retained per Share	0.91	1.02	1.10
LTM Dividend per Share	0.26	0.26	0.26
(+) Excess Retained per Share	0.91	1.02	1.10
(=) Adjusted Dividend	1.17	1.28	1.36
WACC / Discount Rate	6.66%	6.66%	6.66%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$107.01	$273.44	$291.78
Upside / Downside	1,306.24%	3,493.19%	3,734.18%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,452.68	1,547.10	1,647.66	1,754.76	1,868.82	1,990.30	2,050.01
Payout Ratio	17.68%	32.14%	46.61%	61.07%	75.54%	90.00%	92.50%
Projected Dividends (M)	256.82	497.29	767.93	1,071.66	1,411.63	1,791.27	1,896.25

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.66%	6.66%	6.66%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	461.87	466.25	470.63
Year 2 PV (M)	662.44	675.06	687.80
Year 3 PV (M)	858.61	883.26	908.37
Year 4 PV (M)	1,050.44	1,090.84	1,132.39
Year 5 PV (M)	1,238.01	1,297.81	1,359.90
PV of Terminal Value (M)	35,836.33	37,567.24	39,364.39
Equity Value (M)	40,107.72	41,980.46	43,923.48
Shares Outstanding (M)	990.13	990.13	990.13
Fair Value	$40.51	$42.40	$44.36
Upside / Downside	432.29%	457.15%	482.93%

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Wasion Holdings Limited (3393.HK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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