DDM Analysis: 3899.HK

Valuation Snapshot

Stable Growth	$49.48 - $205.48	$126.31
Multi-Stage	$24.40 - $26.70	$25.53
Blended Fair Value	$75.92
Current Price	$5.97
Upside	1,171.69%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	18.02%	12.06%	0.26	0.20	0.17	0.11	0.17	0.12	0.06	0.00	0.08	0.14
YoY Growth	-	-	30.17%	18.84%	54.42%	-35.26%	48.06%	87.18%	0.00%	-100.00%	-45.25%	64.86%
Dividend Yield	-	-	3.99%	3.24%	2.45%	1.20%	4.38%	2.78%	1.17%	0.00%	2.34%	3.66%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	2,202.30
(-) Cash Dividends Paid (M)	563.50
(=) Cash Retained (M)	1,638.80

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	440.46	275.29	165.17
Cash Retained (M)	1,638.80	1,638.80	1,638.80
(-) Cash Required (M)	-440.46	-275.29	-165.17
(=) Excess Retained (M)	1,198.34	1,363.51	1,473.63
(/) Shares Outstanding (M)	2,131.52	2,131.52	2,131.52
(=) Excess Retained per Share	0.56	0.64	0.69
LTM Dividend per Share	0.26	0.26	0.26
(+) Excess Retained per Share	0.56	0.64	0.69
(=) Adjusted Dividend	0.83	0.90	0.96
WACC / Discount Rate	7.26%	7.26%	7.26%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$49.48	$126.31	$205.48
Upside / Downside	728.88%	2,015.81%	3,341.87%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	2,202.30	2,345.45	2,497.91	2,660.27	2,833.19	3,017.34	3,107.86
Payout Ratio	25.59%	38.47%	51.35%	64.23%	77.12%	90.00%	92.50%
Projected Dividends (M)	563.50	902.29	1,282.73	1,708.82	2,184.88	2,715.61	2,874.78

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.26%	7.26%	7.26%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	833.30	841.20	849.10
Year 2 PV (M)	1,094.08	1,114.91	1,135.95
Year 3 PV (M)	1,346.06	1,384.70	1,424.07
Year 4 PV (M)	1,589.47	1,650.59	1,713.47
Year 5 PV (M)	1,824.51	1,912.64	2,004.14
PV of Terminal Value (M)	45,315.35	47,504.10	49,776.61
Equity Value (M)	52,002.76	54,408.14	56,903.33
Shares Outstanding (M)	2,131.52	2,131.52	2,131.52
Fair Value	$24.40	$25.53	$26.70
Upside / Downside	308.66%	327.56%	347.17%

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CIMC Enric Holdings Limited (3899.HK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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