DDM Analysis: 2367.HK

Valuation Snapshot

Stable Growth	$37.27 - $57.65	$46.72
Multi-Stage	$83.29 - $91.79	$87.46
Blended Fair Value	$67.09
Current Price	$52.63
Upside	27.47%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019
DPS	0.00%	0.00%	0.90	0.00	0.37	2.54	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	0.00%	-100.00%	-85.59%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	1.93%	0.00%	1.23%	11.66%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	4,029.24
(-) Cash Dividends Paid (M)	908.44
(=) Cash Retained (M)	3,120.81

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	805.85	503.66	302.19
Cash Retained (M)	3,120.81	3,120.81	3,120.81
(-) Cash Required (M)	-805.85	-503.66	-302.19
(=) Excess Retained (M)	2,314.96	2,617.15	2,818.61
(/) Shares Outstanding (M)	1,005.89	1,005.89	1,005.89
(=) Excess Retained per Share	2.30	2.60	2.80
LTM Dividend per Share	0.90	0.90	0.90
(+) Excess Retained per Share	2.30	2.60	2.80
(=) Adjusted Dividend	3.20	3.50	3.71
WACC / Discount Rate	6.43%	6.43%	6.43%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$37.27	$46.72	$57.65
Upside / Downside	-29.19%	-11.23%	9.54%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	4,029.24	3,988.95	3,949.06	3,909.57	3,870.47	3,831.77	3,946.72
Payout Ratio	22.55%	36.04%	49.53%	63.02%	76.51%	90.00%	92.50%
Projected Dividends (M)	908.44	1,437.49	1,955.88	2,463.75	2,961.27	3,448.59	3,650.72

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.43%	6.43%	6.43%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	1,337.04	1,350.68	1,364.33
Year 2 PV (M)	1,692.07	1,726.78	1,761.84
Year 3 PV (M)	1,982.50	2,043.81	2,106.37
Year 4 PV (M)	2,216.32	2,308.18	2,402.86
Year 5 PV (M)	2,400.69	2,525.70	2,655.86
PV of Terminal Value (M)	74,156.74	78,018.26	82,038.98
Equity Value (M)	83,785.37	87,973.41	92,330.25
Shares Outstanding (M)	1,005.89	1,005.89	1,005.89
Fair Value	$83.29	$87.46	$91.79
Upside / Downside	58.26%	66.18%	74.41%

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3600.HK	Modern Dental Group Limited	6.03%	$0.32	34.31%
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298540.KQ	The Nature Holdings Co., Ltd.	6.02%	$521.44	76.58%
6263.TWO	Planet Technology Corporation	6.02%	$7.86	95.87%
NZX.NZ	NZX Limited	6.02%	$0.09	77.46%
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ALLAN.PA	Lanson-BCC	6.01%	$1.96	26.09%
QAMC.QA	Qatar Aluminium Manufacturing Company Q.P.S.C.	6.00%	$0.10	74.36%
0237.HK	Safety Godown Company, Limited	5.99%	$0.12	71.07%
8986.T	Daiwa Securities Living Investment Corporation	5.99%	$6,829.90	63.32%
ASX.AX	ASX Limited	5.99%	$3.08	67.16%
MKP.TO	MCAN Mortgage Corporation	5.99%	$1.35	74.01%
0QMU.L	Compagnie Financière Richemont S.A.	5.98%	$6.91	67.79%
8924.TWO	O-TA Precision Industry Co., Ltd.	5.98%	$4.29	80.38%
FMTY14.MX	Fibra Mty, S.A.P.I. de C.V.	5.98%	$0.93	46.45%
HUMAN.BK	Humanica Public Company Limited	5.98%	$0.30	74.76%
603368.SS	Guangxi LiuYao Group Co., Ltd	5.97%	$1.06	53.83%
6069.HK	SY Holdings Group Limited	5.97%	$0.67	97.72%
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PXT.TO	Parex Resources Inc.	5.97%	$1.12	86.22%
SB	Safe Bulkers, Inc.	5.97%	$0.29	64.01%
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8442.TW	WW Holding Inc.	5.96%	$4.19	72.79%
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WLE.AX	WAM Leaders Limited	5.96%	$0.08	8.04%
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Giant Biogene Holding Co., Ltd. (2367.HK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener