DDM Analysis: 0285.HK

Valuation Snapshot

Stable Growth	$222.84 - $617.23	$578.43
Multi-Stage	$85.54 - $93.66	$89.52
Blended Fair Value	$333.98
Current Price	$29.01
Upside	1,051.25%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	22.50%	34.01%	0.54	0.17	0.10	0.24	0.07	0.20	0.23	0.07	0.07	0.00
YoY Growth	-	-	226.06%	60.19%	-57.26%	239.44%	-63.59%	-15.22%	233.33%	2.98%	0.00%	-100.00%
Dividend Yield	-	-	1.36%	0.51%	0.46%	1.04%	0.21%	1.46%	2.66%	0.44%	1.23%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	6,993.03
(-) Cash Dividends Paid (M)	1,584.00
(=) Cash Retained (M)	5,409.03

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,398.61	874.13	524.48
Cash Retained (M)	5,409.03	5,409.03	5,409.03
(-) Cash Required (M)	-1,398.61	-874.13	-524.48
(=) Excess Retained (M)	4,010.42	4,534.90	4,884.55
(/) Shares Outstanding (M)	2,253.21	2,253.21	2,253.21
(=) Excess Retained per Share	1.78	2.01	2.17
LTM Dividend per Share	0.70	0.70	0.70
(+) Excess Retained per Share	1.78	2.01	2.17
(=) Adjusted Dividend	2.48	2.72	2.87
WACC / Discount Rate	6.68%	6.68%	6.68%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$222.84	$578.43	$617.23
Upside / Downside	668.15%	1,893.91%	2,027.64%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	6,993.03	7,447.58	7,931.67	8,447.23	8,996.30	9,581.06	9,868.49
Payout Ratio	22.65%	36.12%	49.59%	63.06%	76.53%	90.00%	92.50%
Projected Dividends (M)	1,584.00	2,690.13	3,933.37	5,326.86	6,884.89	8,622.95	9,128.35

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.68%	6.68%	6.68%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	2,498.11	2,521.79	2,545.47
Year 2 PV (M)	3,391.89	3,456.49	3,521.71
Year 3 PV (M)	4,265.66	4,388.11	4,512.88
Year 4 PV (M)	5,119.76	5,316.66	5,519.17
Year 5 PV (M)	5,954.53	6,242.13	6,540.75
PV of Terminal Value (M)	171,502.24	179,785.86	188,386.51
Equity Value (M)	192,732.19	201,711.04	211,026.50
Shares Outstanding (M)	2,253.21	2,253.21	2,253.21
Fair Value	$85.54	$89.52	$93.66
Upside / Downside	194.85%	208.59%	222.84%

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BYD Electronic (International) Company Limited (0285.HK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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