DDM Analysis: 1508.HK

Valuation Snapshot

Stable Growth	$4.72 - $7.41	$5.96
Multi-Stage	$8.80 - $9.69	$9.24
Blended Fair Value	$7.60
Current Price	$1.11
Upside	584.62%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	6.28%	15.11%	0.04	0.01	0.04	0.04	0.04	0.03	0.05	0.05	0.13	0.02
YoY Growth	-	-	200.00%	-68.89%	9.76%	-6.43%	41.49%	-35.76%	0.65%	-61.98%	634.83%	66.67%
Dividend Yield	-	-	5.14%	3.43%	10.30%	6.71%	6.51%	2.72%	3.44%	3.26%	7.63%	0.87%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	20,441.51
(-) Cash Dividends Paid (M)	2,378.87
(=) Cash Retained (M)	18,062.64

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	4,088.30	2,555.19	1,533.11
Cash Retained (M)	18,062.64	18,062.64	18,062.64
(-) Cash Required (M)	-4,088.30	-2,555.19	-1,533.11
(=) Excess Retained (M)	13,974.34	15,507.45	16,529.53
(/) Shares Outstanding (M)	42,479.81	42,479.81	42,479.81
(=) Excess Retained per Share	0.33	0.37	0.39
LTM Dividend per Share	0.06	0.06	0.06
(+) Excess Retained per Share	0.33	0.37	0.39
(=) Adjusted Dividend	0.38	0.42	0.45
WACC / Discount Rate	7.01%	7.01%	7.01%
Growth Rate	-1.05%	-0.05%	0.95%
Fair Value	$4.72	$5.96	$7.41
Upside / Downside	325.61%	436.79%	567.68%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	20,441.51	20,430.66	20,419.80	20,408.96	20,398.12	20,387.29	20,998.91
Payout Ratio	11.64%	27.31%	42.98%	58.65%	74.33%	90.00%	92.50%
Projected Dividends (M)	2,378.87	5,579.60	8,776.94	11,970.87	15,161.41	18,348.56	19,423.99

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.01%	7.01%	7.01%
Growth Rate	-1.05%	-0.05%	0.95%
Year 1 PV (M)	5,161.94	5,214.11	5,266.28
Year 2 PV (M)	7,512.11	7,664.72	7,818.87
Year 3 PV (M)	9,478.83	9,769.13	10,065.31
Year 4 PV (M)	11,106.53	11,562.37	12,032.10
Year 5 PV (M)	12,435.13	13,076.33	13,743.72
PV of Terminal Value (M)	328,301.46	345,229.97	362,849.72
Equity Value (M)	373,995.99	392,516.64	411,775.98
Shares Outstanding (M)	42,479.81	42,479.81	42,479.81
Fair Value	$8.80	$9.24	$9.69
Upside / Downside	693.16%	732.44%	773.28%

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WLFC	Willis Lease Finance Corporation	0.99%	$1.32	7.58%
WOR	Worthington Industries, Inc.	0.99%	$0.52	23.95%
CNXN	PC Connection, Inc.	0.98%	$0.56	16.89%
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RRX	Regal Rexnord Corporation	0.95%	$1.39	36.07%
WT	WisdomTree, Inc.	0.95%	$0.12	18.12%
J	Jacobs Solutions Inc.	0.94%	$1.27	53.80%
ORCL	Oracle Corporation	0.94%	$1.84	34.81%
TCBS	Texas Community Bancshares, Inc.	0.94%	$0.17	19.22%
IMKTA	Ingles Markets, Incorporated	0.93%	$0.65	14.68%
ODC	Oil-Dri Corporation of America	0.93%	$0.45	12.28%
PENG	Penguin Solutions, Inc.	0.93%	$0.19	40.17%
SSBK	Southern States Bancshares, Inc.	0.93%	$0.34	9.19%
DAL	Delta Air Lines, Inc.	0.92%	$0.63	8.94%
HIFS	Hingham Institution for Savings	0.92%	$2.49	12.15%
RL	Ralph Lauren Corporation	0.92%	$3.34	24.37%
OPY	Oppenheimer Holdings Inc.	0.91%	$0.66	8.90%
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VBFC	Village Bank and Trust Financial Corp.	0.89%	$0.72	15.35%
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LMAT	LeMaitre Vascular, Inc.	0.88%	$0.70	32.20%
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BBSI	Barrett Business Services, Inc.	0.86%	$0.31	15.02%
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China Reinsurance (Group) Corporation (1508.HK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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