DDM Analysis: 1651.HK

Valuation Snapshot

Stable Growth	$328.80 - $662.93	$621.26
Multi-Stage	$102.62 - $112.31	$107.38
Blended Fair Value	$364.32
Current Price	$22.05
Upside	1,552.25%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	23.59%	0.00%	0.78	0.74	0.72	0.54	0.26	0.27	0.32	0.04	0.07	0.05
YoY Growth	-	-	5.25%	3.13%	32.89%	104.54%	-2.27%	-14.85%	783.37%	-48.96%	52.20%	0.00%
Dividend Yield	-	-	3.53%	8.89%	10.31%	7.41%	3.39%	4.88%	4.05%	0.38%	1.24%	0.86%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,262.39
(-) Cash Dividends Paid (M)	575.01
(=) Cash Retained (M)	687.38

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	252.48	157.80	94.68
Cash Retained (M)	687.38	687.38	687.38
(-) Cash Required (M)	-252.48	-157.80	-94.68
(=) Excess Retained (M)	434.90	529.58	592.70
(/) Shares Outstanding (M)	378.71	378.71	378.71
(=) Excess Retained per Share	1.15	1.40	1.57
LTM Dividend per Share	1.52	1.52	1.52
(+) Excess Retained per Share	1.15	1.40	1.57
(=) Adjusted Dividend	2.67	2.92	3.08
WACC / Discount Rate	6.36%	6.36%	6.36%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$328.80	$621.26	$662.93
Upside / Downside	1,391.16%	2,717.53%	2,906.50%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,262.39	1,344.44	1,431.83	1,524.90	1,624.02	1,729.58	1,781.47
Payout Ratio	45.55%	54.44%	63.33%	72.22%	81.11%	90.00%	92.50%
Projected Dividends (M)	575.01	731.90	906.77	1,101.28	1,317.24	1,556.62	1,647.86

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.36%	6.36%	6.36%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	681.70	688.17	694.63
Year 2 PV (M)	786.65	801.63	816.76
Year 3 PV (M)	889.86	915.41	941.44
Year 4 PV (M)	991.36	1,029.49	1,068.70
Year 5 PV (M)	1,091.18	1,143.88	1,198.60
PV of Terminal Value (M)	34,423.40	36,086.06	37,812.36
Equity Value (M)	38,864.15	40,664.64	42,532.48
Shares Outstanding (M)	378.71	378.71	378.71
Fair Value	$102.62	$107.38	$112.31
Upside / Downside	365.41%	386.97%	409.34%

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Precision Tsugami (China) Corporation Limited (1651.HK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener