DDM Analysis: 1928.HK

Valuation Snapshot

Stable Growth	$1.27 - $1.74	$1.51
Multi-Stage	$2.14 - $2.36	$2.25
Blended Fair Value	$1.88
Current Price	$2.08
Upside	-9.73%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	0.00%	0.00%	0.00	0.00	0.00	0.00	0.13	0.25	0.25	0.26	0.26	0.26
YoY Growth	-	-	0.00%	0.00%	0.00%	-100.00%	-49.78%	-0.05%	-0.73%	-0.14%	-0.05%	-20.37%
Dividend Yield	-	-	0.00%	0.00%	0.00%	0.00%	2.89%	4.75%	5.79%	5.06%	5.89%	7.48%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,975.00
(-) Cash Dividends Paid (M)	260.00
(=) Cash Retained (M)	1,715.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	395.00	246.88	148.13
Cash Retained (M)	1,715.00	1,715.00	1,715.00
(-) Cash Required (M)	-395.00	-246.88	-148.13
(=) Excess Retained (M)	1,320.00	1,468.13	1,566.88
(/) Shares Outstanding (M)	8,093.38	8,093.38	8,093.38
(=) Excess Retained per Share	0.16	0.18	0.19
LTM Dividend per Share	0.03	0.03	0.03
(+) Excess Retained per Share	0.16	0.18	0.19
(=) Adjusted Dividend	0.20	0.21	0.23
WACC / Discount Rate	9.71%	9.71%	9.71%
Growth Rate	-4.90%	-3.90%	-2.90%
Fair Value	$1.27	$1.51	$1.74
Upside / Downside	-38.91%	-27.52%	-16.45%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,975.00	1,897.92	1,823.85	1,752.67	1,684.27	1,618.54	1,667.09
Payout Ratio	13.16%	28.53%	43.90%	59.27%	74.63%	90.00%	92.50%
Projected Dividends (M)	260.00	541.51	800.65	1,038.73	1,257.02	1,456.68	1,542.06

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.71%	9.71%	9.71%
Growth Rate	-4.90%	-3.90%	-2.90%
Year 1 PV (M)	488.45	493.59	498.72
Year 2 PV (M)	651.44	665.21	679.13
Year 3 PV (M)	762.35	786.65	811.46
Year 4 PV (M)	832.16	867.72	904.40
Year 5 PV (M)	869.85	916.56	965.25
PV of Terminal Value (M)	13,725.93	14,462.95	15,231.29
Equity Value (M)	17,330.18	18,192.67	19,090.26
Shares Outstanding (M)	8,093.38	8,093.38	8,093.38
Fair Value	$2.14	$2.25	$2.36
Upside / Downside	2.95%	8.07%	13.40%

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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%
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TCBS	Texas Community Bancshares, Inc.	0.94%	$0.17	19.22%
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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%
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BBSI	Barrett Business Services, Inc.	0.86%	$0.31	15.02%
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HXL	Hexcel Corporation	0.86%	$0.66	77.18%

Financial Statements

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Sector

Sands China Ltd. (1928.HK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener