DDM Analysis: 6049.HK

Valuation Snapshot

Stable Growth	$494.38 - $1,078.13	$1,010.37
Multi-Stage	$161.48 - $176.82	$169.01
Blended Fair Value	$589.69
Current Price	$30.24
Upside	1,850.03%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	28.11%	0.00%	1.00	0.51	0.31	0.43	0.30	0.29	0.38	0.00	0.10	0.02
YoY Growth	-	-	98.41%	64.92%	-29.07%	43.33%	3.75%	-23.81%	0.00%	-100.00%	320.62%	0.00%
Dividend Yield	-	-	3.52%	1.94%	0.75%	0.87%	0.59%	0.70%	0.96%	0.00%	0.24%	0.06%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	2,981.08
(-) Cash Dividends Paid (M)	830.55
(=) Cash Retained (M)	2,150.52

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	596.22	372.63	223.58
Cash Retained (M)	2,150.52	2,150.52	2,150.52
(-) Cash Required (M)	-596.22	-372.63	-223.58
(=) Excess Retained (M)	1,554.31	1,777.89	1,926.94
(/) Shares Outstanding (M)	549.90	549.90	549.90
(=) Excess Retained per Share	2.83	3.23	3.50
LTM Dividend per Share	1.51	1.51	1.51
(+) Excess Retained per Share	2.83	3.23	3.50
(=) Adjusted Dividend	4.34	4.74	5.01
WACC / Discount Rate	6.43%	6.43%	6.43%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$494.38	$1,010.37	$1,078.13
Upside / Downside	1,534.87%	3,241.16%	3,465.25%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	2,981.08	3,174.85	3,381.21	3,600.99	3,835.06	4,084.33	4,206.86
Payout Ratio	27.86%	40.29%	52.72%	65.14%	77.57%	90.00%	92.50%
Projected Dividends (M)	830.55	1,279.10	1,782.46	2,345.84	2,974.94	3,675.90	3,891.35

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.43%	6.43%	6.43%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	1,190.59	1,201.88	1,213.16
Year 2 PV (M)	1,544.31	1,573.72	1,603.41
Year 3 PV (M)	1,891.78	1,946.09	2,001.42
Year 4 PV (M)	2,233.09	2,318.97	2,407.30
Year 5 PV (M)	2,568.32	2,692.37	2,821.17
PV of Terminal Value (M)	79,371.42	83,205.09	87,185.48
Equity Value (M)	88,799.52	92,938.12	97,231.96
Shares Outstanding (M)	549.90	549.90	549.90
Fair Value	$161.48	$169.01	$176.82
Upside / Downside	434.01%	458.90%	484.72%

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HIBB	Hibbett, Inc.	0.84%	$0.74	9.00%
MAR	Marriott International, Inc.	0.84%	$2.62	27.38%
MORN	Morningstar, Inc.	0.84%	$1.77	20.03%
SGH	SMART Global Holdings, Inc.	0.84%	$0.14	30.96%
URI	United Rentals, Inc.	0.84%	$7.13	18.10%
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BMI	Badger Meter, Inc.	0.80%	$1.41	30.10%
FRD	Friedman Industries, Incorporated	0.80%	$0.16	9.82%
ITT	ITT Inc.	0.80%	$1.40	22.66%
MLI	Mueller Industries, Inc.	0.80%	$0.94	13.89%
SSSSL	SuRo Capital Corp. 6.00% Notes due 2026	0.80%	$0.20	8.46%
RGLD	Royal Gold, Inc.	0.79%	$1.75	24.00%
VRSK	Verisk Analytics, Inc.	0.79%	$1.74	26.41%
COF	Capital One Financial Corporation	0.78%	$1.94	87.57%
EE	Excelerate Energy, Inc.	0.78%	$0.22	9.21%
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HCI	HCI Group, Inc.	0.77%	$1.42	9.00%
PH	Parker-Hannifin Corporation	0.77%	$6.85	24.15%
SEI	Solaris Energy Infrastructure, Inc.	0.77%	$0.39	44.96%
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PHM	PulteGroup, Inc.	0.74%	$0.89	6.67%
ROP	Roper Technologies, Inc.	0.74%	$3.20	22.09%
ZWS	Zurn Elkay Water Solutions Corporation	0.74%	$0.35	30.63%
JOE	The St. Joe Company	0.73%	$0.43	24.05%
TOL	Toll Brothers, Inc.	0.73%	$0.99	7.16%
TTEK	Tetra Tech, Inc.	0.73%	$0.25	26.25%
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Poly Property Services Co., Ltd. (6049.HK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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