DDM Analysis: 688267.SS

Valuation Snapshot

Stable Growth	$131.39 - $203.21	$190.44
Multi-Stage	$33.30 - $36.47	$34.85
Blended Fair Value	$112.65
Current Price	$28.78
Upside	291.41%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2016	2015	2014
DPS	39.09%	48.76%	0.20	0.26	0.27	0.22	0.06	0.04	0.01	0.00	0.00	0.01
YoY Growth	-	-	-23.73%	-3.89%	27.15%	235.00%	66.70%	449.85%	0.00%	0.00%	-100.00%	47.56%
Dividend Yield	-	-	0.76%	1.26%	0.86%	0.58%	0.15%	0.00%	0.00%	0.00%	0.00%	0.01%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	175.92
(-) Cash Dividends Paid (M)	61.35
(=) Cash Retained (M)	114.58

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	35.18	21.99	13.19
Cash Retained (M)	114.58	114.58	114.58
(-) Cash Required (M)	-35.18	-21.99	-13.19
(=) Excess Retained (M)	79.39	92.59	101.38
(/) Shares Outstanding (M)	172.17	172.17	172.17
(=) Excess Retained per Share	0.46	0.54	0.59
LTM Dividend per Share	0.36	0.36	0.36
(+) Excess Retained per Share	0.46	0.54	0.59
(=) Adjusted Dividend	0.82	0.89	0.95
WACC / Discount Rate	6.16%	6.16%	6.16%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$131.39	$190.44	$203.21
Upside / Downside	356.53%	561.71%	606.09%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	175.92	187.36	199.54	212.51	226.32	241.03	248.26
Payout Ratio	34.87%	45.90%	56.92%	67.95%	78.97%	90.00%	92.50%
Projected Dividends (M)	61.35	85.99	113.58	144.39	178.73	216.93	229.64

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.16%	6.16%	6.16%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	80.24	81.00	81.76
Year 2 PV (M)	98.91	100.79	102.69
Year 3 PV (M)	117.33	120.70	124.13
Year 4 PV (M)	135.53	140.74	146.10
Year 5 PV (M)	153.50	160.91	168.61
PV of Terminal Value (M)	5,148.10	5,396.76	5,654.93
Equity Value (M)	5,733.61	6,000.91	6,278.23
Shares Outstanding (M)	172.17	172.17	172.17
Fair Value	$33.30	$34.85	$36.47
Upside / Downside	15.71%	21.11%	26.70%

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China Catalyst Holding Co., Ltd. (688267.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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