DDM Analysis: 1357.HK

Valuation Snapshot

Stable Growth	$13.75 - $59.45	$33.37
Multi-Stage	$7.04 - $7.70	$7.37
Blended Fair Value	$20.37
Current Price	$8.24
Upside	147.16%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	0.00%	22.14%	0.03	0.02	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	81.59%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-100.00%
Dividend Yield	-	-	1.17%	0.54%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,352.86
(-) Cash Dividends Paid (M)	603.17
(=) Cash Retained (M)	749.69

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	270.57	169.11	101.46
Cash Retained (M)	749.69	749.69	749.69
(-) Cash Required (M)	-270.57	-169.11	-101.46
(=) Excess Retained (M)	479.12	580.58	648.22
(/) Shares Outstanding (M)	4,525.57	4,525.57	4,525.57
(=) Excess Retained per Share	0.11	0.13	0.14
LTM Dividend per Share	0.13	0.13	0.13
(+) Excess Retained per Share	0.11	0.13	0.14
(=) Adjusted Dividend	0.24	0.26	0.28
WACC / Discount Rate	7.33%	7.33%	7.33%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$13.75	$33.37	$59.45
Upside / Downside	66.87%	304.93%	621.49%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,352.86	1,440.80	1,534.45	1,634.19	1,740.41	1,853.54	1,909.14
Payout Ratio	44.58%	53.67%	62.75%	71.83%	80.92%	90.00%	92.50%
Projected Dividends (M)	603.17	773.25	962.88	1,173.90	1,408.29	1,668.18	1,765.96

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.33%	7.33%	7.33%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	713.64	720.41	727.17
Year 2 PV (M)	820.16	835.78	851.55
Year 3 PV (M)	922.82	949.31	976.31
Year 4 PV (M)	1,021.74	1,061.03	1,101.45
Year 5 PV (M)	1,117.00	1,170.95	1,226.97
PV of Terminal Value (M)	27,278.02	28,595.56	29,963.52
Equity Value (M)	31,873.38	33,333.04	34,846.97
Shares Outstanding (M)	4,525.57	4,525.57	4,525.57
Fair Value	$7.04	$7.37	$7.70
Upside / Downside	-14.53%	-10.61%	-6.55%

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BDC	Belden Inc.	0.17%	$0.20	3.53%
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STCN	Steel Connect, Inc.	0.17%	$0.02	1.98%
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ALNT	Allient Inc.	0.16%	$0.09	7.91%
CLSK	CleanSpark, Inc.	0.16%	$0.02	1.41%
EME	EMCOR Group, Inc.	0.16%	$1.01	4.01%
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Meitu, Inc. (1357.HK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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