DDM Analysis: 2367.HK

Valuation Snapshot

Stable Growth	$37.27 - $57.65	$46.72
Multi-Stage	$83.29 - $91.79	$87.46
Blended Fair Value	$67.09
Current Price	$52.63
Upside	27.47%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019
DPS	0.00%	0.00%	0.90	0.00	0.37	2.54	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	0.00%	-100.00%	-85.59%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	1.93%	0.00%	1.23%	11.66%	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)	4,029.24
(-) Cash Dividends Paid (M)	908.44
(=) Cash Retained (M)	3,120.81

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	805.85	503.66	302.19
Cash Retained (M)	3,120.81	3,120.81	3,120.81
(-) Cash Required (M)	-805.85	-503.66	-302.19
(=) Excess Retained (M)	2,314.96	2,617.15	2,818.61
(/) Shares Outstanding (M)	1,005.89	1,005.89	1,005.89
(=) Excess Retained per Share	2.30	2.60	2.80
LTM Dividend per Share	0.90	0.90	0.90
(+) Excess Retained per Share	2.30	2.60	2.80
(=) Adjusted Dividend	3.20	3.50	3.71
WACC / Discount Rate	6.43%	6.43%	6.43%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$37.27	$46.72	$57.65
Upside / Downside	-29.19%	-11.23%	9.54%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	4,029.24	3,988.95	3,949.06	3,909.57	3,870.47	3,831.77	3,946.72
Payout Ratio	22.55%	36.04%	49.53%	63.02%	76.51%	90.00%	92.50%
Projected Dividends (M)	908.44	1,437.49	1,955.88	2,463.75	2,961.27	3,448.59	3,650.72

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.43%	6.43%	6.43%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	1,337.04	1,350.68	1,364.33
Year 2 PV (M)	1,692.07	1,726.78	1,761.84
Year 3 PV (M)	1,982.50	2,043.81	2,106.37
Year 4 PV (M)	2,216.32	2,308.18	2,402.86
Year 5 PV (M)	2,400.69	2,525.69	2,655.86
PV of Terminal Value (M)	74,155.74	78,017.20	82,037.87
Equity Value (M)	83,784.36	87,972.35	92,329.13
Shares Outstanding (M)	1,005.89	1,005.89	1,005.89
Fair Value	$83.29	$87.46	$91.79
Upside / Downside	58.26%	66.17%	74.40%

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PVH	PVH Corp.	0.25%	$0.17	2.41%
AEL	American Equity Investment Life Holding Company	0.24%	$0.14	2.19%
CRS	Carpenter Technology Corporation	0.24%	$0.80	9.74%
L	Loews Corporation	0.24%	$0.25	3.58%
PRIM	Primoris Services Corporation	0.23%	$0.30	5.83%
TER	Teradyne, Inc.	0.23%	$0.48	17.39%
FOCS	Focus Financial Partners Inc.	0.22%	$0.12	19.23%
QCRH	QCR Holdings, Inc.	0.22%	$0.18	2.50%
RMAX	RE/MAX Holdings, Inc.	0.22%	$0.02	2.70%
VSEC	VSE Corporation	0.22%	$0.40	30.98%
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PRVAX	Virginia Tax Free Bond Fund	0.21%	$0.02	89.04%
ACA	Arcosa, Inc.	0.19%	$0.20	6.66%
HWM	Howmet Aerospace Inc.	0.19%	$0.40	11.24%
USLM	United States Lime & Minerals, Inc.	0.19%	$0.23	5.04%
AEIS	Advanced Energy Industries, Inc.	0.18%	$0.40	10.65%
BELFA	Bel Fuse Inc.	0.18%	$0.28	5.31%
TILE	Interface, Inc.	0.18%	$0.05	2.63%
0K05.L	Medifast, Inc.	0.17%	$0.02	78.63%
AYI	Acuity Brands, Inc.	0.17%	$0.65	5.19%
BDC	Belden Inc.	0.17%	$0.20	3.53%
FIX	Comfort Systems USA, Inc.	0.17%	$1.70	7.18%
KNSL	Kinsale Capital Group, Inc.	0.17%	$0.66	3.24%
STCN	Steel Connect, Inc.	0.17%	$0.02	1.98%
VVI	Viad Corp	0.17%	$0.07	0.54%
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%
ESE	ESCO Technologies Inc.	0.16%	$0.32	2.76%
CW	Curtiss-Wright Corporation	0.15%	$0.87	7.08%
MU	Micron Technology, Inc.	0.15%	$0.46	6.11%
SPCMU	Sound Point Acquisition Corp I, Ltd	0.15%	$0.02	1.33%
ENSG	The Ensign Group, Inc.	0.14%	$0.24	4.34%
JBL	Jabil Inc.	0.14%	$0.33	5.48%
PFIE	Profire Energy, Inc.	0.14%	$0.00	1.99%
0R0A.L	Hecla Mining Company	0.13%	$0.02	5.24%
GNW	Genworth Financial, Inc.	0.13%	$0.01	2.27%
ONIT	Onity Group Inc.	0.13%	$0.06	1.46%
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PRTAX	T. Rowe Price Tax-Free Income Fd	0.12%	$0.01	89.04%
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GRBK	Green Brick Partners, Inc.	0.10%	$0.07	0.85%
IR	Ingersoll Rand Inc.	0.10%	$0.08	5.89%
RAL	Ralliant Corp.	0.10%	$0.05	2.75%
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Giant Biogene Holding Co., Ltd. (2367.HK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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