DDM Analysis: 0002.HK

Valuation Snapshot

Stable Growth	$84.85 - $139.49	$109.16
Multi-Stage	$182.53 - $200.48	$191.33
Blended Fair Value	$150.25
Current Price	$66.10
Upside	127.30%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	0.13%	1.77%	3.10	3.10	3.10	3.10	3.08	3.08	2.97	2.86	2.76	2.65
YoY Growth	-	-	0.00%	0.00%	0.00%	0.64%	0.00%	3.72%	3.83%	3.63%	4.15%	1.92%
Dividend Yield	-	-	4.75%	4.85%	5.44%	3.94%	4.30%	3.76%	3.36%	3.57%	3.87%	4.02%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	19,124.00
(-) Cash Dividends Paid (M)	15,790.00
(=) Cash Retained (M)	3,334.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	3,824.80	2,390.50	1,434.30
Cash Retained (M)	3,334.00	3,334.00	3,334.00
(-) Cash Required (M)	-3,824.80	-2,390.50	-1,434.30
(=) Excess Retained (M)	-490.80	943.50	1,899.70
(/) Shares Outstanding (M)	2,526.45	2,526.45	2,526.45
(=) Excess Retained per Share	-0.19	0.37	0.75
LTM Dividend per Share	6.25	6.25	6.25
(+) Excess Retained per Share	-0.19	0.37	0.75
(=) Adjusted Dividend	6.06	6.62	7.00
WACC / Discount Rate	6.28%	6.28%	6.28%
Growth Rate	-0.80%	0.20%	1.20%
Fair Value	$84.85	$109.16	$139.49
Upside / Downside	28.37%	65.14%	111.03%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	19,124.00	19,162.62	19,201.32	19,240.10	19,278.95	19,317.89	19,897.43
Payout Ratio	82.57%	84.05%	85.54%	87.03%	88.51%	90.00%	92.50%
Projected Dividends (M)	15,790.00	16,106.78	16,424.78	16,744.00	17,064.44	17,386.10	18,405.12

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.28%	6.28%	6.28%
Growth Rate	-0.80%	0.20%	1.20%
Year 1 PV (M)	15,003.55	15,154.80	15,306.04
Year 2 PV (M)	14,251.82	14,540.60	14,832.27
Year 3 PV (M)	13,533.66	13,947.07	14,368.82
Year 4 PV (M)	12,847.93	13,373.87	13,915.79
Year 5 PV (M)	12,193.52	12,820.61	13,473.25
PV of Terminal Value (M)	393,332.81	413,561.39	434,613.82
Equity Value (M)	461,163.29	483,398.34	506,509.99
Shares Outstanding (M)	2,526.45	2,526.45	2,526.45
Fair Value	$182.53	$191.33	$200.48
Upside / Downside	176.15%	189.46%	203.30%

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CLP Holdings Limited (0002.HK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener