DDM Analysis: 0133.HK

Valuation Snapshot

Stable Growth	$10.19 - $14.88	$12.45
Multi-Stage	$13.85 - $15.20	$14.51
Blended Fair Value	$13.48
Current Price	$1.88
Upside	617.22%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	11.38%	7.18%	0.12	0.07	0.14	0.08	0.07	0.07	0.11	0.06	0.06	0.06
YoY Growth	-	-	71.43%	-50.00%	75.00%	14.29%	0.00%	-36.36%	83.33%	0.00%	0.00%	0.00%
Dividend Yield	-	-	6.63%	7.14%	13.33%	6.67%	5.83%	5.34%	9.09%	3.61%	4.03%	3.61%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	202.85
(-) Cash Dividends Paid (M)	28.94
(=) Cash Retained (M)	173.90

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	40.57	25.36	15.21
Cash Retained (M)	173.90	173.90	173.90
(-) Cash Required (M)	-40.57	-25.36	-15.21
(=) Excess Retained (M)	133.33	148.55	158.69
(/) Shares Outstanding (M)	152.33	152.33	152.33
(=) Excess Retained per Share	0.88	0.98	1.04
LTM Dividend per Share	0.19	0.19	0.19
(+) Excess Retained per Share	0.88	0.98	1.04
(=) Adjusted Dividend	1.07	1.17	1.23
WACC / Discount Rate	10.00%	10.00%	10.00%
Growth Rate	-0.41%	0.59%	1.59%
Fair Value	$10.19	$12.45	$14.88
Upside / Downside	442.01%	562.40%	691.29%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	202.85	204.04	205.24	206.45	207.67	208.89	215.15
Payout Ratio	14.27%	29.41%	44.56%	59.71%	74.85%	90.00%	92.50%
Projected Dividends (M)	28.94	60.02	91.46	123.27	155.45	188.00	199.02

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	10.00%	10.00%	10.00%
Growth Rate	-0.41%	0.59%	1.59%
Year 1 PV (M)	54.02	54.56	55.10
Year 2 PV (M)	74.09	75.59	77.10
Year 3 PV (M)	89.88	92.61	95.40
Year 4 PV (M)	102.01	106.17	110.46
Year 5 PV (M)	111.04	116.73	122.65
PV of Terminal Value (M)	1,679.33	1,765.35	1,854.87
Equity Value (M)	2,110.37	2,211.02	2,315.58
Shares Outstanding (M)	152.33	152.33	152.33
Fair Value	$13.85	$14.51	$15.20
Upside / Downside	636.90%	672.04%	708.55%

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MSAB-B.ST	Micro Systemation AB (publ)	2.43%	$1.50	65.33%
NEOE3.SA	Neoenergia S.A.	2.43%	$0.77	21.26%
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071050.KS	Korea Investment Holdings Co., Ltd.	2.42%	$3,984.93	13.09%
0DQK.L	Beter Bed Holding N.V.	2.42%	$0.15	53.98%
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300453.SZ	Jiangxi Sanxin Medtec Co.,Ltd.	2.42%	$0.21	45.08%
600064.SS	Nanjing Gaoke Company Limited	2.42%	$0.21	15.60%
601236.SS	Hongta Securities Co., Ltd.	2.42%	$0.20	95.69%
9550.SR	Sure Global Tech Company	2.42%	$1.52	28.67%
9562.SR	Foods Gate Trading Co.	2.42%	$0.67	13.40%
AEONTS-R.BK	AEON Thana Sinsap (Thailand) Public Company Limited	2.42%	$2.60	21.04%
NMAN.ST	Nederman Holding AB (publ)	2.42%	$4.00	47.45%
SALIK.AE	Salik Company P.J.S.C.	2.42%	$0.16	83.74%
SKMO.ST	Skåne-möllan AB (publ)	2.42%	$1.40	96.86%
001130.KS	Daehan Flour Mills Co.,Ltd	2.41%	$3,470.92	10.83%
080160.KQ	Modetour Network Inc.	2.41%	$249.37	24.80%
0U96.L	Everest Re Group, Ltd.	2.41%	$8.07	61.23%
3591.T	Wacoal Holdings Corp.	2.41%	$106.27	49.77%
601966.SS	Shandong Linglong Tyre Co.,Ltd.	2.41%	$0.35	42.43%
7951.T	Yamaha Corporation	2.41%	$26.35	66.95%
BORG.ST	Björn Borg AB (publ)	2.41%	$1.50	43.49%
EIOF.OL	Eidesvik Offshore ASA	2.41%	$0.30	28.32%
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7703.TWO	Rayzher	2.40%	$5.49	59.71%
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Financial Statements

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Sector

China Merchants China Direct Investments Limited (0133.HK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener