DDM Analysis: 0148.HK

Valuation Snapshot

Stable Growth	$47.00 - $75.88	$60.00
Multi-Stage	$100.13 - $110.15	$105.05
Blended Fair Value	$82.52
Current Price	$25.10
Upside	228.78%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	0.37%	10.18%	0.98	1.05	3.00	2.28	1.10	0.96	2.04	1.51	0.56	0.46
YoY Growth	-	-	-7.09%	-65.01%	31.78%	107.85%	14.42%	-52.99%	34.54%	172.73%	20.00%	25.00%
Dividend Yield	-	-	5.22%	5.80%	12.08%	6.00%	3.35%	3.88%	9.75%	3.56%	2.36%	3.74%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	4,885.34
(-) Cash Dividends Paid (M)	2,245.23
(=) Cash Retained (M)	2,640.11

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	977.07	610.67	366.40
Cash Retained (M)	2,640.11	2,640.11	2,640.11
(-) Cash Required (M)	-977.07	-610.67	-366.40
(=) Excess Retained (M)	1,663.04	2,029.44	2,273.71
(/) Shares Outstanding (M)	1,108.31	1,108.31	1,108.31
(=) Excess Retained per Share	1.50	1.83	2.05
LTM Dividend per Share	2.03	2.03	2.03
(+) Excess Retained per Share	1.50	1.83	2.05
(=) Adjusted Dividend	3.53	3.86	4.08
WACC / Discount Rate	6.34%	6.34%	6.34%
Growth Rate	-1.08%	-0.08%	0.92%
Fair Value	$47.00	$60.00	$75.88
Upside / Downside	87.23%	139.06%	202.32%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	4,885.34	4,881.52	4,877.70	4,873.89	4,870.08	4,866.27	5,012.26
Payout Ratio	45.96%	54.77%	63.58%	72.38%	81.19%	90.00%	92.50%
Projected Dividends (M)	2,245.23	2,673.45	3,101.00	3,527.89	3,954.10	4,379.64	4,636.34

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.34%	6.34%	6.34%
Growth Rate	-1.08%	-0.08%	0.92%
Year 1 PV (M)	2,488.79	2,513.95	2,539.11
Year 2 PV (M)	2,687.42	2,742.03	2,797.19
Year 3 PV (M)	2,846.19	2,933.39	3,022.34
Year 4 PV (M)	2,969.71	3,091.63	3,217.26
Year 5 PV (M)	3,062.12	3,220.06	3,384.44
PV of Terminal Value (M)	96,923.08	101,922.11	107,125.31
Equity Value (M)	110,977.32	116,423.16	122,085.65
Shares Outstanding (M)	1,108.31	1,108.31	1,108.31
Fair Value	$100.13	$105.05	$110.15
Upside / Downside	298.93%	318.51%	338.86%

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Financial Statements

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Sector

Kingboard Holdings Limited (0148.HK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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