DDM Analysis: 0270.HK

Valuation Snapshot

Stable Growth	$12.60 - $21.88	$16.58
Multi-Stage	$24.67 - $27.06	$25.84
Blended Fair Value	$21.21
Current Price	$6.56
Upside	223.32%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-7.91%	4.71%	0.36	0.61	0.61	0.59	0.58	0.55	0.50	0.44	0.34	0.29
YoY Growth	-	-	-40.81%	0.13%	2.99%	2.29%	6.09%	9.60%	12.36%	29.00%	20.19%	25.30%
Dividend Yield	-	-	5.41%	10.56%	7.67%	6.00%	4.16%	3.36%	3.30%	4.26%	3.37%	2.61%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	6,419.03
(-) Cash Dividends Paid (M)	6,382.88
(=) Cash Retained (M)	36.16

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,283.81	802.38	481.43
Cash Retained (M)	36.16	36.16	36.16
(-) Cash Required (M)	-1,283.81	-802.38	-481.43
(=) Excess Retained (M)	-1,247.65	-766.22	-445.27
(/) Shares Outstanding (M)	6,537.82	6,537.82	6,537.82
(=) Excess Retained per Share	-0.19	-0.12	-0.07
LTM Dividend per Share	0.98	0.98	0.98
(+) Excess Retained per Share	-0.19	-0.12	-0.07
(=) Adjusted Dividend	0.79	0.86	0.91
WACC / Discount Rate	6.32%	6.32%	6.32%
Growth Rate	0.08%	1.08%	2.08%
Fair Value	$12.60	$16.58	$21.88
Upside / Downside	92.11%	152.73%	233.48%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	6,419.03	6,488.67	6,559.07	6,630.23	6,702.17	6,774.88	6,978.13
Payout Ratio	99.44%	97.55%	95.66%	93.77%	91.89%	90.00%	92.50%
Projected Dividends (M)	6,382.88	6,329.66	6,274.54	6,217.48	6,158.44	6,097.39	6,454.77

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.32%	6.32%	6.32%
Growth Rate	0.08%	1.08%	2.08%
Year 1 PV (M)	5,894.35	5,953.24	6,012.13
Year 2 PV (M)	5,441.17	5,550.44	5,660.80
Year 3 PV (M)	5,020.88	5,172.89	5,327.93
Year 4 PV (M)	4,631.18	4,819.06	5,012.60
Year 5 PV (M)	4,269.92	4,487.54	4,713.94
PV of Terminal Value (M)	136,027.86	142,960.64	150,173.25
Equity Value (M)	161,285.34	168,943.80	176,900.66
Shares Outstanding (M)	6,537.82	6,537.82	6,537.82
Fair Value	$24.67	$25.84	$27.06
Upside / Downside	276.06%	293.92%	312.47%

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Guangdong Investment Limited (0270.HK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener