DDM Analysis: 1381.HK

Valuation Snapshot

Stable Growth	$8.31 - $13.47	$10.62
Multi-Stage	$16.17 - $17.80	$16.97
Blended Fair Value	$13.80
Current Price	$4.59
Upside	200.59%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-11.57%	0.00%	0.03	0.10	0.12	0.10	0.08	0.06	0.04	0.03	0.01	0.00
YoY Growth	-	-	-66.67%	-20.00%	21.21%	26.92%	31.79%	50.78%	34.48%	218.20%	0.00%	0.00%
Dividend Yield	-	-	0.70%	2.48%	2.86%	2.41%	2.36%	1.65%	0.96%	0.64%	0.24%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,867.40
(-) Cash Dividends Paid (M)	234.20
(=) Cash Retained (M)	1,633.21

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	373.48	233.43	140.06
Cash Retained (M)	1,633.21	1,633.21	1,633.21
(-) Cash Required (M)	-373.48	-233.43	-140.06
(=) Excess Retained (M)	1,259.73	1,399.78	1,493.15
(/) Shares Outstanding (M)	2,429.44	2,429.44	2,429.44
(=) Excess Retained per Share	0.52	0.58	0.61
LTM Dividend per Share	0.10	0.10	0.10
(+) Excess Retained per Share	0.52	0.58	0.61
(=) Adjusted Dividend	0.61	0.67	0.71
WACC / Discount Rate	6.56%	6.56%	6.56%
Growth Rate	-0.78%	0.22%	1.22%
Fair Value	$8.31	$10.62	$13.47
Upside / Downside	80.99%	131.47%	193.39%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,867.40	1,871.43	1,875.46	1,879.50	1,883.55	1,887.61	1,944.24
Payout Ratio	12.54%	28.03%	43.52%	59.02%	74.51%	90.00%	92.50%
Projected Dividends (M)	234.20	524.62	816.29	1,109.22	1,403.40	1,698.85	1,798.42

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.56%	6.56%	6.56%
Growth Rate	-0.78%	0.22%	1.22%
Year 1 PV (M)	487.41	492.32	497.24
Year 2 PV (M)	704.61	718.89	733.30
Year 3 PV (M)	889.56	916.73	944.44
Year 4 PV (M)	1,045.66	1,088.46	1,132.56
Year 5 PV (M)	1,176.03	1,236.50	1,299.43
PV of Terminal Value (M)	34,974.87	36,773.33	38,645.02
Equity Value (M)	39,278.13	41,226.22	43,252.00
Shares Outstanding (M)	2,429.44	2,429.44	2,429.44
Fair Value	$16.17	$16.97	$17.80
Upside / Downside	252.23%	269.70%	287.87%

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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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006730.KQ	Seobu T&D Co., Ltd.	2.42%	$309.73	27.66%
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%
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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%
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Financial Statements

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Canvest Environmental Protection Group Company Limited (1381.HK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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