DDM Analysis: 2328.HK

Valuation Snapshot

Stable Growth	$154.54 - $545.05	$510.79
Multi-Stage	$70.20 - $76.78	$73.43
Blended Fair Value	$292.11
Current Price	$13.87
Upside	2,006.07%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	20.71%	17.82%	0.70	0.48	0.41	0.38	0.46	0.27	0.23	0.21	0.20	0.18
YoY Growth	-	-	45.81%	17.44%	8.52%	-18.65%	69.49%	20.71%	9.38%	1.64%	12.59%	33.16%
Dividend Yield	-	-	6.06%	5.68%	6.22%	7.23%	9.33%	3.24%	3.21%	2.47%	2.81%	2.09%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	60,958.00
(-) Cash Dividends Paid (M)	26,135.00
(=) Cash Retained (M)	34,823.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	12,191.60	7,619.75	4,571.85
Cash Retained (M)	34,823.00	34,823.00	34,823.00
(-) Cash Required (M)	-12,191.60	-7,619.75	-4,571.85
(=) Excess Retained (M)	22,631.40	27,203.25	30,251.15
(/) Shares Outstanding (M)	22,242.00	22,242.00	22,242.00
(=) Excess Retained per Share	1.02	1.22	1.36
LTM Dividend per Share	1.18	1.18	1.18
(+) Excess Retained per Share	1.02	1.22	1.36
(=) Adjusted Dividend	2.19	2.40	2.54
WACC / Discount Rate	7.00%	7.00%	7.00%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$154.54	$510.79	$545.05
Upside / Downside	1,014.20%	3,582.71%	3,829.71%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	60,958.00	64,920.27	69,140.09	73,634.19	78,420.42	83,517.74	86,023.28
Payout Ratio	42.87%	52.30%	61.72%	71.15%	80.57%	90.00%	92.50%
Projected Dividends (M)	26,135.00	33,952.67	42,676.21	52,390.37	63,187.06	75,165.97	79,571.53

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.00%	7.00%	7.00%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	31,434.46	31,732.42	32,030.38
Year 2 PV (M)	36,580.54	37,277.30	37,980.63
Year 3 PV (M)	41,576.49	42,770.00	43,986.14
Year 4 PV (M)	46,425.50	48,210.90	50,047.30
Year 5 PV (M)	51,130.71	53,600.34	56,164.50
PV of Terminal Value (M)	1,354,276.34	1,419,688.39	1,487,603.92
Equity Value (M)	1,561,424.04	1,633,279.35	1,707,812.85
Shares Outstanding (M)	22,242.00	22,242.00	22,242.00
Fair Value	$70.20	$73.43	$76.78
Upside / Downside	406.14%	429.43%	453.59%

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PICC Property and Casualty Company Limited (2328.HK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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