DDM Analysis: 2367.HK

Valuation Snapshot

Stable Growth	$26.18 - $37.07	$31.56
Multi-Stage	$39.23 - $43.07	$41.12
Blended Fair Value	$36.34
Current Price	$52.63
Upside	-30.96%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019
DPS	0.00%	0.00%	0.90	0.00	0.37	2.54	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	0.00%	-100.00%	-85.59%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	1.93%	0.00%	1.23%	11.66%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	4,029.24
(-) Cash Dividends Paid (M)	908.44
(=) Cash Retained (M)	3,120.81

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	805.85	503.66	302.19
Cash Retained (M)	3,120.81	3,120.81	3,120.81
(-) Cash Required (M)	-805.85	-503.66	-302.19
(=) Excess Retained (M)	2,314.96	2,617.15	2,818.61
(/) Shares Outstanding (M)	1,005.89	1,005.89	1,005.89
(=) Excess Retained per Share	2.30	2.60	2.80
LTM Dividend per Share	0.90	0.90	0.90
(+) Excess Retained per Share	2.30	2.60	2.80
(=) Adjusted Dividend	3.20	3.50	3.71
WACC / Discount Rate	9.99%	9.99%	9.99%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$26.18	$31.56	$37.07
Upside / Downside	-50.25%	-40.03%	-29.56%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	4,029.24	3,988.95	3,949.06	3,909.57	3,870.47	3,831.77	3,946.72
Payout Ratio	22.55%	36.04%	49.53%	63.02%	76.51%	90.00%	92.50%
Projected Dividends (M)	908.44	1,437.49	1,955.88	2,463.75	2,961.27	3,448.59	3,650.72

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.99%	9.99%	9.99%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	1,293.68	1,306.88	1,320.08
Year 2 PV (M)	1,584.10	1,616.60	1,649.42
Year 3 PV (M)	1,795.80	1,851.34	1,908.01
Year 4 PV (M)	1,942.50	2,023.01	2,105.99
Year 5 PV (M)	2,035.85	2,141.86	2,252.24
PV of Terminal Value (M)	30,813.29	32,417.81	34,088.49
Equity Value (M)	39,465.23	41,357.49	43,324.23
Shares Outstanding (M)	1,005.89	1,005.89	1,005.89
Fair Value	$39.23	$41.12	$43.07
Upside / Downside	-25.45%	-21.88%	-18.16%

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605286.SS	Jiangsu Tongli Risheng Machinery Co., Ltd.	2.43%	$0.99	75.51%
9569.SR	Almuneef Company for Trade, Industry, Agriculture and Contracting	2.43%	$0.20	19.26%
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KEPEN.AT	Flour Mills Kepenos S.A.	2.43%	$0.05	39.82%
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%
2409.TW	AUO Corporation	2.42%	$0.31	41.22%
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%
ETTE.HE	Etteplan Oyj	2.41%	$0.23	71.21%
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7703.TWO	Rayzher	2.40%	$5.49	59.71%
BBL.AX	Brisbane Broncos Limited	2.40%	$0.04	25.15%
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Financial Statements

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Giant Biogene Holding Co., Ltd. (2367.HK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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