DDM Analysis: 0968.HK

Valuation Snapshot

Stable Growth	$25.63 - $102.48	$68.91
Multi-Stage	$12.81 - $14.00	$13.40
Blended Fair Value	$41.15
Current Price	$2.27
Upside	1,712.81%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	21.38%	23.76%	0.19	0.17	0.20	0.23	0.05	0.07	0.07	0.12	0.09	0.05
YoY Growth	-	-	8.14%	-12.43%	-12.28%	357.08%	-30.62%	-0.20%	-38.34%	23.20%	94.25%	117.27%
Dividend Yield	-	-	5.98%	3.81%	2.30%	1.71%	0.24%	1.29%	2.60%	3.79%	3.76%	1.54%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	4,621.02
(-) Cash Dividends Paid (M)	3,242.88
(=) Cash Retained (M)	1,378.15

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	924.20	577.63	346.58
Cash Retained (M)	1,378.15	1,378.15	1,378.15
(-) Cash Required (M)	-924.20	-577.63	-346.58
(=) Excess Retained (M)	453.94	800.52	1,031.57
(/) Shares Outstanding (M)	8,967.67	8,967.67	8,967.67
(=) Excess Retained per Share	0.05	0.09	0.12
LTM Dividend per Share	0.36	0.36	0.36
(+) Excess Retained per Share	0.05	0.09	0.12
(=) Adjusted Dividend	0.41	0.45	0.48
WACC / Discount Rate	7.20%	7.20%	7.20%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$25.63	$68.91	$102.48
Upside / Downside	1,029.08%	2,935.53%	4,414.53%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	4,621.02	4,921.39	5,241.28	5,581.96	5,944.79	6,331.20	6,521.14
Payout Ratio	70.18%	74.14%	78.11%	82.07%	86.04%	90.00%	92.50%
Projected Dividends (M)	3,242.88	3,648.78	4,093.75	4,581.15	5,114.62	5,698.08	6,032.05

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.20%	7.20%	7.20%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	3,371.85	3,403.81	3,435.77
Year 2 PV (M)	3,495.93	3,562.52	3,629.73
Year 3 PV (M)	3,615.24	3,719.02	3,824.77
Year 4 PV (M)	3,729.89	3,873.33	4,020.87
Year 5 PV (M)	3,840.01	4,025.48	4,218.06
PV of Terminal Value (M)	96,859.58	101,537.93	106,395.33
Equity Value (M)	114,912.50	120,122.10	125,524.54
Shares Outstanding (M)	8,967.67	8,967.67	8,967.67
Fair Value	$12.81	$13.40	$14.00
Upside / Downside	464.50%	490.09%	516.63%

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Financial Statements

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Xinyi Solar Holdings Limited (0968.HK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener