DDM Analysis: 2688.HK

Valuation Snapshot

Stable Growth	$1,086.64 - $2,114.37	$1,981.47
Multi-Stage	$331.37 - $362.60	$346.70
Blended Fair Value	$1,164.08
Current Price	$57.19
Upside	1,935.47%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	20.72%	21.96%	2.69	2.66	2.37	2.53	1.54	1.05	0.85	0.69	0.63	0.63
YoY Growth	-	-	1.28%	12.04%	-6.01%	64.46%	46.17%	23.53%	22.84%	9.93%	-0.56%	71.26%
Dividend Yield	-	-	5.14%	5.11%	2.45%	2.11%	1.60%	1.38%	1.40%	1.45%	2.21%	1.83%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	11,899.00
(-) Cash Dividends Paid (M)	5,992.00
(=) Cash Retained (M)	5,907.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	2,379.80	1,487.38	892.43
Cash Retained (M)	5,907.00	5,907.00	5,907.00
(-) Cash Required (M)	-2,379.80	-1,487.38	-892.43
(=) Excess Retained (M)	3,527.20	4,419.63	5,014.58
(/) Shares Outstanding (M)	1,119.21	1,119.21	1,119.21
(=) Excess Retained per Share	3.15	3.95	4.48
LTM Dividend per Share	5.35	5.35	5.35
(+) Excess Retained per Share	3.15	3.95	4.48
(=) Adjusted Dividend	8.51	9.30	9.83
WACC / Discount Rate	6.33%	6.33%	6.33%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$1,086.64	$1,981.47	$2,114.37
Upside / Downside	1,800.06%	3,364.72%	3,597.10%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	11,899.00	12,672.44	13,496.14	14,373.39	15,307.66	16,302.66	16,791.74
Payout Ratio	50.36%	58.29%	66.21%	74.14%	82.07%	90.00%	92.50%
Projected Dividends (M)	5,992.00	7,386.22	8,936.38	10,656.85	12,563.22	14,672.40	15,532.36

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.33%	6.33%	6.33%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	6,881.56	6,946.78	7,012.01
Year 2 PV (M)	7,756.94	7,904.68	8,053.82
Year 3 PV (M)	8,618.30	8,865.70	9,117.79
Year 4 PV (M)	9,465.82	9,829.85	10,204.28
Year 5 PV (M)	10,299.66	10,797.13	11,313.65
PV of Terminal Value (M)	327,844.21	343,679.21	360,120.25
Equity Value (M)	370,866.48	388,023.36	405,821.80
Shares Outstanding (M)	1,119.21	1,119.21	1,119.21
Fair Value	$331.37	$346.70	$362.60
Upside / Downside	479.41%	506.22%	534.02%

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Financial Statements

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Ticker

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Sector

ENN Energy Holdings Limited (2688.HK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener