DDM Analysis: 0303.HK

Valuation Snapshot

Stable Growth	$10.66 - $16.00	$13.19
Multi-Stage	$24.56 - $26.97	$25.74
Blended Fair Value	$19.47
Current Price	$8.05
Upside	141.82%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	-0.50%	-2.11%	0.65	0.59	0.68	0.91	0.53	0.67	0.80	0.70	0.42	0.77
YoY Growth	-	-	10.25%	-13.15%	-25.21%	71.93%	-20.81%	-16.19%	14.38%	66.82%	-46.15%	-3.73%
Dividend Yield	-	-	8.86%	9.74%	11.36%	12.48%	5.87%	9.23%	7.57%	5.52%	3.49%	6.53%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	323.40
(-) Cash Dividends Paid (M)	313.70
(=) Cash Retained (M)	9.70

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	64.68	40.43	24.26
Cash Retained (M)	9.70	9.70	9.70
(-) Cash Required (M)	-64.68	-40.43	-24.26
(=) Excess Retained (M)	-54.98	-30.73	-14.56
(/) Shares Outstanding (M)	252.85	252.85	252.85
(=) Excess Retained per Share	-0.22	-0.12	-0.06
LTM Dividend per Share	1.24	1.24	1.24
(+) Excess Retained per Share	-0.22	-0.12	-0.06
(=) Adjusted Dividend	1.02	1.12	1.18
WACC / Discount Rate	6.85%	6.85%	6.85%
Growth Rate	-2.50%	-1.50%	-0.50%
Fair Value	$10.66	$13.19	$16.00
Upside / Downside	32.46%	63.88%	98.79%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	323.40	318.54	313.75	309.04	304.39	299.82	308.81
Payout Ratio	97.00%	95.60%	94.20%	92.80%	91.40%	90.00%	92.50%
Projected Dividends (M)	313.70	304.53	295.56	286.79	278.21	269.84	285.65

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.85%	6.85%	6.85%
Growth Rate	-2.50%	-1.50%	-0.50%
Year 1 PV (M)	282.10	284.99	287.89
Year 2 PV (M)	253.63	258.86	264.14
Year 3 PV (M)	227.98	235.07	242.30
Year 4 PV (M)	204.88	213.42	222.22
Year 5 PV (M)	184.08	193.72	203.75
PV of Terminal Value (M)	5,057.82	5,322.58	5,598.31
Equity Value (M)	6,210.51	6,508.65	6,818.62
Shares Outstanding (M)	252.85	252.85	252.85
Fair Value	$24.56	$25.74	$26.97
Upside / Downside	205.12%	219.77%	234.99%

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Vtech Holdings Limited (0303.HK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener