DDM Analysis: 0743.HK

Valuation Snapshot

Stable Growth	$0.49 - $0.63	$0.56
Multi-Stage	$1.68 - $1.87	$1.77
Blended Fair Value	$1.17
Current Price	$2.12
Upside	-44.86%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-41.91%	-12.11%	0.04	0.16	0.45	0.51	0.50	0.62	0.16	0.03	0.05	0.15
YoY Growth	-	-	-74.37%	-64.44%	-11.94%	2.20%	-19.35%	300.00%	416.66%	-40.00%	-66.67%	0.68%
Dividend Yield	-	-	1.77%	8.70%	15.25%	12.56%	7.45%	8.60%	2.31%	1.09%	2.45%	11.54%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	255.59
(-) Cash Dividends Paid (M)	64.24
(=) Cash Retained (M)	191.35

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	51.12	31.95	19.17
Cash Retained (M)	191.35	191.35	191.35
(-) Cash Required (M)	-51.12	-31.95	-19.17
(=) Excess Retained (M)	140.23	159.40	172.18
(/) Shares Outstanding (M)	1,566.85	1,566.85	1,566.85
(=) Excess Retained per Share	0.09	0.10	0.11
LTM Dividend per Share	0.04	0.04	0.04
(+) Excess Retained per Share	0.09	0.10	0.11
(=) Adjusted Dividend	0.13	0.14	0.15
WACC / Discount Rate	6.32%	6.32%	6.32%
Growth Rate	-16.13%	-15.13%	-14.13%
Fair Value	$0.49	$0.56	$0.63
Upside / Downside	-77.00%	-73.36%	-70.12%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	255.59	216.91	184.08	156.22	132.58	112.52	115.89
Payout Ratio	25.13%	38.11%	51.08%	64.05%	77.03%	90.00%	92.50%
Projected Dividends (M)	64.24	82.66	94.03	100.07	102.12	101.27	107.20

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.32%	6.32%	6.32%
Growth Rate	-16.13%	-15.13%	-14.13%
Year 1 PV (M)	76.83	77.75	78.66
Year 2 PV (M)	81.24	83.19	85.16
Year 3 PV (M)	80.36	83.27	86.25
Year 4 PV (M)	76.23	79.93	83.77
Year 5 PV (M)	70.26	74.55	79.05
PV of Terminal Value (M)	2,242.90	2,379.84	2,523.40
Equity Value (M)	2,627.83	2,778.54	2,936.29
Shares Outstanding (M)	1,566.85	1,566.85	1,566.85
Fair Value	$1.68	$1.77	$1.87
Upside / Downside	-20.89%	-16.35%	-11.60%

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Asia Cement (China) Holdings Corporation (0743.HK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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