DDM Analysis: 1948.HK

Valuation Snapshot

Stable Growth	$3.17 - $4.85	$3.96
Multi-Stage	$6.72 - $7.40	$7.05
Blended Fair Value	$5.51
Current Price	$2.65
Upside	107.75%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018
DPS	0.00%	0.00%	0.05	0.02	0.08	0.16	0.01	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	145.72%	-77.95%	-46.14%	1,207.72%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	4.34%	1.07%	2.76%	2.89%	0.22%	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)	208.83
(-) Cash Dividends Paid (M)	49.41
(=) Cash Retained (M)	159.42

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	41.77	26.10	15.66
Cash Retained (M)	159.42	159.42	159.42
(-) Cash Required (M)	-41.77	-26.10	-15.66
(=) Excess Retained (M)	117.65	133.31	143.75
(/) Shares Outstanding (M)	590.92	590.92	590.92
(=) Excess Retained per Share	0.20	0.23	0.24
LTM Dividend per Share	0.08	0.08	0.08
(+) Excess Retained per Share	0.20	0.23	0.24
(=) Adjusted Dividend	0.28	0.31	0.33
WACC / Discount Rate	6.74%	6.74%	6.74%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$3.17	$3.96	$4.85
Upside / Downside	19.65%	49.29%	83.08%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	208.83	206.74	204.67	202.63	200.60	198.59	204.55
Payout Ratio	23.66%	36.93%	50.20%	63.46%	76.73%	90.00%	92.50%
Projected Dividends (M)	49.41	76.35	102.74	128.60	153.93	178.73	189.21

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.74%	6.74%	6.74%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	70.81	71.53	72.25
Year 2 PV (M)	88.37	90.18	92.01
Year 3 PV (M)	102.58	105.75	108.98
Year 4 PV (M)	113.87	118.59	123.45
Year 5 PV (M)	122.62	129.01	135.66
PV of Terminal Value (M)	3,472.81	3,653.65	3,841.94
Equity Value (M)	3,971.05	4,168.69	4,374.29
Shares Outstanding (M)	590.92	590.92	590.92
Fair Value	$6.72	$7.05	$7.40
Upside / Downside	153.59%	166.21%	179.34%

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Uju Holding Limited (1948.HK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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