DDM Analysis: 0029.HK

Valuation Snapshot

Stable Growth	$57.03 - $73.10	$65.63
Multi-Stage	$101.49 - $113.11	$107.17
Blended Fair Value	$86.40
Current Price	$13.12
Upside	558.53%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	-31.69%	-14.18%	0.01	0.01	0.02	0.01	0.06	0.07	0.05	0.05	0.05	0.05
YoY Growth	-	-	0.00%	-33.31%	50.02%	-83.33%	-10.77%	29.09%	0.03%	0.66%	12.09%	0.00%
Dividend Yield	-	-	0.08%	0.13%	0.14%	0.10%	0.43%	0.57%	0.64%	0.69%	0.70%	1.59%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	5,291.36
(-) Cash Dividends Paid (M)	4.76
(=) Cash Retained (M)	5,286.61

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,058.27	661.42	396.85
Cash Retained (M)	5,286.61	5,286.61	5,286.61
(-) Cash Required (M)	-1,058.27	-661.42	-396.85
(=) Excess Retained (M)	4,228.33	4,625.18	4,889.75
(/) Shares Outstanding (M)	237.70	237.70	237.70
(=) Excess Retained per Share	17.79	19.46	20.57
LTM Dividend per Share	0.02	0.02	0.02
(+) Excess Retained per Share	17.79	19.46	20.57
(=) Adjusted Dividend	17.81	19.48	20.59
WACC / Discount Rate	10.00%	10.00%	10.00%
Growth Rate	-16.18%	-15.18%	-14.18%
Fair Value	$57.03	$65.63	$73.10
Upside / Downside	334.68%	400.21%	457.16%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	5,291.36	4,488.26	3,807.05	3,229.23	2,739.11	2,323.38	2,393.08
Payout Ratio	0.09%	18.07%	36.05%	54.04%	72.02%	90.00%	92.50%
Projected Dividends (M)	4.76	811.11	1,372.59	1,744.94	1,972.65	2,091.04	2,213.60

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	10.00%	10.00%	10.00%
Growth Rate	-16.18%	-15.18%	-14.18%
Year 1 PV (M)	728.70	737.40	746.09
Year 2 PV (M)	1,107.84	1,134.43	1,161.34
Year 3 PV (M)	1,265.28	1,311.10	1,358.02
Year 4 PV (M)	1,285.06	1,347.49	1,412.16
Year 5 PV (M)	1,223.78	1,298.54	1,376.91
PV of Terminal Value (M)	18,514.79	19,645.86	20,831.55
Equity Value (M)	24,125.45	25,474.82	26,886.07
Shares Outstanding (M)	237.70	237.70	237.70
Fair Value	$101.49	$107.17	$113.11
Upside / Downside	673.58%	716.85%	762.10%

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Dynamic Holdings Limited (0029.HK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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