DDM Analysis: 0179.HK

Valuation Snapshot

Stable Growth	$46.40 - $54.70	$51.25
Multi-Stage	$34.49 - $37.94	$36.19
Blended Fair Value	$43.72
Current Price	$5.23
Upside	735.87%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	23.00%	2.90%	0.08	0.06	0.01	0.06	0.02	0.03	0.05	0.06	0.06	0.06
YoY Growth	-	-	37.63%	322.35%	-77.07%	218.15%	-33.59%	-40.81%	-23.30%	1.99%	1.84%	0.20%
Dividend Yield	-	-	3.85%	3.75%	1.04%	4.47%	0.71%	1.55%	2.13%	2.08%	1.71%	2.61%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	262.80
(-) Cash Dividends Paid (M)	72.22
(=) Cash Retained (M)	190.58

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	52.56	32.85	19.71
Cash Retained (M)	190.58	190.58	190.58
(-) Cash Required (M)	-52.56	-32.85	-19.71
(=) Excess Retained (M)	138.02	157.73	170.87
(/) Shares Outstanding (M)	933.25	933.25	933.25
(=) Excess Retained per Share	0.15	0.17	0.18
LTM Dividend per Share	0.08	0.08	0.08
(+) Excess Retained per Share	0.15	0.17	0.18
(=) Adjusted Dividend	0.23	0.25	0.26
WACC / Discount Rate	-1.44%	-1.44%	-1.44%
Growth Rate	2.99%	3.99%	4.99%
Fair Value	$46.40	$51.25	$54.70
Upside / Downside	787.25%	879.85%	945.81%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	262.80	273.29	284.19	295.53	307.33	319.59	329.18
Payout Ratio	27.48%	39.98%	52.49%	64.99%	77.50%	90.00%	92.50%
Projected Dividends (M)	72.22	109.27	149.17	192.08	238.17	287.63	304.49

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	-1.44%	-1.44%	-1.44%
Growth Rate	2.99%	3.99%	4.99%
Year 1 PV (M)	109.81	110.87	111.94
Year 2 PV (M)	150.63	153.57	156.54
Year 3 PV (M)	194.90	200.63	206.48
Year 4 PV (M)	242.85	252.42	262.27
Year 5 PV (M)	294.71	309.30	324.46
PV of Terminal Value (M)	31,198.75	32,743.09	34,348.00
Equity Value (M)	32,191.64	33,769.89	35,409.68
Shares Outstanding (M)	933.25	933.25	933.25
Fair Value	$34.49	$36.19	$37.94
Upside / Downside	559.54%	591.88%	625.48%

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Johnson Electric Holdings Limited (0179.HK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener