DDM Analysis: 0288.HK

Valuation Snapshot

Stable Growth	$2.24 - $3.76	$2.91
Multi-Stage	$4.63 - $5.08	$4.85
Blended Fair Value	$3.88
Current Price	$0.96
Upside	303.59%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	8.89%	0.00%	0.04	0.04	0.02	0.03	0.05	0.03	0.04	0.04	0.02	0.00
YoY Growth	-	-	17.14%	57.56%	-6.33%	-44.57%	59.73%	-25.74%	3.27%	58.77%	0.00%	0.00%
Dividend Yield	-	-	5.78%	5.92%	4.17%	4.13%	5.57%	2.84%	5.11%	3.31%	2.97%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	2,444.00
(-) Cash Dividends Paid (M)	2,009.00
(=) Cash Retained (M)	435.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	488.80	305.50	183.30
Cash Retained (M)	435.00	435.00	435.00
(-) Cash Required (M)	-488.80	-305.50	-183.30
(=) Excess Retained (M)	-53.80	129.50	251.70
(/) Shares Outstanding (M)	12,830.08	12,830.08	12,830.08
(=) Excess Retained per Share	0.00	0.01	0.02
LTM Dividend per Share	0.16	0.16	0.16
(+) Excess Retained per Share	0.00	0.01	0.02
(=) Adjusted Dividend	0.15	0.17	0.18
WACC / Discount Rate	6.31%	6.31%	6.31%
Growth Rate	-0.45%	0.55%	1.55%
Fair Value	$2.24	$2.91	$3.76
Upside / Downside	133.41%	202.62%	290.97%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	2,444.00	2,457.44	2,470.95	2,484.54	2,498.20	2,511.94	2,587.29
Payout Ratio	82.20%	83.76%	85.32%	86.88%	88.44%	90.00%	92.50%
Projected Dividends (M)	2,009.00	2,058.38	2,108.23	2,158.58	2,209.41	2,260.74	2,393.25

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.31%	6.31%	6.31%
Growth Rate	-0.45%	0.55%	1.55%
Year 1 PV (M)	1,916.95	1,936.21	1,955.46
Year 2 PV (M)	1,828.48	1,865.40	1,902.69
Year 3 PV (M)	1,743.51	1,796.59	1,850.72
Year 4 PV (M)	1,661.96	1,729.75	1,799.60
Year 5 PV (M)	1,583.73	1,664.88	1,749.34
PV of Terminal Value (M)	50,653.64	53,249.40	55,950.51
Equity Value (M)	59,388.27	62,242.23	65,208.31
Shares Outstanding (M)	12,830.08	12,830.08	12,830.08
Fair Value	$4.63	$4.85	$5.08
Upside / Downside	381.42%	404.56%	428.60%

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WH Group Limited (0288.HK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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