DDM Analysis: 3788.HK

Valuation Snapshot

Stable Growth	$7.93 - $41.23	$16.01
Multi-Stage	$6.05 - $6.63	$6.33
Blended Fair Value	$11.17
Current Price	$2.09
Upside	434.54%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	16.73%	6.65%	0.04	0.02	0.12	0.11	0.10	0.02	0.01	0.17	0.00	0.00
YoY Growth	-	-	80.51%	-83.77%	10.49%	11.09%	502.75%	114.94%	-95.32%	0.00%	0.00%	-100.00%
Dividend Yield	-	-	5.02%	2.58%	17.75%	10.28%	8.77%	1.13%	0.89%	15.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	403.40
(-) Cash Dividends Paid (M)	145.86
(=) Cash Retained (M)	257.54

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	80.68	50.43	30.26
Cash Retained (M)	257.54	257.54	257.54
(-) Cash Required (M)	-80.68	-50.43	-30.26
(=) Excess Retained (M)	176.86	207.11	227.28
(/) Shares Outstanding (M)	1,921.19	1,921.19	1,921.19
(=) Excess Retained per Share	0.09	0.11	0.12
LTM Dividend per Share	0.08	0.08	0.08
(+) Excess Retained per Share	0.09	0.11	0.12
(=) Adjusted Dividend	0.17	0.18	0.19
WACC / Discount Rate	6.35%	6.35%	6.35%
Growth Rate	4.14%	5.14%	6.14%
Fair Value	$7.93	$16.01	$41.23
Upside / Downside	279.32%	665.99%	1,872.79%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	403.40	424.15	445.96	468.89	493.00	518.35	533.90
Payout Ratio	36.16%	46.93%	57.70%	68.46%	79.23%	90.00%	92.50%
Projected Dividends (M)	145.86	199.04	257.29	321.02	390.61	466.52	493.86

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.35%	6.35%	6.35%
Growth Rate	4.14%	5.14%	6.14%
Year 1 PV (M)	185.38	187.16	188.94
Year 2 PV (M)	223.18	227.49	231.84
Year 3 PV (M)	259.34	266.89	274.58
Year 4 PV (M)	293.91	305.36	317.14
Year 5 PV (M)	326.93	342.93	359.55
PV of Terminal Value (M)	10,334.21	10,839.99	11,365.38
Equity Value (M)	11,622.95	12,169.81	12,737.42
Shares Outstanding (M)	1,921.19	1,921.19	1,921.19
Fair Value	$6.05	$6.33	$6.63
Upside / Downside	189.47%	203.09%	217.22%

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China Hanking Holdings Limited (3788.HK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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