DDM Analysis: 688267.SS

Valuation Snapshot

Stable Growth	$87.48 - $203.21	$190.44
Multi-Stage	$30.02 - $32.87	$31.42
Blended Fair Value	$110.93
Current Price	$28.78
Upside	285.44%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2016	2015	2014
DPS	39.09%	48.76%	0.20	0.26	0.27	0.22	0.06	0.04	0.01	0.00	0.00	0.01
YoY Growth	-	-	-23.73%	-3.89%	27.15%	235.00%	66.70%	449.85%	0.00%	0.00%	-100.00%	47.56%
Dividend Yield	-	-	0.76%	1.26%	0.86%	0.58%	0.15%	0.00%	0.00%	0.00%	0.00%	0.01%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	175.92
(-) Cash Dividends Paid (M)	61.35
(=) Cash Retained (M)	114.58

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	35.18	21.99	13.19
Cash Retained (M)	114.58	114.58	114.58
(-) Cash Required (M)	-35.18	-21.99	-13.19
(=) Excess Retained (M)	79.39	92.59	101.38
(/) Shares Outstanding (M)	172.17	172.17	172.17
(=) Excess Retained per Share	0.46	0.54	0.59
LTM Dividend per Share	0.36	0.36	0.36
(+) Excess Retained per Share	0.46	0.54	0.59
(=) Adjusted Dividend	0.82	0.89	0.95
WACC / Discount Rate	6.49%	6.49%	6.49%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$87.48	$190.44	$203.21
Upside / Downside	203.95%	561.71%	606.09%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	175.92	187.36	199.54	212.51	226.32	241.03	248.26
Payout Ratio	34.87%	45.90%	56.92%	67.95%	78.97%	90.00%	92.50%
Projected Dividends (M)	61.35	85.99	113.58	144.39	178.73	216.93	229.64

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.49%	6.49%	6.49%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	79.99	80.75	81.51
Year 2 PV (M)	98.29	100.17	102.06
Year 3 PV (M)	116.25	119.58	122.98
Year 4 PV (M)	133.86	139.01	144.30
Year 5 PV (M)	151.14	158.44	166.02
PV of Terminal Value (M)	4,589.83	4,811.52	5,041.69
Equity Value (M)	5,169.36	5,409.47	5,658.56
Shares Outstanding (M)	172.17	172.17	172.17
Fair Value	$30.02	$31.42	$32.87
Upside / Downside	4.33%	9.17%	14.20%

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China Catalyst Holding Co., Ltd. (688267.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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