DDM Analysis: 0002.HK

Valuation Snapshot

Stable Growth	$94.37 - $162.31	$123.69
Multi-Stage	$233.18 - $256.43	$244.58
Blended Fair Value	$184.13
Current Price	$66.10
Upside	178.57%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	0.13%	1.77%	3.10	3.10	3.10	3.10	3.08	3.08	2.97	2.86	2.76	2.65
YoY Growth	-	-	0.00%	0.00%	0.00%	0.64%	0.00%	3.72%	3.83%	3.63%	4.15%	1.92%
Dividend Yield	-	-	4.75%	4.85%	5.44%	3.94%	4.30%	3.76%	3.36%	3.57%	3.87%	4.02%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	19,124.00
(-) Cash Dividends Paid (M)	15,790.00
(=) Cash Retained (M)	3,334.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	3,824.80	2,390.50	1,434.30
Cash Retained (M)	3,334.00	3,334.00	3,334.00
(-) Cash Required (M)	-3,824.80	-2,390.50	-1,434.30
(=) Excess Retained (M)	-490.80	943.50	1,899.70
(/) Shares Outstanding (M)	2,526.45	2,526.45	2,526.45
(=) Excess Retained per Share	-0.19	0.37	0.75
LTM Dividend per Share	6.25	6.25	6.25
(+) Excess Retained per Share	-0.19	0.37	0.75
(=) Adjusted Dividend	6.06	6.62	7.00
WACC / Discount Rate	5.57%	5.57%	5.57%
Growth Rate	-0.80%	0.20%	1.20%
Fair Value	$94.37	$123.69	$162.31
Upside / Downside	42.77%	87.12%	145.55%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	19,124.00	19,162.62	19,201.32	19,240.10	19,278.95	19,317.89	19,897.43
Payout Ratio	82.57%	84.05%	85.54%	87.03%	88.51%	90.00%	92.50%
Projected Dividends (M)	15,790.00	16,106.78	16,424.78	16,744.00	17,064.44	17,386.10	18,405.12

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	5.57%	5.57%	5.57%
Growth Rate	-0.80%	0.20%	1.20%
Year 1 PV (M)	15,105.04	15,257.31	15,409.57
Year 2 PV (M)	14,445.28	14,737.97	15,033.61
Year 3 PV (M)	13,810.16	14,232.02	14,662.38
Year 4 PV (M)	13,199.11	13,739.42	14,296.15
Year 5 PV (M)	12,611.53	13,260.13	13,935.14
PV of Terminal Value (M)	519,956.44	546,697.12	574,526.84
Equity Value (M)	589,127.56	617,923.96	647,863.69
Shares Outstanding (M)	2,526.45	2,526.45	2,526.45
Fair Value	$233.18	$244.58	$256.43
Upside / Downside	252.77%	270.02%	287.95%

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CLP Holdings Limited (0002.HK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener