DDM Analysis: 0934.HK

Valuation Snapshot

Stable Growth	$13.09 - $25.10	$17.90
Multi-Stage	$11.37 - $12.40	$11.88
Blended Fair Value	$14.89
Current Price	$4.55
Upside	227.26%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	6.79%	18.71%	0.25	0.22	0.20	0.20	0.20	0.18	0.12	0.08	0.06	0.05
YoY Growth	-	-	13.64%	10.00%	0.00%	0.00%	11.11%	50.00%	41.18%	41.67%	20.00%	11.11%
Dividend Yield	-	-	5.10%	6.61%	6.78%	6.54%	7.41%	5.49%	3.46%	1.68%	1.69%	1.08%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	2,013.50
(-) Cash Dividends Paid (M)	1,168.50
(=) Cash Retained (M)	845.01

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	402.70	251.69	151.01
Cash Retained (M)	845.01	845.01	845.01
(-) Cash Required (M)	-402.70	-251.69	-151.01
(=) Excess Retained (M)	442.31	593.32	693.99
(/) Shares Outstanding (M)	2,486.16	2,486.16	2,486.16
(=) Excess Retained per Share	0.18	0.24	0.28
LTM Dividend per Share	0.47	0.47	0.47
(+) Excess Retained per Share	0.18	0.24	0.28
(=) Adjusted Dividend	0.65	0.71	0.75
WACC / Discount Rate	9.98%	9.98%	9.98%
Growth Rate	4.79%	5.79%	6.79%
Fair Value	$13.09	$17.90	$25.10
Upside / Downside	187.67%	293.50%	451.66%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	2,013.50	2,130.10	2,253.45	2,383.94	2,521.98	2,668.02	2,748.06
Payout Ratio	58.03%	64.43%	70.82%	77.21%	83.61%	90.00%	92.50%
Projected Dividends (M)	1,168.50	1,372.34	1,595.89	1,840.71	2,108.54	2,401.22	2,541.96

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.98%	9.98%	9.98%
Growth Rate	4.79%	5.79%	6.79%
Year 1 PV (M)	1,236.04	1,247.84	1,259.63
Year 2 PV (M)	1,294.62	1,319.44	1,344.51
Year 3 PV (M)	1,344.92	1,383.79	1,423.40
Year 4 PV (M)	1,387.59	1,441.32	1,496.59
Year 5 PV (M)	1,423.25	1,492.47	1,564.35
PV of Terminal Value (M)	21,591.86	22,641.95	23,732.50
Equity Value (M)	28,278.27	29,526.80	30,820.99
Shares Outstanding (M)	2,486.16	2,486.16	2,486.16
Fair Value	$11.37	$11.88	$12.40
Upside / Downside	149.98%	161.02%	172.46%

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Financial Statements

Fundamentals

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Miscellaneous

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Ticker

Industry

Sector

Sinopec Kantons Holdings Limited (0934.HK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener