DDM Analysis: 0968.HK

Valuation Snapshot

Stable Growth	$10.66 - $24.63	$15.59
Multi-Stage	$8.05 - $8.77	$8.41
Blended Fair Value	$12.00
Current Price	$2.27
Upside	428.48%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	21.38%	23.76%	0.19	0.17	0.20	0.23	0.05	0.07	0.07	0.12	0.09	0.05
YoY Growth	-	-	8.14%	-12.43%	-12.28%	357.08%	-30.62%	-0.20%	-38.34%	23.20%	94.25%	117.27%
Dividend Yield	-	-	5.98%	3.81%	2.30%	1.71%	0.24%	1.29%	2.60%	3.79%	3.76%	1.54%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	4,621.02
(-) Cash Dividends Paid (M)	3,242.88
(=) Cash Retained (M)	1,378.15

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	924.20	577.63	346.58
Cash Retained (M)	1,378.15	1,378.15	1,378.15
(-) Cash Required (M)	-924.20	-577.63	-346.58
(=) Excess Retained (M)	453.94	800.52	1,031.57
(/) Shares Outstanding (M)	8,967.67	8,967.67	8,967.67
(=) Excess Retained per Share	0.05	0.09	0.12
LTM Dividend per Share	0.36	0.36	0.36
(+) Excess Retained per Share	0.05	0.09	0.12
(=) Adjusted Dividend	0.41	0.45	0.48
WACC / Discount Rate	9.58%	9.58%	9.58%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$10.66	$15.59	$24.63
Upside / Downside	369.49%	586.64%	984.80%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	4,621.02	4,921.39	5,241.28	5,581.96	5,944.79	6,331.20	6,521.14
Payout Ratio	70.18%	74.14%	78.11%	82.07%	86.04%	90.00%	92.50%
Projected Dividends (M)	3,242.88	3,648.78	4,093.75	4,581.15	5,114.62	5,698.08	6,032.05

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.58%	9.58%	9.58%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	3,298.50	3,329.76	3,361.03
Year 2 PV (M)	3,345.48	3,409.20	3,473.52
Year 3 PV (M)	3,384.39	3,481.54	3,580.53
Year 4 PV (M)	3,415.76	3,547.12	3,682.23
Year 5 PV (M)	3,440.10	3,606.25	3,778.77
PV of Terminal Value (M)	55,338.58	58,011.45	60,786.63
Equity Value (M)	72,222.79	75,385.33	78,662.71
Shares Outstanding (M)	8,967.67	8,967.67	8,967.67
Fair Value	$8.05	$8.41	$8.77
Upside / Downside	254.79%	270.32%	286.42%

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Xinyi Solar Holdings Limited (0968.HK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener