DDM Analysis: 2388.HK

Valuation Snapshot

Stable Growth	$90.69 - $155.27	$118.64
Multi-Stage	$131.66 - $144.34	$137.88
Blended Fair Value	$128.26
Current Price	$34.10
Upside	276.12%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	3.16%	5.44%	1.71	1.44	1.13	1.24	1.44	1.47	1.30	1.27	1.93	1.12
YoY Growth	-	-	19.34%	27.17%	-9.02%	-13.69%	-1.98%	12.67%	3.00%	-34.59%	72.67%	10.89%
Dividend Yield	-	-	6.87%	6.91%	4.25%	4.86%	6.12%	5.43%	4.48%	3.17%	6.97%	4.73%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	76,110.00
(-) Cash Dividends Paid (M)	36,391.00
(=) Cash Retained (M)	39,719.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	15,222.00	9,513.75	5,708.25
Cash Retained (M)	39,719.00	39,719.00	39,719.00
(-) Cash Required (M)	-15,222.00	-9,513.75	-5,708.25
(=) Excess Retained (M)	24,497.00	30,205.25	34,010.75
(/) Shares Outstanding (M)	10,572.78	10,572.78	10,572.78
(=) Excess Retained per Share	2.32	2.86	3.22
LTM Dividend per Share	3.44	3.44	3.44
(+) Excess Retained per Share	2.32	2.86	3.22
(=) Adjusted Dividend	5.76	6.30	6.66
WACC / Discount Rate	7.58%	7.58%	7.58%
Growth Rate	1.16%	2.16%	3.16%
Fair Value	$90.69	$118.64	$155.27
Upside / Downside	165.94%	247.90%	355.33%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	76,110.00	77,752.87	79,431.20	81,145.75	82,897.32	84,686.70	87,227.30
Payout Ratio	47.81%	56.25%	64.69%	73.13%	81.56%	90.00%	92.50%
Projected Dividends (M)	36,391.00	43,736.73	51,382.62	59,338.22	67,613.32	76,218.03	80,685.25

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.58%	7.58%	7.58%
Growth Rate	1.16%	2.16%	3.16%
Year 1 PV (M)	40,256.15	40,654.10	41,052.05
Year 2 PV (M)	43,529.95	44,394.83	45,268.22
Year 3 PV (M)	46,269.24	47,655.03	49,068.22
Year 4 PV (M)	48,526.18	50,473.64	52,479.13
Year 5 PV (M)	50,348.61	52,886.90	55,526.54
PV of Terminal Value (M)	1,163,093.73	1,221,730.29	1,282,708.24
Equity Value (M)	1,392,023.87	1,457,794.79	1,526,102.42
Shares Outstanding (M)	10,572.78	10,572.78	10,572.78
Fair Value	$131.66	$137.88	$144.34
Upside / Downside	286.10%	304.35%	323.29%

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BOC Hong Kong (Holdings) Limited (2388.HK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener