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Definitive Analysis

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Page: Dividend Discount Model

E-Star Commercial Management Company Limited

Ticker: 6668.HK | Industry: Real Estate - Services | Sector: Real Estate
$1.40 0.00 (0.00%)
As of: 2026-01-23

Master Data Export


Dividend Discount Models Snapshot

ModelRangeSelected
Stable Growth DDM$8.58 - $21.76$12.61
Multi-Stage DDM$2.24 - $2.45$2.35
Blended Fair Value$7.48
Stock Price$1.36

Dividend History (Last 10 Years)

Metric20242023202220212020201920182017
DPS0.1630.0640.1160.0500.0000.2820.0000.000
YoY %154.85%-45.10%130.10%0.00%-100.00%0.00%0.00%0.00%
Yield11.951%4.689%8.541%3.712%0.000%20.705%0.000%0.000%

CAGRValue
5 Year-10.41%
10 Year0.00%

Discounted Dividend Model - Stable Growth

MetricRangeSelected
LT Growth5.50% to 7.50%6.50%
WACC9.00%9.00%
Fair Value$8.58 - $21.76$12.61

Calculation Details (Millions)

MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(*) Adjusted Net Income154.47154.47154.47
(=) Cash Required30.8919.3111.59
Cash Retained154.47154.47154.47
(-) Cash Required-30.89-19.31-11.59
(=) Excess Retained123.58135.16142.89
(/) Shares Outstanding1,012,607,0001,012,607,0001,012,607,000
(=) Excess Retained per Share0.120.130.14
LTM Dividend per Share0.1630.1630.163
(+) Excess Retained per Share0.120.130.14
(=) Adjusted Dividend0.2850.2960.304

Multi-Stage Projections (BASE Case - Millions)

MetricTTMYear 1Year 2Year 3Year 4Year 5
Net Income154.47164.51175.21186.59198.72211.64
Payout Ratio106.5%25.0%41.0%57.0%73.0%90.0%
Projected Dividends164.5941.1371.83106.36145.07190.48

Multi-Stage Valuation (Millions)

Present ValuesLOWBASEHIGH
Year 1 PV39.0239.3939.76
Year 2 PV61.9463.1264.31
Year 3 PV83.3585.7488.18
Year 4 PV103.32107.29111.38
Year 5 PV123.29129.25135.43
TV PV1,862.231,952.172,045.56
Equity Value2,273.162,376.982,484.63
Fair Value$2.24$2.35$2.45
Stock Price$1.36$1.36$1.36

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