DDM Analysis: 603098.SS

Valuation Snapshot

Stable Growth	$0.90 - $1.24	$1.07
Multi-Stage	$1.46 - $1.61	$1.54
Blended Fair Value	$1.30
Current Price	$14.36
Upside	-90.91%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-9.31%	15.00%	0.09	0.11	0.11	0.15	0.18	0.15	0.17	0.25	0.20	0.15
YoY Growth	-	-	-19.48%	4.10%	-26.52%	-17.49%	20.74%	-13.88%	-31.04%	25.22%	31.71%	573.15%
Dividend Yield	-	-	0.85%	1.11%	0.41%	0.36%	0.96%	1.69%	1.22%	1.77%	0.98%	1.37%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	95.87
(-) Cash Dividends Paid (M)	8.76
(=) Cash Retained (M)	87.11

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	19.17	11.98	7.19
Cash Retained (M)	87.11	87.11	87.11
(-) Cash Required (M)	-19.17	-11.98	-7.19
(=) Excess Retained (M)	67.94	75.13	79.92
(/) Shares Outstanding (M)	553.50	553.50	553.50
(=) Excess Retained per Share	0.12	0.14	0.14
LTM Dividend per Share	0.02	0.02	0.02
(+) Excess Retained per Share	0.12	0.14	0.14
(=) Adjusted Dividend	0.14	0.15	0.16
WACC / Discount Rate	9.98%	9.98%	9.98%
Growth Rate	-4.64%	-3.64%	-2.64%
Fair Value	$0.90	$1.07	$1.24
Upside / Downside	-93.71%	-92.53%	-91.39%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	95.87	92.37	89.01	85.77	82.65	79.64	82.03
Payout Ratio	9.13%	25.31%	41.48%	57.65%	73.83%	90.00%	92.50%
Projected Dividends (M)	8.76	23.38	36.92	49.45	61.01	71.67	75.87

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.98%	9.98%	9.98%
Growth Rate	-4.64%	-3.64%	-2.64%
Year 1 PV (M)	21.03	21.26	21.48
Year 2 PV (M)	29.89	30.52	31.16
Year 3 PV (M)	36.03	37.17	38.34
Year 4 PV (M)	40.00	41.71	43.46
Year 5 PV (M)	42.28	44.54	46.90
PV of Terminal Value (M)	641.32	675.65	711.45
Equity Value (M)	810.55	850.86	892.80
Shares Outstanding (M)	553.50	553.50	553.50
Fair Value	$1.46	$1.54	$1.61
Upside / Downside	-89.80%	-89.30%	-88.77%

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Center International Group Co.,Ltd. (603098.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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