DDM Analysis: 8017.HK

Valuation Snapshot

Stable Growth	$0.91 - $1.36	$1.12
Multi-Stage	$1.73 - $1.90	$1.82
Blended Fair Value	$1.47
Current Price	$0.33
Upside	352.50%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	0.00%	0.00%	0.02	0.00	0.08	0.00	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	0.00%	-100.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-100.00%	-12.63%	0.00%
Dividend Yield	-	-	5.44%	0.00%	7.62%	0.00%	0.00%	0.00%	0.00%	0.00%	0.64%	0.74%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	65.94
(-) Cash Dividends Paid (M)	29.82
(=) Cash Retained (M)	36.12

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	13.19	8.24	4.95
Cash Retained (M)	36.12	36.12	36.12
(-) Cash Required (M)	-13.19	-8.24	-4.95
(=) Excess Retained (M)	22.93	27.88	31.18
(/) Shares Outstanding (M)	584.89	584.89	584.89
(=) Excess Retained per Share	0.04	0.05	0.05
LTM Dividend per Share	0.05	0.05	0.05
(+) Excess Retained per Share	0.04	0.05	0.05
(=) Adjusted Dividend	0.09	0.10	0.10
WACC / Discount Rate	7.69%	7.69%	7.69%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$0.91	$1.12	$1.36
Upside / Downside	180.79%	245.97%	317.50%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	65.94	65.28	64.63	63.98	63.34	62.71	64.59
Payout Ratio	45.22%	54.18%	63.13%	72.09%	81.04%	90.00%	92.50%
Projected Dividends (M)	29.82	35.37	40.80	46.12	51.34	56.44	59.75

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.69%	7.69%	7.69%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	32.51	32.84	33.18
Year 2 PV (M)	34.48	35.19	35.90
Year 3 PV (M)	35.83	36.94	38.07
Year 4 PV (M)	36.66	38.18	39.74
Year 5 PV (M)	37.05	38.98	40.98
PV of Terminal Value (M)	836.95	880.53	925.91
Equity Value (M)	1,013.47	1,062.65	1,113.78
Shares Outstanding (M)	584.89	584.89	584.89
Fair Value	$1.73	$1.82	$1.90
Upside / Downside	433.16%	459.03%	485.93%

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EBIX	Ebix, Inc.	2.83%	$0.08	46.85%
CMS-PB	Consumers Energy Company	2.82%	$2.17	62.27%
EPRT	Essential Properties Realty Trust, Inc.	2.82%	$0.85	70.58%
GPK	Graphic Packaging Holding Company	2.82%	$0.43	24.85%
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ORRF	Orrstown Financial Services, Inc.	2.81%	$0.98	26.05%
TXNM	TXNM Energy, Inc.	2.80%	$1.65	86.75%
STC	Stewart Information Services Corporation	2.79%	$1.95	54.56%
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KKRS	KKR Group Finance Co. IX LLC 4.	2.77%	$0.49	7.61%
SHBI	Shore Bancshares, Inc.	2.77%	$0.48	28.28%
HNNA	Hennessy Advisors, Inc.	2.76%	$0.27	21.11%
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OFG	OFG Bancorp	2.74%	$1.12	25.13%
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TradeGo FinTech Limited (8017.HK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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