DDM Analysis: 8476.HK

Valuation Snapshot

Stable Growth	$2.06 - $3.69	$2.75
Multi-Stage	$2.54 - $2.79	$2.66
Blended Fair Value	$2.71
Current Price	$2.81
Upside	-3.68%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	8.18%	0.00%	0.04	0.04	0.03	0.03	0.02	0.03	0.02	0.00	0.04	0.05
YoY Growth	-	-	0.00%	21.21%	32.00%	13.64%	-18.52%	22.73%	0.00%	-100.00%	-20.63%	0.00%
Dividend Yield	-	-	1.42%	1.92%	4.40%	3.25%	2.68%	3.65%	2.93%	0.00%	2.90%	3.66%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	41.62
(-) Cash Dividends Paid (M)	11.20
(=) Cash Retained (M)	30.42

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	8.32	5.20	3.12
Cash Retained (M)	30.42	30.42	30.42
(-) Cash Required (M)	-8.32	-5.20	-3.12
(=) Excess Retained (M)	22.09	25.21	27.29
(/) Shares Outstanding (M)	280.00	280.00	280.00
(=) Excess Retained per Share	0.08	0.09	0.10
LTM Dividend per Share	0.04	0.04	0.04
(+) Excess Retained per Share	0.08	0.09	0.10
(=) Adjusted Dividend	0.12	0.13	0.14
WACC / Discount Rate	7.99%	7.99%	7.99%
Growth Rate	2.11%	3.11%	4.11%
Fair Value	$2.06	$2.75	$3.69
Upside / Downside	-26.51%	-2.20%	31.29%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	41.62	42.91	44.24	45.62	47.04	48.50	49.96
Payout Ratio	26.91%	39.53%	52.15%	64.77%	77.38%	90.00%	92.50%
Projected Dividends (M)	11.20	16.96	23.07	29.55	36.40	43.65	46.21

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.99%	7.99%	7.99%
Growth Rate	2.11%	3.11%	4.11%
Year 1 PV (M)	15.56	15.71	15.86
Year 2 PV (M)	19.40	19.78	20.17
Year 3 PV (M)	22.79	23.46	24.15
Year 4 PV (M)	25.74	26.77	27.82
Year 5 PV (M)	28.31	29.72	31.19
PV of Terminal Value (M)	600.74	630.74	661.92
Equity Value (M)	712.54	746.18	781.12
Shares Outstanding (M)	280.00	280.00	280.00
Fair Value	$2.54	$2.66	$2.79
Upside / Downside	-9.44%	-5.16%	-0.72%

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Ocean One Holding Ltd. (8476.HK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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