DDM Analysis: 000750.SZ

Valuation Snapshot

Stable Growth	$1.77 - $2.99	$2.30
Multi-Stage	$3.01 - $3.31	$3.16
Blended Fair Value	$2.73
Current Price	$4.55
Upside	-39.99%
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	-7.94%	14.49%	0.09	0.12	0.10	0.18	0.15	0.14	0.17	0.15	0.13	0.05
YoY Growth	-	-	-22.42%	17.77%	-45.59%	22.75%	8.35%	-16.03%	9.41%	13.26%	143.35%	131.21%
Dividend Yield	-	-	2.28%	3.49%	2.95%	4.93%	3.36%	3.17%	2.92%	3.80%	2.29%	0.93%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	949.55
(-) Cash Dividends Paid (M)	376.96
(=) Cash Retained (M)	572.59

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	189.91	118.69	71.22
Cash Retained (M)	572.59	572.59	572.59
(-) Cash Required (M)	-189.91	-118.69	-71.22
(=) Excess Retained (M)	382.68	453.89	501.37
(/) Shares Outstanding (M)	6,530.03	6,530.03	6,530.03
(=) Excess Retained per Share	0.06	0.07	0.08
LTM Dividend per Share	0.06	0.06	0.06
(+) Excess Retained per Share	0.06	0.07	0.08
(=) Adjusted Dividend	0.12	0.13	0.13
WACC / Discount Rate	6.87%	6.87%	6.87%
Growth Rate	0.27%	1.27%	2.27%
Fair Value	$1.77	$2.30	$2.99
Upside / Downside	-61.15%	-49.42%	-34.27%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	949.55	961.65	973.90	986.31	998.87	1,011.60	1,041.95
Payout Ratio	39.70%	49.76%	59.82%	69.88%	79.94%	90.00%	92.50%
Projected Dividends (M)	376.96	478.51	582.58	689.23	798.50	910.44	963.80

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.87%	6.87%	6.87%
Growth Rate	0.27%	1.27%	2.27%
Year 1 PV (M)	443.31	447.73	452.15
Year 2 PV (M)	500.03	510.05	520.18
Year 3 PV (M)	548.06	564.62	581.51
Year 4 PV (M)	588.24	612.06	636.60
Year 5 PV (M)	621.38	652.98	685.86
PV of Terminal Value (M)	16,982.34	17,846.20	18,744.85
Equity Value (M)	19,683.36	20,633.64	21,621.15
Shares Outstanding (M)	6,530.03	6,530.03	6,530.03
Fair Value	$3.01	$3.16	$3.31
Upside / Downside	-33.75%	-30.55%	-27.23%

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Sealand Securities Co., Ltd. (000750.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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