DDM Analysis: 1334.HK

Valuation Snapshot

Stable Growth	$0.28 - $0.43	$0.35
Multi-Stage	$0.63 - $0.70	$0.66
Blended Fair Value	$0.51
Current Price	$1.02
Upside	-50.44%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021
DPS	0.00%	0.00%	0.02	0.00	0.00	0.04	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	0.00%	0.00%	-100.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	2.54%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	13.15
(-) Cash Dividends Paid (M)	10.10
(=) Cash Retained (M)	3.04

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	2.63	1.64	0.99
Cash Retained (M)	3.04	3.04	3.04
(-) Cash Required (M)	-2.63	-1.64	-0.99
(=) Excess Retained (M)	0.41	1.40	2.06
(/) Shares Outstanding (M)	436.13	436.13	436.13
(=) Excess Retained per Share	0.00	0.00	0.00
LTM Dividend per Share	0.02	0.02	0.02
(+) Excess Retained per Share	0.00	0.00	0.00
(=) Adjusted Dividend	0.02	0.03	0.03
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$0.28	$0.35	$0.43
Upside / Downside	-72.87%	-66.05%	-58.20%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	13.15	13.01	12.88	12.76	12.63	12.50	12.88
Payout Ratio	76.84%	79.48%	82.11%	84.74%	87.37%	90.00%	92.50%
Projected Dividends (M)	10.10	10.34	10.58	10.81	11.03	11.25	11.91

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	9.61	9.71	9.81
Year 2 PV (M)	9.13	9.32	9.51
Year 3 PV (M)	8.67	8.94	9.21
Year 4 PV (M)	8.22	8.56	8.91
Year 5 PV (M)	7.79	8.20	8.62
PV of Terminal Value (M)	233.04	245.17	257.81
Equity Value (M)	276.46	289.90	303.87
Shares Outstanding (M)	436.13	436.13	436.13
Fair Value	$0.63	$0.66	$0.70
Upside / Downside	-37.85%	-34.83%	-31.69%

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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%
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Ruichang Intl (1334.HK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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