DDM Analysis: 2418.HK

Valuation Snapshot

Stable Growth	$0.58 - $0.91	$0.73
Multi-Stage	$1.43 - $1.57	$1.50
Blended Fair Value	$1.11
Current Price	$1.74
Upside	-36.05%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019
DPS	9.16%	0.00%	0.04	0.04	0.09	0.03	0.15	0.03	0.00	0.00	0.00	0.00
YoY Growth	-	-	-8.29%	-51.79%	203.82%	-79.30%	457.33%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	2.37%	3.56%	11.46%	2.08%	9.64%	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)	130.32
(-) Cash Dividends Paid (M)	88.92
(=) Cash Retained (M)	41.41

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	26.06	16.29	9.77
Cash Retained (M)	41.41	41.41	41.41
(-) Cash Required (M)	-26.06	-16.29	-9.77
(=) Excess Retained (M)	15.34	25.12	31.63
(/) Shares Outstanding (M)	2,181.48	2,181.48	2,181.48
(=) Excess Retained per Share	0.01	0.01	0.01
LTM Dividend per Share	0.04	0.04	0.04
(+) Excess Retained per Share	0.01	0.01	0.01
(=) Adjusted Dividend	0.05	0.05	0.06
WACC / Discount Rate	6.10%	6.10%	6.10%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$0.58	$0.73	$0.91
Upside / Downside	-66.76%	-58.10%	-47.92%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	130.32	129.02	127.73	126.45	125.19	123.93	127.65
Payout Ratio	68.23%	72.58%	76.94%	81.29%	85.65%	90.00%	92.50%
Projected Dividends (M)	88.92	93.64	98.27	102.79	107.22	111.54	118.08

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.10%	6.10%	6.10%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	87.37	88.26	89.15
Year 2 PV (M)	85.54	87.30	89.07
Year 3 PV (M)	83.49	86.07	88.70
Year 4 PV (M)	81.25	84.61	88.08
Year 5 PV (M)	78.86	82.97	87.24
PV of Terminal Value (M)	2,695.05	2,835.39	2,981.51
Equity Value (M)	3,111.56	3,264.60	3,423.77
Shares Outstanding (M)	2,181.48	2,181.48	2,181.48
Fair Value	$1.43	$1.50	$1.57
Upside / Downside	-18.03%	-13.99%	-9.80%

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Deewin Tianxia Co., Ltd (2418.HK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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