DDM Analysis: 2489.HK

Valuation Snapshot

Stable Growth	$0.51 - $0.78	$0.63
Multi-Stage	$1.14 - $1.25	$1.19
Blended Fair Value	$0.91
Current Price	$1.42
Upside	-35.67%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019
DPS	0.00%	0.00%	0.03	0.01	0.02	0.00	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	129.73%	-39.75%	1,811.80%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	3.65%	1.55%	3.97%	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)	110.24
(-) Cash Dividends Paid (M)	53.82
(=) Cash Retained (M)	56.42

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	22.05	13.78	8.27
Cash Retained (M)	56.42	56.42	56.42
(-) Cash Required (M)	-22.05	-13.78	-8.27
(=) Excess Retained (M)	34.37	42.64	48.15
(/) Shares Outstanding (M)	2,000.00	2,000.00	2,000.00
(=) Excess Retained per Share	0.02	0.02	0.02
LTM Dividend per Share	0.03	0.03	0.03
(+) Excess Retained per Share	0.02	0.02	0.02
(=) Adjusted Dividend	0.04	0.05	0.05
WACC / Discount Rate	6.53%	6.53%	6.53%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$0.51	$0.63	$0.78
Upside / Downside	-64.31%	-55.33%	-45.00%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	110.24	109.14	108.04	106.96	105.89	104.84	107.98
Payout Ratio	48.82%	57.06%	65.29%	73.53%	81.76%	90.00%	92.50%
Projected Dividends (M)	53.82	62.27	70.55	78.65	86.58	94.35	99.88

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.53%	6.53%	6.53%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	57.87	58.46	59.05
Year 2 PV (M)	60.92	62.17	63.43
Year 3 PV (M)	63.11	65.06	67.05
Year 4 PV (M)	64.56	67.23	69.99
Year 5 PV (M)	65.37	68.78	72.32
PV of Terminal Value (M)	1,961.61	2,063.75	2,170.11
Equity Value (M)	2,273.42	2,385.44	2,501.95
Shares Outstanding (M)	2,000.00	2,000.00	2,000.00
Fair Value	$1.14	$1.19	$1.25
Upside / Downside	-19.95%	-16.01%	-11.90%

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Persistence Resources Group Ltd (2489.HK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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