DDM Analysis: 1126.HK

Valuation Snapshot

Stable Growth	$44.20 - $96.42	$63.38
Multi-Stage	$33.32 - $36.32	$34.80
Blended Fair Value	$49.09
Current Price	$9.76
Upside	402.94%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	37.97%	21.26%	0.55	0.50	0.20	0.12	0.12	0.11	0.04	0.04	0.01	0.08
YoY Growth	-	-	10.00%	150.00%	66.67%	0.00%	9.09%	175.00%	0.00%	299.99%	-87.50%	0.00%
Dividend Yield	-	-	11.04%	12.82%	7.19%	4.29%	4.27%	3.00%	0.92%	1.23%	0.47%	5.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,541.52
(-) Cash Dividends Paid (M)	778.40
(=) Cash Retained (M)	763.13

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	308.30	192.69	115.61
Cash Retained (M)	763.13	763.13	763.13
(-) Cash Required (M)	-308.30	-192.69	-115.61
(=) Excess Retained (M)	454.82	570.44	647.51
(/) Shares Outstanding (M)	676.87	676.87	676.87
(=) Excess Retained per Share	0.67	0.84	0.96
LTM Dividend per Share	1.15	1.15	1.15
(+) Excess Retained per Share	0.67	0.84	0.96
(=) Adjusted Dividend	1.82	1.99	2.11
WACC / Discount Rate	9.85%	9.85%	9.85%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$44.20	$63.38	$96.42
Upside / Downside	352.89%	549.37%	887.96%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,541.52	1,641.72	1,748.43	1,862.08	1,983.12	2,112.02	2,175.38
Payout Ratio	50.50%	58.40%	66.30%	74.20%	82.10%	90.00%	92.50%
Projected Dividends (M)	778.40	958.70	1,159.16	1,381.63	1,628.12	1,900.82	2,012.23

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.85%	9.85%	9.85%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	864.55	872.75	880.94
Year 2 PV (M)	942.67	960.63	978.75
Year 3 PV (M)	1,013.25	1,042.34	1,071.97
Year 4 PV (M)	1,076.76	1,118.17	1,160.76
Year 5 PV (M)	1,133.66	1,188.41	1,245.27
PV of Terminal Value (M)	17,523.34	18,369.72	19,248.50
Equity Value (M)	22,554.23	23,552.02	24,586.19
Shares Outstanding (M)	676.87	676.87	676.87
Fair Value	$33.32	$34.80	$36.32
Upside / Downside	241.41%	256.51%	272.17%

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Dream International Limited (1126.HK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener