DDM Analysis: 2030.HK

Valuation Snapshot

Stable Growth	$0.28 - $0.37	$0.33
Multi-Stage	$1.00 - $1.11	$1.06
Blended Fair Value	$0.69
Current Price	$1.42
Upside	-51.15%
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	-24.27%	-17.58%	0.03	0.03	0.04	0.11	0.09	0.11	0.18	0.10	0.14	0.17
YoY Growth	-	-	-5.66%	-22.57%	-67.40%	21.10%	-13.62%	-40.16%	84.18%	-30.03%	-14.30%	-12.15%
Dividend Yield	-	-	2.37%	3.13%	4.14%	5.00%	3.30%	8.17%	10.70%	5.23%	7.84%	4.75%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	54.34
(-) Cash Dividends Paid (M)	34.73
(=) Cash Retained (M)	19.61

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	10.87	6.79	4.08
Cash Retained (M)	19.61	19.61	19.61
(-) Cash Required (M)	-10.87	-6.79	-4.08
(=) Excess Retained (M)	8.74	12.81	15.53
(/) Shares Outstanding (M)	668.59	668.59	668.59
(=) Excess Retained per Share	0.01	0.02	0.02
LTM Dividend per Share	0.05	0.05	0.05
(+) Excess Retained per Share	0.01	0.02	0.02
(=) Adjusted Dividend	0.07	0.07	0.08
WACC / Discount Rate	6.34%	6.34%	6.34%
Growth Rate	-13.52%	-12.52%	-11.52%
Fair Value	$0.28	$0.33	$0.37
Upside / Downside	-80.05%	-76.76%	-73.76%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	54.34	47.54	41.59	36.38	31.83	27.85	28.68
Payout Ratio	63.92%	69.13%	74.35%	79.57%	84.78%	90.00%	92.50%
Projected Dividends (M)	34.73	32.86	30.92	28.95	26.99	25.06	26.53

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.34%	6.34%	6.34%
Growth Rate	-13.52%	-12.52%	-11.52%
Year 1 PV (M)	30.55	30.91	31.26
Year 2 PV (M)	26.72	27.35	27.97
Year 3 PV (M)	23.26	24.08	24.91
Year 4 PV (M)	20.16	21.11	22.09
Year 5 PV (M)	17.40	18.43	19.51
PV of Terminal Value (M)	552.33	585.01	619.22
Equity Value (M)	670.43	706.88	744.96
Shares Outstanding (M)	668.59	668.59	668.59
Fair Value	$1.00	$1.06	$1.11
Upside / Downside	-29.38%	-25.54%	-21.53%

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0R28.L	Newmont Corporation	2.49%	$1.01	15.53%
ETR	Entergy Corporation	2.49%	$2.34	57.35%
NKE	NIKE, Inc.	2.49%	$1.58	80.59%
OTTR	Otter Tail Corporation	2.49%	$2.03	30.69%
FHN	First Horizon Corporation	2.48%	$0.60	34.42%
PWP	Perella Weinberg Partners	2.48%	$0.44	69.65%
SCS	Steelcase Inc.	2.48%	$0.40	50.05%
PBI	Pitney Bowes Inc.	2.46%	$0.25	61.37%
RBCAA	Republic Bancorp, Inc.	2.45%	$1.67	25.85%
SRCE	1st Source Corporation	2.45%	$1.53	25.20%
TRMK	Trustmark Corporation	2.45%	$0.96	26.11%
VOYA	Voya Financial, Inc.	2.45%	$1.86	29.46%
AWK	American Water Works Company, Inc.	2.44%	$3.18	55.85%
LSTR	Landstar System, Inc.	2.44%	$3.58	90.21%
NGL	NGL Energy Partners LP	2.44%	$0.24	24.52%
TCFC	The Community Financial Corporation	2.44%	$0.66	12.72%
CADE	Cadence Bank	2.43%	$1.05	37.49%
JNJ	Johnson & Johnson	2.43%	$5.04	48.70%
MBCN	Middlefield Banc Corp.	2.43%	$0.83	42.36%
0L7G.L	Snap-on Incorporated	2.42%	$8.43	44.15%
ITW	Illinois Tool Works Inc.	2.42%	$6.04	58.20%
MOFG	MidWestOne Financial Group, Inc.	2.40%	$0.92	32.44%
FFIN	First Financial Bankshares, Inc.	2.39%	$0.72	42.45%
ADP	Automatic Data Processing, Inc.	2.38%	$6.03	59.30%
CAL	Caleres, Inc.	2.38%	$0.29	46.21%
ABM	ABM Industries Incorporated	2.37%	$1.01	54.79%
FUNC	First United Corporation	2.36%	$0.88	22.87%
HON	Honeywell International Inc.	2.36%	$4.63	48.21%
RILYK	B. Riley Financial, Inc. 5.50% Senior Notes Due 2026	2.36%	$0.58	56.91%
CDW	CDW Corporation	2.35%	$3.14	39.31%
CHMG	Chemung Financial Corporation	2.35%	$1.28	46.47%
LZB	La-Z-Boy Incorporated	2.35%	$0.88	40.20%
PKG	Packaging Corporation of America	2.35%	$4.97	50.31%
UNP	Union Pacific Corporation	2.35%	$5.44	45.77%
0K91.L	Northern Trust Corporation	2.34%	$3.20	35.68%
MCD	McDonald's Corporation	2.33%	$7.07	60.14%
MGEE	MGE Energy, Inc.	2.32%	$1.82	49.49%
MZTI	The Marzetti Company	2.32%	$3.82	61.80%
UNM	Unum Group	2.32%	$1.79	33.52%
RILYM	B. Riley Financial, Inc. - 6.37	2.31%	$0.58	56.91%
RILYO	B. Riley Financial, Inc. - 6.75	2.31%	$0.58	56.91%
HONIV	Honeywell International Inc. Common Stock Ex Distribution When Issued	2.30%	$4.63	48.21%
PGR	The Progressive Corporation	2.30%	$4.88	26.80%
WNEB	Western New England Bancorp, Inc.	2.30%	$0.28	43.00%
0R23.L	Halliburton Company	2.29%	$0.68	44.61%
ADS	Bread Financial Holdings, Inc.	2.29%	$1.30	21.08%
HLNE	Hamilton Lane Incorporated	2.29%	$3.13	74.09%
BSVN	Bank7 Corp.	2.28%	$0.94	20.81%
MCBC	Macatawa Bank Corporation	2.28%	$0.34	28.37%
BRKL	Brookline Bancorp, Inc.	2.27%	$0.54	61.06%

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Cabbeen Fashion Limited (2030.HK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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