DDM Analysis: 2232.HK

Valuation Snapshot

Stable Growth	$10.01 - $26.16	$24.51
Multi-Stage	$12.76 - $14.04	$13.39
Blended Fair Value	$18.95
Current Price	$0.59
Upside	3,085.80%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	16.73%	17.34%	0.03	0.02	0.02	0.02	0.01	0.02	0.02	0.02	0.12	0.03
YoY Growth	-	-	59.91%	13.37%	-0.72%	28.42%	-6.25%	-23.59%	-8.42%	-81.52%	348.75%	293.69%
Dividend Yield	-	-	6.10%	5.78%	6.08%	5.67%	4.83%	3.84%	4.09%	2.34%	12.00%	2.67%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	388.60
(-) Cash Dividends Paid (M)	159.00
(=) Cash Retained (M)	229.60

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	77.72	48.58	29.15
Cash Retained (M)	229.60	229.60	229.60
(-) Cash Required (M)	-77.72	-48.58	-29.15
(=) Excess Retained (M)	151.88	181.02	200.45
(/) Shares Outstanding (M)	2,852.82	2,852.82	2,852.82
(=) Excess Retained per Share	0.05	0.06	0.07
LTM Dividend per Share	0.06	0.06	0.06
(+) Excess Retained per Share	0.05	0.06	0.07
(=) Adjusted Dividend	0.11	0.12	0.13
WACC / Discount Rate	2.91%	2.91%	2.91%
Growth Rate	1.80%	2.80%	3.80%
Fair Value	$10.01	$24.51	$26.16
Upside / Downside	1,583.98%	4,020.50%	4,298.33%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	388.60	399.48	410.67	422.17	434.00	446.15	459.54
Payout Ratio	40.92%	50.73%	60.55%	70.37%	80.18%	90.00%	92.50%
Projected Dividends (M)	159.00	202.67	248.66	297.07	347.99	401.54	425.07

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	2.91%	2.91%	2.91%
Growth Rate	1.80%	2.80%	3.80%
Year 1 PV (M)	195.03	196.94	198.86
Year 2 PV (M)	230.26	234.80	239.39
Year 3 PV (M)	264.71	272.59	280.62
Year 4 PV (M)	298.39	310.29	322.54
Year 5 PV (M)	331.32	347.91	365.17
PV of Terminal Value (M)	35,073.70	36,830.55	38,657.09
Equity Value (M)	36,393.41	38,193.08	40,063.68
Shares Outstanding (M)	2,852.82	2,852.82	2,852.82
Fair Value	$12.76	$13.39	$14.04
Upside / Downside	2,045.04%	2,151.11%	2,261.37%

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Crystal International Group Limited (2232.HK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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