DDM Analysis: 0799.HK

Valuation Snapshot

Stable Growth	$10.01 - $15.18	$12.44
Multi-Stage	$20.87 - $23.00	$21.91
Blended Fair Value	$17.18
Current Price	$4.40
Upside	290.40%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-23.40%	-0.16%	0.08	0.00	0.00	0.69	0.71	0.32	0.35	0.56	0.25	0.25
YoY Growth	-	-	0.00%	0.00%	-100.00%	-2.98%	122.87%	-9.54%	-37.59%	123.82%	0.10%	194.97%
Dividend Yield	-	-	2.07%	0.00%	0.00%	9.93%	8.73%	5.53%	3.28%	6.58%	4.82%	7.23%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,336.95
(-) Cash Dividends Paid (M)	170.66
(=) Cash Retained (M)	1,166.29

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	267.39	167.12	100.27
Cash Retained (M)	1,166.29	1,166.29	1,166.29
(-) Cash Required (M)	-267.39	-167.12	-100.27
(=) Excess Retained (M)	898.90	999.17	1,066.02
(/) Shares Outstanding (M)	1,160.41	1,160.41	1,160.41
(=) Excess Retained per Share	0.77	0.86	0.92
LTM Dividend per Share	0.15	0.15	0.15
(+) Excess Retained per Share	0.77	0.86	0.92
(=) Adjusted Dividend	0.92	1.01	1.07
WACC / Discount Rate	6.85%	6.85%	6.85%
Growth Rate	-2.16%	-1.16%	-0.16%
Fair Value	$10.01	$12.44	$15.18
Upside / Downside	127.49%	182.74%	244.99%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,336.95	1,321.44	1,306.12	1,290.97	1,275.99	1,261.20	1,299.03
Payout Ratio	12.76%	28.21%	43.66%	59.11%	74.55%	90.00%	92.50%
Projected Dividends (M)	170.66	372.80	570.24	763.04	951.29	1,135.08	1,201.60

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.85%	6.85%	6.85%
Growth Rate	-2.16%	-1.16%	-0.16%
Year 1 PV (M)	345.37	348.90	352.43
Year 2 PV (M)	489.41	499.47	509.63
Year 3 PV (M)	606.71	625.50	644.68
Year 4 PV (M)	700.74	729.83	759.82
Year 5 PV (M)	774.60	815.00	857.07
PV of Terminal Value (M)	21,300.33	22,411.34	23,568.23
Equity Value (M)	24,217.16	25,430.04	26,691.85
Shares Outstanding (M)	1,160.41	1,160.41	1,160.41
Fair Value	$20.87	$21.91	$23.00
Upside / Downside	374.31%	398.06%	422.77%

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IGG Inc (0799.HK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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