DDM Analysis: 1051.HK

Valuation Snapshot

Stable Growth	$1.73 - $2.45	$2.08
Multi-Stage	$2.54 - $2.79	$2.67
Blended Fair Value	$2.37
Current Price	$1.17
Upside	102.95%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	0.00%	0.00%	0.02	0.02	0.02	0.00	0.00	0.00	0.00	0.00	0.01	0.03
YoY Growth	-	-	0.49%	-0.17%	0.00%	0.00%	0.00%	0.00%	0.00%	-100.00%	-55.34%	0.00%
Dividend Yield	-	-	3.88%	6.13%	5.52%	0.00%	0.00%	0.00%	0.00%	0.00%	1.22%	2.12%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	119.26
(-) Cash Dividends Paid (M)	13.84
(=) Cash Retained (M)	105.42

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	23.85	14.91	8.94
Cash Retained (M)	105.42	105.42	105.42
(-) Cash Required (M)	-23.85	-14.91	-8.94
(=) Excess Retained (M)	81.57	90.52	96.48
(/) Shares Outstanding (M)	450.81	450.81	450.81
(=) Excess Retained per Share	0.18	0.20	0.21
LTM Dividend per Share	0.03	0.03	0.03
(+) Excess Retained per Share	0.18	0.20	0.21
(=) Adjusted Dividend	0.21	0.23	0.24
WACC / Discount Rate	10.00%	10.00%	10.00%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$1.73	$2.08	$2.45
Upside / Downside	47.72%	78.06%	109.15%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	119.26	118.07	116.89	115.72	114.56	113.41	116.82
Payout Ratio	11.60%	27.28%	42.96%	58.64%	74.32%	90.00%	92.50%
Projected Dividends (M)	13.84	32.21	50.22	67.86	85.14	102.07	108.06

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	10.00%	10.00%	10.00%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	28.99	29.28	29.58
Year 2 PV (M)	40.67	41.50	42.34
Year 3 PV (M)	49.45	50.98	52.54
Year 4 PV (M)	55.84	58.15	60.54
Year 5 PV (M)	60.24	63.38	66.65
PV of Terminal Value (M)	911.04	958.48	1,007.88
Equity Value (M)	1,146.23	1,201.78	1,259.53
Shares Outstanding (M)	450.81	450.81	450.81
Fair Value	$2.54	$2.67	$2.79
Upside / Downside	117.31%	127.85%	138.79%

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G-Resources Group Limited (1051.HK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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