DDM Analysis: 2588.HK

Valuation Snapshot

Stable Growth	$429.88 - $506.48	$474.64
Multi-Stage	$169.92 - $186.36	$177.99
Blended Fair Value	$326.31
Current Price	$8.28
Upside	3,840.99%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	7.81%	8.93%	0.47	0.29	0.26	0.23	0.36	0.32	0.32	0.22	0.06	0.00
YoY Growth	-	-	62.32%	10.64%	15.46%	-36.05%	9.84%	0.91%	43.81%	265.24%	0.00%	-100.00%
Dividend Yield	-	-	6.06%	3.80%	3.14%	3.10%	4.11%	3.18%	4.33%	4.20%	1.24%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,767.44
(-) Cash Dividends Paid (M)	590.60
(=) Cash Retained (M)	1,176.83

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	353.49	220.93	132.56
Cash Retained (M)	1,176.83	1,176.83	1,176.83
(-) Cash Required (M)	-353.49	-220.93	-132.56
(=) Excess Retained (M)	823.35	955.90	1,044.28
(/) Shares Outstanding (M)	694.01	694.01	694.01
(=) Excess Retained per Share	1.19	1.38	1.50
LTM Dividend per Share	0.85	0.85	0.85
(+) Excess Retained per Share	1.19	1.38	1.50
(=) Adjusted Dividend	2.04	2.23	2.36
WACC / Discount Rate	4.57%	4.57%	4.57%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$429.88	$474.64	$506.48
Upside / Downside	5,091.83%	5,632.38%	6,016.85%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,767.44	1,882.32	2,004.67	2,134.97	2,273.75	2,421.54	2,494.19
Payout Ratio	33.42%	44.73%	56.05%	67.37%	78.68%	90.00%	92.50%
Projected Dividends (M)	590.60	842.01	1,123.61	1,438.25	1,789.06	2,179.39	2,307.12

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	4.57%	4.57%	4.57%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	797.62	805.18	812.74
Year 2 PV (M)	1,008.26	1,027.46	1,046.85
Year 3 PV (M)	1,222.56	1,257.66	1,293.42
Year 4 PV (M)	1,440.58	1,495.98	1,552.97
Year 5 PV (M)	1,662.37	1,742.66	1,826.03
PV of Terminal Value (M)	111,795.95	117,195.73	122,802.18
Equity Value (M)	117,927.34	123,524.68	129,334.19
Shares Outstanding (M)	694.01	694.01	694.01
Fair Value	$169.92	$177.99	$186.36
Upside / Downside	1,952.19%	2,049.60%	2,150.70%

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BOC Aviation Limited (2588.HK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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