DDM Analysis: HKB.SI

Valuation Snapshot

Stable Growth	$9.84 - $12.92	$11.46
Multi-Stage	$23.96 - $26.66	$25.28
Blended Fair Value	$18.37
Current Price	$2.64
Upside	595.72%
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%	0.00	0.04	0.24	0.24	0.12	1,389.88	0.00	0.00	0.00	0.00
YoY Growth	-	-	-100.00%	-82.36%	-0.55%	96.93%	-99.99%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.00%	0.43%	2.47%	2.59%	0.94%	11,699.33%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	187.64
(-) Cash Dividends Paid (M)	2.80
(=) Cash Retained (M)	184.84

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	37.53	23.45	14.07
Cash Retained (M)	184.84	184.84	184.84
(-) Cash Required (M)	-37.53	-23.45	-14.07
(=) Excess Retained (M)	147.31	161.39	170.77
(/) Shares Outstanding (M)	66.42	66.42	66.42
(=) Excess Retained per Share	2.22	2.43	2.57
LTM Dividend per Share	0.04	0.04	0.04
(+) Excess Retained per Share	2.22	2.43	2.57
(=) Adjusted Dividend	2.26	2.47	2.61
WACC / Discount Rate	7.74%	7.74%	7.74%
Growth Rate	-12.38%	-11.38%	-10.38%
Fair Value	$9.84	$11.46	$12.92
Upside / Downside	272.76%	333.92%	389.49%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	187.64	166.28	147.35	130.58	115.72	102.55	105.63
Payout Ratio	1.49%	19.19%	36.89%	54.60%	72.30%	90.00%	92.50%
Projected Dividends (M)	2.80	31.91	54.37	71.29	83.66	92.29	97.70

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.74%	7.74%	7.74%
Growth Rate	-12.38%	-11.38%	-10.38%
Year 1 PV (M)	29.29	29.62	29.95
Year 2 PV (M)	45.78	46.83	47.90
Year 3 PV (M)	55.10	57.01	58.96
Year 4 PV (M)	59.34	62.09	64.94
Year 5 PV (M)	60.07	63.58	67.24
PV of Terminal Value (M)	1,341.56	1,419.88	1,501.83
Equity Value (M)	1,591.13	1,679.01	1,770.82
Shares Outstanding (M)	66.42	66.42	66.42
Fair Value	$23.96	$25.28	$26.66
Upside / Downside	807.40%	857.52%	909.88%

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AMTD IDEA Group (HKB.SI)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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