DDM Analysis: 0400.HK

Valuation Snapshot

Stable Growth	$5.72 - $12.27	$8.15
Multi-Stage	$7.83 - $8.60	$8.21
Blended Fair Value	$8.18
Current Price	$1.35
Upside	505.79%
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%	0.03	0.04	0.00	0.00	0.00	0.00	0.00	0.04	0.00	0.00
YoY Growth	-	-	-5.06%	0.00%	0.00%	0.00%	0.00%	0.00%	-100.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	2.97%	3.21%	0.00%	0.00%	0.00%	0.00%	0.00%	1.28%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	440.11
(-) Cash Dividends Paid (M)	98.26
(=) Cash Retained (M)	341.85

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	88.02	55.01	33.01
Cash Retained (M)	341.85	341.85	341.85
(-) Cash Required (M)	-88.02	-55.01	-33.01
(=) Excess Retained (M)	253.83	286.84	308.84
(/) Shares Outstanding (M)	1,414.33	1,414.33	1,414.33
(=) Excess Retained per Share	0.18	0.20	0.22
LTM Dividend per Share	0.07	0.07	0.07
(+) Excess Retained per Share	0.18	0.20	0.22
(=) Adjusted Dividend	0.25	0.27	0.29
WACC / Discount Rate	6.43%	6.43%	6.43%
Growth Rate	1.99%	2.99%	3.99%
Fair Value	$5.72	$8.15	$12.27
Upside / Downside	323.55%	503.78%	808.57%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	440.11	453.27	466.83	480.80	495.19	510.00	525.30
Payout Ratio	22.33%	35.86%	49.40%	62.93%	76.47%	90.00%	92.50%
Projected Dividends (M)	98.26	162.54	230.59	302.57	378.64	459.00	485.90

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.43%	6.43%	6.43%
Growth Rate	1.99%	2.99%	3.99%
Year 1 PV (M)	151.24	152.72	154.20
Year 2 PV (M)	199.63	203.56	207.54
Year 3 PV (M)	243.72	250.96	258.34
Year 4 PV (M)	283.79	295.08	306.71
Year 5 PV (M)	320.08	336.09	352.72
PV of Terminal Value (M)	9,872.96	10,366.55	10,879.69
Equity Value (M)	11,071.42	11,604.97	12,159.21
Shares Outstanding (M)	1,414.33	1,414.33	1,414.33
Fair Value	$7.83	$8.21	$8.60
Upside / Downside	479.85%	507.80%	536.83%

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Ingdan, Inc. (0400.HK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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