DDM Analysis: 2343.HK

Valuation Snapshot

Stable Growth	$0.68 - $1.66	$1.01
Multi-Stage	$0.49 - $0.54	$0.52
Blended Fair Value	$0.76
Current Price	$0.26
Upside	197.24%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	24.70%	18.18%	0.01	0.04	0.13	0.02	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	-69.80%	-69.58%	728.23%	570.65%	-40.92%	52.46%	0.00%	0.00%	-100.00%	-0.14%
Dividend Yield	-	-	5.80%	12.33%	39.45%	4.39%	1.28%	1.93%	1.40%	0.00%	0.00%	1.44%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	168.54
(-) Cash Dividends Paid (M)	82.51
(=) Cash Retained (M)	86.03

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	33.71	21.07	12.64
Cash Retained (M)	86.03	86.03	86.03
(-) Cash Required (M)	-33.71	-21.07	-12.64
(=) Excess Retained (M)	52.32	64.96	73.39
(/) Shares Outstanding (M)	5,371.33	5,371.33	5,371.33
(=) Excess Retained per Share	0.01	0.01	0.01
LTM Dividend per Share	0.02	0.02	0.02
(+) Excess Retained per Share	0.01	0.01	0.01
(=) Adjusted Dividend	0.03	0.03	0.03
WACC / Discount Rate	9.38%	9.38%	9.38%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$0.68	$1.01	$1.66
Upside / Downside	165.01%	294.03%	543.57%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	168.54	179.49	191.16	203.58	216.82	230.91	237.84
Payout Ratio	48.96%	57.16%	65.37%	73.58%	81.79%	90.00%	92.50%
Projected Dividends (M)	82.51	102.61	124.97	149.80	177.34	207.82	220.00

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.38%	9.38%	9.38%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	92.92	93.80	94.68
Year 2 PV (M)	102.49	104.44	106.41
Year 3 PV (M)	111.26	114.46	117.71
Year 4 PV (M)	119.29	123.87	128.59
Year 5 PV (M)	126.60	132.71	139.06
PV of Terminal Value (M)	2,099.06	2,200.44	2,305.71
Equity Value (M)	2,651.62	2,769.73	2,892.17
Shares Outstanding (M)	5,371.33	5,371.33	5,371.33
Fair Value	$0.49	$0.52	$0.54
Upside / Downside	91.90%	100.45%	109.31%

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Ticker

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Sector

Pacific Basin Shipping Limited (2343.HK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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