DDM Analysis: 3700.HK

Valuation Snapshot

Stable Growth	$2.77 - $4.16	$3.43
Multi-Stage	$5.31 - $5.85	$5.58
Blended Fair Value	$4.50
Current Price	$1.06
Upside	324.81%
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%	0.04	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	1.80%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	620.76
(-) Cash Dividends Paid (M)	72.89
(=) Cash Retained (M)	547.88

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	124.15	77.60	46.56
Cash Retained (M)	547.88	547.88	547.88
(-) Cash Required (M)	-124.15	-77.60	-46.56
(=) Excess Retained (M)	423.72	470.28	501.32
(/) Shares Outstanding (M)	1,880.61	1,880.61	1,880.61
(=) Excess Retained per Share	0.23	0.25	0.27
LTM Dividend per Share	0.04	0.04	0.04
(+) Excess Retained per Share	0.23	0.25	0.27
(=) Adjusted Dividend	0.26	0.29	0.31
WACC / Discount Rate	7.33%	7.33%	7.33%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$2.77	$3.43	$4.16
Upside / Downside	161.54%	223.65%	292.71%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	620.76	614.55	608.41	602.32	596.30	590.34	608.05
Payout Ratio	11.74%	27.39%	43.04%	58.70%	74.35%	90.00%	92.50%
Projected Dividends (M)	72.89	168.34	261.89	353.54	443.34	531.30	562.44

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.33%	7.33%	7.33%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	155.26	156.84	158.42
Year 2 PV (M)	222.75	227.32	231.93
Year 3 PV (M)	277.33	285.90	294.66
Year 4 PV (M)	320.73	334.02	347.72
Year 5 PV (M)	354.48	372.94	392.16
PV of Terminal Value (M)	8,657.00	9,107.79	9,577.16
Equity Value (M)	9,987.54	10,484.81	11,002.06
Shares Outstanding (M)	1,880.61	1,880.61	1,880.61
Fair Value	$5.31	$5.58	$5.85
Upside / Downside	401.02%	425.97%	451.91%

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Inkeverse Group Limited (3700.HK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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