DDM Analysis: HKB.SI

Valuation Snapshot

Stable Growth	$9.98 - $13.13	$11.63
Multi-Stage	$25.54 - $28.43	$26.95
Blended Fair Value	$19.29
Current Price	$2.64
Upside	630.66%
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	7.46%	7.46%	7.46%
Growth Rate	-12.38%	-11.38%	-10.38%
Fair Value	$9.98	$11.63	$13.13
Upside / Downside	278.02%	340.38%	397.18%

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	7.46%	7.46%	7.46%
Growth Rate	-12.38%	-11.38%	-10.38%
Year 1 PV (M)	29.36	29.70	30.03
Year 2 PV (M)	46.02	47.08	48.15
Year 3 PV (M)	55.53	57.45	59.42
Year 4 PV (M)	59.96	62.74	65.62
Year 5 PV (M)	60.86	64.41	68.13
PV of Terminal Value (M)	1,444.50	1,528.84	1,617.07
Equity Value (M)	1,696.23	1,790.21	1,888.41
Shares Outstanding (M)	66.42	66.42	66.42
Fair Value	$25.54	$26.95	$28.43
Upside / Downside	867.34%	920.94%	976.94%

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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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