DDM Analysis: O39.SI

Valuation Snapshot

Stable Growth	$160.78 - $580.19	$511.55
Multi-Stage	$74.46 - $81.41	$77.87
Blended Fair Value	$294.71
Current Price	$16.31
Upside	1,706.94%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	45.95%	31.63%	0.88	0.83	0.58	0.34	0.32	0.13	0.25	0.37	0.21	0.07
YoY Growth	-	-	6.80%	42.48%	69.69%	5.25%	143.69%	-46.94%	-32.24%	76.27%	185.47%	30.31%
Dividend Yield	-	-	5.12%	6.08%	4.68%	2.76%	2.76%	1.54%	2.24%	2.89%	2.16%	0.83%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	13,199.00
(-) Cash Dividends Paid (M)	6,588.00
(=) Cash Retained (M)	6,611.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	2,639.80	1,649.88	989.93
Cash Retained (M)	6,611.00	6,611.00	6,611.00
(-) Cash Required (M)	-2,639.80	-1,649.88	-989.93
(=) Excess Retained (M)	3,971.20	4,961.13	5,621.08
(/) Shares Outstanding (M)	4,524.29	4,524.29	4,524.29
(=) Excess Retained per Share	0.88	1.10	1.24
LTM Dividend per Share	1.46	1.46	1.46
(+) Excess Retained per Share	0.88	1.10	1.24
(=) Adjusted Dividend	2.33	2.55	2.70
WACC / Discount Rate	7.03%	7.03%	7.03%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$160.78	$511.55	$580.19
Upside / Downside	885.78%	3,036.44%	3,457.27%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	13,199.00	14,056.94	14,970.64	15,943.73	16,980.07	18,083.77	18,626.29
Payout Ratio	49.91%	57.93%	65.95%	73.97%	81.98%	90.00%	92.50%
Projected Dividends (M)	6,588.00	8,143.22	9,872.79	11,792.80	13,920.70	16,275.40	17,229.32

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.03%	7.03%	7.03%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	7,536.82	7,608.25	7,679.69
Year 2 PV (M)	8,457.13	8,618.21	8,780.82
Year 3 PV (M)	9,349.56	9,617.96	9,891.44
Year 4 PV (M)	10,214.73	10,607.56	11,011.61
Year 5 PV (M)	11,053.22	11,587.10	12,141.41
PV of Terminal Value (M)	290,245.08	304,264.03	318,819.51
Equity Value (M)	336,856.54	352,303.11	368,324.48
Shares Outstanding (M)	4,524.29	4,524.29	4,524.29
Fair Value	$74.46	$77.87	$81.41
Upside / Downside	356.50%	377.43%	399.14%

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Oversea-Chinese Banking Corporation Limited (O39.SI)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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