DDM Analysis: 0069.HK

Valuation Snapshot

Stable Growth	$0.72 - $1.12	$0.91
Multi-Stage	$1.53 - $1.69	$1.61
Blended Fair Value	$1.26
Current Price	$0.54
Upside	131.24%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-2.00%	8.57%	0.03	0.00	0.00	0.00	0.00	0.03	0.02	0.02	0.01	0.01
YoY Growth	-	-	0.00%	0.00%	0.00%	0.00%	-100.00%	15.73%	35.84%	40.03%	-9.09%	25.77%
Dividend Yield	-	-	3.75%	0.00%	0.00%	0.00%	0.00%	2.72%	1.65%	0.80%	1.22%	1.45%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	272.08
(-) Cash Dividends Paid (M)	91.65
(=) Cash Retained (M)	180.43

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	54.42	34.01	20.41
Cash Retained (M)	180.43	180.43	180.43
(-) Cash Required (M)	-54.42	-34.01	-20.41
(=) Excess Retained (M)	126.01	146.42	160.02
(/) Shares Outstanding (M)	3,585.31	3,585.31	3,585.31
(=) Excess Retained per Share	0.04	0.04	0.04
LTM Dividend per Share	0.03	0.03	0.03
(+) Excess Retained per Share	0.04	0.04	0.04
(=) Adjusted Dividend	0.06	0.07	0.07
WACC / Discount Rate	6.62%	6.62%	6.62%
Growth Rate	-1.66%	-0.66%	0.34%
Fair Value	$0.72	$0.91	$1.12
Upside / Downside	32.73%	66.82%	106.52%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	272.08	270.29	268.52	266.76	265.01	263.27	271.17
Payout Ratio	33.68%	44.95%	56.21%	67.47%	78.74%	90.00%	92.50%
Projected Dividends (M)	91.65	121.49	150.94	179.99	208.66	236.94	250.83

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.62%	6.62%	6.62%
Growth Rate	-1.66%	-0.66%	0.34%
Year 1 PV (M)	112.80	113.95	115.10
Year 2 PV (M)	130.12	132.78	135.47
Year 3 PV (M)	144.08	148.52	153.05
Year 4 PV (M)	155.09	161.49	168.09
Year 5 PV (M)	163.52	172.00	180.83
PV of Terminal Value (M)	4,787.15	5,035.54	5,294.13
Equity Value (M)	5,492.76	5,764.28	6,046.67
Shares Outstanding (M)	3,585.31	3,585.31	3,585.31
Fair Value	$1.53	$1.61	$1.69
Upside / Downside	181.74%	195.66%	210.15%

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Shangri-La Asia Limited (0069.HK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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