DDM Analysis: 0950.HK

Valuation Snapshot

Stable Growth	$2.06 - $3.51	$2.69
Multi-Stage	$3.71 - $4.08	$3.89
Blended Fair Value	$3.29
Current Price	$1.44
Upside	128.44%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-21.80%	-8.50%	0.03	0.02	0.04	0.06	0.06	0.10	0.10	0.11	0.11	0.10
YoY Growth	-	-	66.67%	-56.10%	-32.79%	-6.04%	-36.73%	-1.87%	-7.73%	5.73%	12.35%	30.82%
Dividend Yield	-	-	2.07%	1.46%	2.99%	2.52%	1.09%	2.87%	1.44%	1.14%	1.43%	1.75%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	97.81
(-) Cash Dividends Paid (M)	26.50
(=) Cash Retained (M)	71.31

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	19.56	12.23	7.34
Cash Retained (M)	71.31	71.31	71.31
(-) Cash Required (M)	-19.56	-12.23	-7.34
(=) Excess Retained (M)	51.75	59.08	63.97
(/) Shares Outstanding (M)	588.84	588.84	588.84
(=) Excess Retained per Share	0.09	0.10	0.11
LTM Dividend per Share	0.05	0.05	0.05
(+) Excess Retained per Share	0.09	0.10	0.11
(=) Adjusted Dividend	0.13	0.15	0.15
WACC / Discount Rate	6.53%	6.53%	6.53%
Growth Rate	0.06%	1.06%	2.06%
Fair Value	$2.06	$2.69	$3.51
Upside / Downside	42.73%	86.50%	143.66%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	97.81	98.85	99.90	100.96	102.03	103.12	106.21
Payout Ratio	27.09%	39.67%	52.26%	64.84%	77.42%	90.00%	92.50%
Projected Dividends (M)	26.50	39.22	52.20	65.46	78.99	92.81	98.25

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.53%	6.53%	6.53%
Growth Rate	0.06%	1.06%	2.06%
Year 1 PV (M)	36.45	36.81	37.18
Year 2 PV (M)	45.09	46.00	46.91
Year 3 PV (M)	52.55	54.14	55.76
Year 4 PV (M)	58.94	61.33	63.79
Year 5 PV (M)	64.35	67.63	71.05
PV of Terminal Value (M)	1,928.37	2,026.68	2,128.95
Equity Value (M)	2,185.75	2,292.58	2,403.63
Shares Outstanding (M)	588.84	588.84	588.84
Fair Value	$3.71	$3.89	$4.08
Upside / Downside	157.78%	170.38%	183.47%

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WLFC	Willis Lease Finance Corporation	0.99%	$1.32	7.58%
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RRX	Regal Rexnord Corporation	0.95%	$1.39	36.07%
WT	WisdomTree, Inc.	0.95%	$0.12	18.12%
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ORCL	Oracle Corporation	0.94%	$1.84	34.81%
TCBS	Texas Community Bancshares, Inc.	0.94%	$0.17	19.22%
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ODC	Oil-Dri Corporation of America	0.93%	$0.45	12.28%
PENG	Penguin Solutions, Inc.	0.93%	$0.19	40.17%
SSBK	Southern States Bancshares, Inc.	0.93%	$0.34	9.19%
DAL	Delta Air Lines, Inc.	0.92%	$0.63	8.94%
HIFS	Hingham Institution for Savings	0.92%	$2.49	12.15%
RL	Ralph Lauren Corporation	0.92%	$3.34	24.37%
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VBFC	Village Bank and Trust Financial Corp.	0.89%	$0.72	15.35%
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Lee's Pharmaceutical Holdings Limited (0950.HK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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