DDM Analysis: 1523.HK

Valuation Snapshot

Stable Growth	$2.37 - $13.62	$4.42
Multi-Stage	$1.47 - $1.60	$1.53
Blended Fair Value	$2.98
Current Price	$0.74
Upside	303.04%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	21.49%	24.35%	0.03	0.02	0.02	0.01	0.01	0.01	0.01	0.01	0.00	0.00
YoY Growth	-	-	48.35%	6.15%	29.41%	10.84%	17.16%	48.01%	43.39%	161.17%	-20.35%	-24.36%
Dividend Yield	-	-	5.13%	7.55%	7.36%	2.84%	11.07%	7.80%	5.30%	2.58%	3.08%	4.02%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	75.49
(-) Cash Dividends Paid (M)	69.46
(=) Cash Retained (M)	6.02

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	15.10	9.44	5.66
Cash Retained (M)	6.02	6.02	6.02
(-) Cash Required (M)	-15.10	-9.44	-5.66
(=) Excess Retained (M)	-9.07	-3.41	0.36
(/) Shares Outstanding (M)	1,102.50	1,102.50	1,102.50
(=) Excess Retained per Share	-0.01	0.00	0.00
LTM Dividend per Share	0.06	0.06	0.06
(+) Excess Retained per Share	-0.01	0.00	0.00
(=) Adjusted Dividend	0.05	0.06	0.06
WACC / Discount Rate	7.94%	7.94%	7.94%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$2.37	$4.42	$13.62
Upside / Downside	220.24%	498.61%	1,743.51%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	75.49	80.39	85.62	91.18	97.11	103.42	106.53
Payout Ratio	92.02%	91.62%	91.21%	90.81%	90.40%	90.00%	92.50%
Projected Dividends (M)	69.46	73.65	78.09	82.80	87.79	93.08	98.54

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.94%	7.94%	7.94%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	67.59	68.23	68.87
Year 2 PV (M)	65.77	67.02	68.29
Year 3 PV (M)	64.00	65.84	67.71
Year 4 PV (M)	62.27	64.67	67.13
Year 5 PV (M)	60.59	63.52	66.56
PV of Terminal Value (M)	1,297.61	1,360.29	1,425.36
Equity Value (M)	1,617.84	1,689.56	1,763.92
Shares Outstanding (M)	1,102.50	1,102.50	1,102.50
Fair Value	$1.47	$1.53	$1.60
Upside / Downside	98.67%	107.48%	116.61%

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Plover Bay Technologies Limited (1523.HK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener