DDM Analysis: B61.SI

Valuation Snapshot

Stable Growth	$7.76 - $16.14	$10.95
Multi-Stage	$11.85 - $13.01	$12.42
Blended Fair Value	$11.68
Current Price	$3.60
Upside	224.50%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	-6.17%	0.00%	0.16	0.04	0.16	0.33	0.11	0.22	0.18	0.33	0.33	0.33
YoY Growth	-	-	300.01%	-75.00%	-51.52%	200.00%	-50.00%	22.22%	-45.45%	0.00%	0.00%	106.25%
Dividend Yield	-	-	4.44%	1.16%	3.96%	6.59%	2.28%	5.76%	3.08%	5.71%	5.02%	7.30%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	114.29
(-) Cash Dividends Paid (M)	41.43
(=) Cash Retained (M)	72.87

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	22.86	14.29	8.57
Cash Retained (M)	72.87	72.87	72.87
(-) Cash Required (M)	-22.86	-14.29	-8.57
(=) Excess Retained (M)	50.01	58.58	64.30
(/) Shares Outstanding (M)	258.93	258.93	258.93
(=) Excess Retained per Share	0.19	0.23	0.25
LTM Dividend per Share	0.16	0.16	0.16
(+) Excess Retained per Share	0.19	0.23	0.25
(=) Adjusted Dividend	0.35	0.39	0.41
WACC / Discount Rate	6.19%	6.19%	6.19%
Growth Rate	1.57%	2.57%	3.57%
Fair Value	$7.76	$10.95	$16.14
Upside / Downside	115.68%	204.04%	348.45%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	114.29	117.23	120.25	123.35	126.53	129.78	133.68
Payout Ratio	36.24%	47.00%	57.75%	68.50%	79.25%	90.00%	92.50%
Projected Dividends (M)	41.43	55.10	69.44	84.49	100.27	116.81	123.65

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.19%	6.19%	6.19%
Growth Rate	1.57%	2.57%	3.57%
Year 1 PV (M)	51.38	51.88	52.39
Year 2 PV (M)	60.38	61.58	62.78
Year 3 PV (M)	68.51	70.55	72.64
Year 4 PV (M)	75.81	78.84	81.96
Year 5 PV (M)	82.35	86.49	90.79
PV of Terminal Value (M)	2,729.26	2,866.28	3,008.75
Equity Value (M)	3,067.70	3,215.62	3,369.31
Shares Outstanding (M)	258.93	258.93	258.93
Fair Value	$11.85	$12.42	$13.01
Upside / Downside	229.10%	244.97%	261.46%

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Bukit Sembawang Estates Limited (B61.SI)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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