DDM Analysis: 2270.HK

Valuation Snapshot

Stable Growth	$1.37 - $2.22	$1.75
Multi-Stage	$3.98 - $4.38	$4.18
Blended Fair Value	$2.97
Current Price	$1.42
Upside	108.80%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018
DPS	0.00%	0.00%	0.00	0.05	0.00	0.00	0.00	0.07	0.00	0.00	0.00	0.00
YoY Growth	-	-	-100.00%	0.00%	0.00%	0.00%	-100.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.00%	4.70%	0.00%	0.00%	0.00%	7.45%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	75.06
(-) Cash Dividends Paid (M)	31.20
(=) Cash Retained (M)	43.85

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	15.01	9.38	5.63
Cash Retained (M)	43.85	43.85	43.85
(-) Cash Required (M)	-15.01	-9.38	-5.63
(=) Excess Retained (M)	28.84	34.47	38.22
(/) Shares Outstanding (M)	582.93	582.93	582.93
(=) Excess Retained per Share	0.05	0.06	0.07
LTM Dividend per Share	0.05	0.05	0.05
(+) Excess Retained per Share	0.05	0.06	0.07
(=) Adjusted Dividend	0.10	0.11	0.12
WACC / Discount Rate	5.36%	5.36%	5.36%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$1.37	$1.75	$2.22
Upside / Downside	-3.43%	23.47%	56.43%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	75.06	74.31	73.56	72.83	72.10	71.38	73.52
Payout Ratio	41.57%	51.26%	60.94%	70.63%	80.31%	90.00%	92.50%
Projected Dividends (M)	31.20	38.09	44.83	51.44	57.91	64.24	68.01

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	5.36%	5.36%	5.36%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	35.79	36.15	36.52
Year 2 PV (M)	39.57	40.39	41.21
Year 3 PV (M)	42.66	43.98	45.32
Year 4 PV (M)	45.12	46.99	48.92
Year 5 PV (M)	47.03	49.48	52.03
PV of Terminal Value (M)	2,108.01	2,217.78	2,332.07
Equity Value (M)	2,318.17	2,434.76	2,556.06
Shares Outstanding (M)	582.93	582.93	582.93
Fair Value	$3.98	$4.18	$4.38
Upside / Downside	180.05%	194.14%	208.79%

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Desun Real Estate Investment Services Group Co., Ltd. (2270.HK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener