DDM Analysis: 2588.HK

Valuation Snapshot

Stable Growth	$429.88 - $506.48	$474.64
Multi-Stage	$160.38 - $175.88	$167.99
Blended Fair Value	$321.32
Current Price	$8.28
Upside	3,780.62%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	7.81%	8.93%	0.47	0.29	0.26	0.23	0.36	0.32	0.32	0.22	0.06	0.00
YoY Growth	-	-	62.32%	10.64%	15.46%	-36.05%	9.84%	0.91%	43.81%	265.24%	0.00%	-100.00%
Dividend Yield	-	-	6.06%	3.80%	3.14%	3.10%	4.11%	3.18%	4.33%	4.20%	1.24%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,767.44
(-) Cash Dividends Paid (M)	590.60
(=) Cash Retained (M)	1,176.83

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	353.49	220.93	132.56
Cash Retained (M)	1,176.83	1,176.83	1,176.83
(-) Cash Required (M)	-353.49	-220.93	-132.56
(=) Excess Retained (M)	823.35	955.90	1,044.28
(/) Shares Outstanding (M)	694.01	694.01	694.01
(=) Excess Retained per Share	1.19	1.38	1.50
LTM Dividend per Share	0.85	0.85	0.85
(+) Excess Retained per Share	1.19	1.38	1.50
(=) Adjusted Dividend	2.04	2.23	2.36
WACC / Discount Rate	4.67%	4.67%	4.67%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$429.88	$474.64	$506.48
Upside / Downside	5,091.83%	5,632.38%	6,016.85%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,767.44	1,882.32	2,004.67	2,134.97	2,273.75	2,421.54	2,494.19
Payout Ratio	33.42%	44.73%	56.05%	67.37%	78.68%	90.00%	92.50%
Projected Dividends (M)	590.60	842.01	1,123.61	1,438.25	1,789.06	2,179.39	2,307.12

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	4.67%	4.67%	4.67%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	796.92	804.48	812.03
Year 2 PV (M)	1,006.50	1,025.67	1,045.02
Year 3 PV (M)	1,219.36	1,254.36	1,290.03
Year 4 PV (M)	1,435.55	1,490.76	1,547.55
Year 5 PV (M)	1,655.12	1,735.06	1,818.06
PV of Terminal Value (M)	105,194.61	110,275.54	115,550.94
Equity Value (M)	111,308.06	116,585.87	122,063.63
Shares Outstanding (M)	694.01	694.01	694.01
Fair Value	$160.38	$167.99	$175.88
Upside / Downside	1,837.00%	1,928.85%	2,024.17%

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BOC Aviation Limited (2588.HK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener