DDM Analysis: F9D.SI

Valuation Snapshot

Stable Growth	$1.01 - $1.38	$1.20
Multi-Stage	$1.32 - $1.44	$1.38
Blended Fair Value	$1.29
Current Price	$1.64
Upside	-21.36%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	4.57%	-7.00%	0.03	0.04	0.04	0.08	0.03	0.02	0.03	0.03	0.03	0.03
YoY Growth	-	-	-28.05%	-0.81%	-53.18%	181.74%	32.87%	-25.71%	13.28%	-1.04%	5.90%	-56.11%
Dividend Yield	-	-	2.57%	3.82%	4.72%	8.64%	2.98%	3.77%	3.88%	3.45%	3.09%	3.21%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	95.05
(-) Cash Dividends Paid (M)	13.74
(=) Cash Retained (M)	81.31

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	19.01	11.88	7.13
Cash Retained (M)	81.31	81.31	81.31
(-) Cash Required (M)	-19.01	-11.88	-7.13
(=) Excess Retained (M)	62.30	69.43	74.18
(/) Shares Outstanding (M)	485.68	485.68	485.68
(=) Excess Retained per Share	0.13	0.14	0.15
LTM Dividend per Share	0.03	0.03	0.03
(+) Excess Retained per Share	0.13	0.14	0.15
(=) Adjusted Dividend	0.16	0.17	0.18
WACC / Discount Rate	12.51%	12.51%	12.51%
Growth Rate	-2.54%	-1.54%	-0.54%
Fair Value	$1.01	$1.20	$1.38
Upside / Downside	-38.17%	-26.81%	-15.85%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	95.05	93.58	92.14	90.72	89.33	87.95	90.59
Payout Ratio	14.46%	29.57%	44.67%	59.78%	74.89%	90.00%	92.50%
Projected Dividends (M)	13.74	27.67	41.16	54.24	66.90	79.16	83.80

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	12.51%	12.51%	12.51%
Growth Rate	-2.54%	-1.54%	-0.54%
Year 1 PV (M)	24.34	24.59	24.84
Year 2 PV (M)	31.86	32.52	33.18
Year 3 PV (M)	36.94	38.09	39.26
Year 4 PV (M)	40.08	41.75	43.48
Year 5 PV (M)	41.73	43.91	46.19
PV of Terminal Value (M)	464.65	488.98	514.32
Equity Value (M)	639.61	669.85	701.27
Shares Outstanding (M)	485.68	485.68	485.68
Fair Value	$1.32	$1.38	$1.44
Upside / Downside	-19.70%	-15.90%	-11.96%

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Boustead Singapore Limited (F9D.SI)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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