DDM Analysis: 2030.HK

Valuation Snapshot

Stable Growth	$0.28 - $0.37	$0.33
Multi-Stage	$1.00 - $1.11	$1.06
Blended Fair Value	$0.69
Current Price	$1.42
Upside	-51.15%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-24.27%	-17.58%	0.03	0.03	0.04	0.11	0.09	0.11	0.18	0.10	0.14	0.17
YoY Growth	-	-	-5.66%	-22.57%	-67.40%	21.10%	-13.62%	-40.16%	84.18%	-30.03%	-14.30%	-12.15%
Dividend Yield	-	-	2.37%	3.13%	4.14%	5.00%	3.30%	8.17%	10.70%	5.23%	7.84%	4.75%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	54.34
(-) Cash Dividends Paid (M)	34.73
(=) Cash Retained (M)	19.61

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	10.87	6.79	4.08
Cash Retained (M)	19.61	19.61	19.61
(-) Cash Required (M)	-10.87	-6.79	-4.08
(=) Excess Retained (M)	8.74	12.81	15.53
(/) Shares Outstanding (M)	668.59	668.59	668.59
(=) Excess Retained per Share	0.01	0.02	0.02
LTM Dividend per Share	0.05	0.05	0.05
(+) Excess Retained per Share	0.01	0.02	0.02
(=) Adjusted Dividend	0.07	0.07	0.08
WACC / Discount Rate	6.34%	6.34%	6.34%
Growth Rate	-13.52%	-12.52%	-11.52%
Fair Value	$0.28	$0.33	$0.37
Upside / Downside	-80.05%	-76.76%	-73.76%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	54.34	47.54	41.59	36.38	31.83	27.85	28.68
Payout Ratio	63.92%	69.13%	74.35%	79.57%	84.78%	90.00%	92.50%
Projected Dividends (M)	34.73	32.86	30.92	28.95	26.99	25.06	26.53

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.34%	6.34%	6.34%
Growth Rate	-13.52%	-12.52%	-11.52%
Year 1 PV (M)	30.55	30.91	31.26
Year 2 PV (M)	26.72	27.35	27.97
Year 3 PV (M)	23.26	24.08	24.91
Year 4 PV (M)	20.16	21.11	22.09
Year 5 PV (M)	17.40	18.43	19.51
PV of Terminal Value (M)	552.33	585.01	619.22
Equity Value (M)	670.43	706.88	744.96
Shares Outstanding (M)	668.59	668.59	668.59
Fair Value	$1.00	$1.06	$1.11
Upside / Downside	-29.38%	-25.54%	-21.53%

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MDC	M.D.C. Holdings, Inc.	0.86%	$0.54	55.94%
AXP	American Express Company	0.85%	$3.17	20.85%
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HIBB	Hibbett, Inc.	0.84%	$0.74	9.00%
MAR	Marriott International, Inc.	0.84%	$2.62	27.38%
MORN	Morningstar, Inc.	0.84%	$1.77	20.03%
SGH	SMART Global Holdings, Inc.	0.84%	$0.14	30.96%
URI	United Rentals, Inc.	0.84%	$7.13	18.10%
0HYJ.L	Cintas Corporation	0.83%	$1.54	34.15%
EFX	Equifax Inc.	0.83%	$1.78	33.46%
GM	General Motors Company	0.82%	$0.66	21.22%
KVSA	Khosla Ventures Acquisition Co.	0.81%	$0.09	9.61%
WMT	Walmart Inc.	0.81%	$0.91	31.92%
BMI	Badger Meter, Inc.	0.80%	$1.41	30.10%
FRD	Friedman Industries, Incorporated	0.80%	$0.16	9.82%
ITT	ITT Inc.	0.80%	$1.40	22.66%
MLI	Mueller Industries, Inc.	0.80%	$0.94	13.89%
SSSSL	SuRo Capital Corp. 6.00% Notes due 2026	0.80%	$0.20	8.46%
RGLD	Royal Gold, Inc.	0.79%	$1.75	24.00%
VRSK	Verisk Analytics, Inc.	0.79%	$1.74	26.41%
COF	Capital One Financial Corporation	0.78%	$1.94	87.57%
EE	Excelerate Energy, Inc.	0.78%	$0.22	9.21%
0K36.L	Moody's Corporation	0.77%	$3.82	30.70%
HCI	HCI Group, Inc.	0.77%	$1.42	9.00%
PH	Parker-Hannifin Corporation	0.77%	$6.85	24.15%
SEI	Solaris Energy Infrastructure, Inc.	0.77%	$0.39	44.96%
0HQN.L	Cboe Global Markets, Inc.	0.76%	$1.90	20.31%
ASIC	Ategrity Specialty Holdings LLC	0.76%	$0.15	12.77%
GL	Globe Life Inc.	0.75%	$1.03	7.35%
0KYY.L	S&P Global Inc.	0.74%	$3.81	28.09%
PHM	PulteGroup, Inc.	0.74%	$0.89	6.67%
ROP	Roper Technologies, Inc.	0.74%	$3.20	22.09%
ZWS	Zurn Elkay Water Solutions Corporation	0.74%	$0.35	30.63%
JOE	The St. Joe Company	0.73%	$0.43	24.05%
TOL	Toll Brothers, Inc.	0.73%	$0.99	7.16%
TTEK	Tetra Tech, Inc.	0.73%	$0.25	26.25%
0HCB.L	Alcoa Corporation	0.72%	$0.40	9.08%
A	Agilent Technologies, Inc.	0.72%	$0.99	21.64%
FCFS	FirstCash Holdings, Inc	0.72%	$1.13	16.40%
TRAK	ReposiTrak, Inc.	0.72%	$0.09	22.94%
BKNG	Booking Holdings Inc.	0.71%	$37.78	24.39%
PGC	Peapack-Gladstone Financial Corporation	0.71%	$0.20	10.22%
ASO	Academy Sports and Outdoors, Inc.	0.70%	$0.37	6.63%
BRO	Brown & Brown, Inc.	0.70%	$0.54	18.02%
INTU	Intuit Inc.	0.70%	$4.39	29.97%
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NCR	NCR Corporation	0.70%	$0.11	1.70%

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Cabbeen Fashion Limited (2030.HK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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