DDM Analysis: 2343.HK

Valuation Snapshot

Stable Growth	$0.64 - $1.44	$0.92
Multi-Stage	$0.47 - $0.51	$0.49
Blended Fair Value	$0.71
Current Price	$0.26
Upside	175.50%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	24.70%	18.18%	0.01	0.04	0.13	0.02	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	-69.80%	-69.58%	728.23%	570.65%	-40.92%	52.46%	0.00%	0.00%	-100.00%	-0.14%
Dividend Yield	-	-	5.80%	12.33%	39.45%	4.39%	1.28%	1.93%	1.40%	0.00%	0.00%	1.44%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	168.54
(-) Cash Dividends Paid (M)	82.51
(=) Cash Retained (M)	86.03

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	33.71	21.07	12.64
Cash Retained (M)	86.03	86.03	86.03
(-) Cash Required (M)	-33.71	-21.07	-12.64
(=) Excess Retained (M)	52.32	64.96	73.39
(/) Shares Outstanding (M)	5,371.33	5,371.33	5,371.33
(=) Excess Retained per Share	0.01	0.01	0.01
LTM Dividend per Share	0.02	0.02	0.02
(+) Excess Retained per Share	0.01	0.01	0.01
(=) Adjusted Dividend	0.03	0.03	0.03
WACC / Discount Rate	9.66%	9.66%	9.66%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$0.64	$0.92	$1.44
Upside / Downside	147.33%	259.44%	460.93%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	168.54	179.49	191.16	203.58	216.82	230.91	237.84
Payout Ratio	48.96%	57.16%	65.37%	73.58%	81.79%	90.00%	92.50%
Projected Dividends (M)	82.51	102.61	124.97	149.80	177.34	207.82	220.00

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.66%	9.66%	9.66%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	92.69	93.57	94.44
Year 2 PV (M)	101.97	103.92	105.88
Year 3 PV (M)	110.42	113.59	116.82
Year 4 PV (M)	118.08	122.62	127.29
Year 5 PV (M)	125.00	131.04	137.31
PV of Terminal Value (M)	1,986.24	2,082.17	2,181.78
Equity Value (M)	2,534.40	2,646.91	2,763.53
Shares Outstanding (M)	5,371.33	5,371.33	5,371.33
Fair Value	$0.47	$0.49	$0.51
Upside / Downside	83.42%	91.56%	100.00%

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Sector

Pacific Basin Shipping Limited (2343.HK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener