DDM Analysis: 688571.SS

Valuation Snapshot

Stable Growth	$23.76 - $55.22	$51.75
Multi-Stage	$8.37 - $9.15	$8.75
Blended Fair Value	$30.25
Current Price	$7.91
Upside	282.43%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2015	2014
DPS	14.65%	10.80%	0.15	0.12	0.16	0.09	0.10	0.08	0.05	0.06	0.14	0.17
YoY Growth	-	-	22.55%	-20.00%	81.82%	-12.70%	27.27%	46.63%	-8.43%	-59.47%	-14.05%	201.08%
Dividend Yield	-	-	2.11%	1.98%	2.60%	1.41%	1.37%	0.69%	0.00%	0.00%	1.26%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	113.74
(-) Cash Dividends Paid (M)	83.92
(=) Cash Retained (M)	29.81

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	22.75	14.22	8.53
Cash Retained (M)	29.81	29.81	29.81
(-) Cash Required (M)	-22.75	-14.22	-8.53
(=) Excess Retained (M)	7.07	15.60	21.28
(/) Shares Outstanding (M)	409.63	409.63	409.63
(=) Excess Retained per Share	0.02	0.04	0.05
LTM Dividend per Share	0.20	0.20	0.20
(+) Excess Retained per Share	0.02	0.04	0.05
(=) Adjusted Dividend	0.22	0.24	0.26
WACC / Discount Rate	6.49%	6.49%	6.49%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$23.76	$51.75	$55.22
Upside / Downside	200.44%	554.21%	598.09%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	113.74	121.13	129.00	137.39	146.32	155.83	160.50
Payout Ratio	73.79%	77.03%	80.27%	83.51%	86.76%	90.00%	92.50%
Projected Dividends (M)	83.92	93.30	103.55	114.74	126.94	140.24	148.46

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.49%	6.49%	6.49%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	86.80	87.62	88.44
Year 2 PV (M)	89.61	91.32	93.04
Year 3 PV (M)	92.37	95.02	97.72
Year 4 PV (M)	95.07	98.73	102.49
Year 5 PV (M)	97.71	102.43	107.33
PV of Terminal Value (M)	2,967.11	3,110.42	3,259.22
Equity Value (M)	3,428.67	3,585.54	3,748.25
Shares Outstanding (M)	409.63	409.63	409.63
Fair Value	$8.37	$8.75	$9.15
Upside / Downside	5.82%	10.66%	15.68%

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Hangzhou Toka Ink Co., Ltd. (688571.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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