DDM Analysis: H13.SI

Valuation Snapshot

Stable Growth	$38.28 - $45.10	$42.26
Multi-Stage	$11.64 - $12.77	$12.20
Blended Fair Value	$27.23
Current Price	$2.03
Upside	1,241.39%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-17.84%	-9.39%	0.03	0.08	0.10	0.10	0.08	0.08	0.08	0.06	0.05	0.05
YoY Growth	-	-	-62.50%	-20.00%	0.00%	24.77%	0.00%	-0.07%	33.33%	19.91%	-0.14%	-37.54%
Dividend Yield	-	-	1.66%	4.52%	4.44%	3.42%	3.16%	4.03%	3.17%	2.39%	2.21%	2.29%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	150.58
(-) Cash Dividends Paid (M)	26.56
(=) Cash Retained (M)	124.02

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	30.12	18.82	11.29
Cash Retained (M)	124.02	124.02	124.02
(-) Cash Required (M)	-30.12	-18.82	-11.29
(=) Excess Retained (M)	93.90	105.19	112.72
(/) Shares Outstanding (M)	664.02	664.02	664.02
(=) Excess Retained per Share	0.14	0.16	0.17
LTM Dividend per Share	0.04	0.04	0.04
(+) Excess Retained per Share	0.14	0.16	0.17
(=) Adjusted Dividend	0.18	0.20	0.21
WACC / Discount Rate	5.02%	5.02%	5.02%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$38.28	$42.26	$45.10
Upside / Downside	1,785.62%	1,981.94%	2,121.58%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	150.58	160.36	170.79	181.89	193.71	206.30	212.49
Payout Ratio	17.64%	32.11%	46.58%	61.06%	75.53%	90.00%	92.50%
Projected Dividends (M)	26.56	51.50	79.56	111.05	146.31	185.67	196.55

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	5.02%	5.02%	5.02%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	48.57	49.03	49.49
Year 2 PV (M)	70.79	72.13	73.50
Year 3 PV (M)	93.20	95.88	98.60
Year 4 PV (M)	115.82	120.27	124.86
Year 5 PV (M)	138.64	145.34	152.29
PV of Terminal Value (M)	7,265.40	7,616.32	7,980.67
Equity Value (M)	7,732.42	8,098.98	8,479.41
Shares Outstanding (M)	664.02	664.02	664.02
Fair Value	$11.64	$12.20	$12.77
Upside / Downside	473.64%	500.84%	529.06%

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Ho Bee Land Limited (H13.SI)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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