DDM Analysis: 2337.HK

Valuation Snapshot

Stable Growth	$21.91 - $49.69	$46.57
Multi-Stage	$7.37 - $8.06	$7.71
Blended Fair Value	$27.14
Current Price	$1.61
Upside	1,585.54%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	9.39%	16.30%	0.07	0.00	0.02	0.04	0.05	0.05	0.03	0.00	0.00	0.01
YoY Growth	-	-	0.00%	-100.00%	-51.43%	-5.73%	2.23%	78.20%	0.00%	-100.00%	-61.24%	-57.32%
Dividend Yield	-	-	5.11%	0.00%	0.30%	0.39%	0.63%	0.83%	0.68%	0.00%	0.10%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	93.57
(-) Cash Dividends Paid (M)	27.36
(=) Cash Retained (M)	66.21

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	18.71	11.70	7.02
Cash Retained (M)	66.21	66.21	66.21
(-) Cash Required (M)	-18.71	-11.70	-7.02
(=) Excess Retained (M)	47.50	54.52	59.20
(/) Shares Outstanding (M)	374.50	374.50	374.50
(=) Excess Retained per Share	0.13	0.15	0.16
LTM Dividend per Share	0.07	0.07	0.07
(+) Excess Retained per Share	0.13	0.15	0.16
(=) Adjusted Dividend	0.20	0.22	0.23
WACC / Discount Rate	6.46%	6.46%	6.46%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$21.91	$46.57	$49.69
Upside / Downside	1,260.84%	2,792.28%	2,986.26%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	93.57	99.65	106.13	113.03	120.37	128.20	132.04
Payout Ratio	29.24%	41.39%	53.54%	65.69%	77.85%	90.00%	92.50%
Projected Dividends (M)	27.36	41.24	56.82	74.25	93.71	115.38	122.14

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.46%	6.46%	6.46%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	38.38	38.74	39.10
Year 2 PV (M)	49.20	50.13	51.08
Year 3 PV (M)	59.82	61.53	63.28
Year 4 PV (M)	70.24	72.94	75.72
Year 5 PV (M)	80.47	84.36	88.40
PV of Terminal Value (M)	2,460.39	2,579.23	2,702.62
Equity Value (M)	2,758.50	2,886.94	3,020.20
Shares Outstanding (M)	374.50	374.50	374.50
Fair Value	$7.37	$7.71	$8.06
Upside / Downside	357.50%	378.80%	400.91%

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SMU.SN	SMU S.A.	3.52%	$5.49	46.99%
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300360.SZ	Hangzhou Sunrise Technology Co., Ltd.	3.51%	$0.61	52.03%
5106.KL	Axis Real Estate Investment Trust	3.51%	$0.07	56.99%
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Fundamentals

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Miscellaneous

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Ticker

Industry

Sector

United Strength Power Holdings Limited (2337.HK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener