DDM Analysis: 0023.HK

Valuation Snapshot

Stable Growth	$25.94 - $39.31	$32.23
Multi-Stage	$53.50 - $58.85	$56.12
Blended Fair Value	$44.17
Current Price	$12.10
Upside	265.07%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	16.29%	5.85%	0.66	0.52	0.76	0.64	0.51	0.31	0.31	0.94	0.28	0.31
YoY Growth	-	-	27.09%	-31.08%	18.51%	24.15%	65.01%	-1.08%	-66.65%	234.45%	-8.69%	-17.56%
Dividend Yield	-	-	6.71%	5.48%	7.99%	5.69%	3.10%	1.79%	1.26%	2.78%	0.95%	1.07%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	7,902.00
(-) Cash Dividends Paid (M)	3,453.00
(=) Cash Retained (M)	4,449.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,580.40	987.75	592.65
Cash Retained (M)	4,449.00	4,449.00	4,449.00
(-) Cash Required (M)	-1,580.40	-987.75	-592.65
(=) Excess Retained (M)	2,868.60	3,461.25	3,856.35
(/) Shares Outstanding (M)	2,643.52	2,643.52	2,643.52
(=) Excess Retained per Share	1.09	1.31	1.46
LTM Dividend per Share	1.31	1.31	1.31
(+) Excess Retained per Share	1.09	1.31	1.46
(=) Adjusted Dividend	2.39	2.62	2.77
WACC / Discount Rate	7.03%	7.03%	7.03%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$25.94	$32.23	$39.31
Upside / Downside	114.38%	166.35%	224.85%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	7,902.00	7,822.98	7,744.75	7,667.30	7,590.63	7,514.72	7,740.17
Payout Ratio	43.70%	52.96%	62.22%	71.48%	80.74%	90.00%	92.50%
Projected Dividends (M)	3,453.00	4,142.91	4,818.68	5,480.52	6,128.64	6,763.25	7,159.65

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.03%	7.03%	7.03%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	3,831.54	3,870.63	3,909.73
Year 2 PV (M)	4,121.57	4,206.11	4,291.51
Year 3 PV (M)	4,335.34	4,469.41	4,606.22
Year 4 PV (M)	4,483.66	4,669.48	4,861.03
Year 5 PV (M)	4,576.05	4,814.34	5,062.45
PV of Terminal Value (M)	120,070.56	126,322.92	132,833.06
Equity Value (M)	141,418.71	148,352.89	155,563.99
Shares Outstanding (M)	2,643.52	2,643.52	2,643.52
Fair Value	$53.50	$56.12	$58.85
Upside / Downside	342.12%	363.80%	386.34%

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The Bank of East Asia, Limited (0023.HK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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