DDM Analysis: 0536.HK

Valuation Snapshot

Stable Growth	$2.00 - $3.01	$2.47
Multi-Stage	$4.01 - $4.40	$4.20
Blended Fair Value	$3.34
Current Price	$0.94
Upside	255.05%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	1.46%	0.23%	0.10	0.11	0.08	0.10	0.08	0.09	0.10	0.09	0.10	0.12
YoY Growth	-	-	-10.07%	34.30%	-17.61%	18.94%	-9.14%	-5.10%	3.16%	-8.63%	-14.70%	24.72%
Dividend Yield	-	-	10.87%	12.64%	9.41%	8.66%	8.89%	8.09%	8.45%	7.09%	6.50%	6.81%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	185.53
(-) Cash Dividends Paid (M)	159.72
(=) Cash Retained (M)	25.81

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	37.11	23.19	13.91
Cash Retained (M)	25.81	25.81	25.81
(-) Cash Required (M)	-37.11	-23.19	-13.91
(=) Excess Retained (M)	-11.30	2.62	11.89
(/) Shares Outstanding (M)	794.63	794.63	794.63
(=) Excess Retained per Share	-0.01	0.00	0.01
LTM Dividend per Share	0.20	0.20	0.20
(+) Excess Retained per Share	-0.01	0.00	0.01
(=) Adjusted Dividend	0.19	0.20	0.22
WACC / Discount Rate	7.42%	7.42%	7.42%
Growth Rate	-1.77%	-0.77%	0.23%
Fair Value	$2.00	$2.47	$3.01
Upside / Downside	112.32%	163.23%	220.15%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	185.53	184.10	182.68	181.28	179.88	178.49	183.85
Payout Ratio	86.09%	86.87%	87.65%	88.44%	89.22%	90.00%	92.50%
Projected Dividends (M)	159.72	159.93	160.13	160.31	160.48	160.64	170.06

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.42%	7.42%	7.42%
Growth Rate	-1.77%	-0.77%	0.23%
Year 1 PV (M)	147.38	148.88	150.38
Year 2 PV (M)	135.98	138.76	141.57
Year 3 PV (M)	125.45	129.32	133.27
Year 4 PV (M)	115.73	120.52	125.45
Year 5 PV (M)	106.76	112.30	118.08
PV of Terminal Value (M)	2,555.40	2,688.15	2,826.36
Equity Value (M)	3,186.70	3,337.94	3,495.11
Shares Outstanding (M)	794.63	794.63	794.63
Fair Value	$4.01	$4.20	$4.40
Upside / Downside	326.63%	346.87%	367.91%

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Financial Statements

Fundamentals

Valuations

Miscellaneous

Mode

Ticker

Industry

Sector

Tradelink Electronic Commerce Limited (0536.HK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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