DDM Analysis: 3700.HK

Valuation Snapshot

Stable Growth	$1.62 - $2.19	$1.91
Multi-Stage	$1.93 - $2.12	$2.02
Blended Fair Value	$1.97
Current Price	$1.06
Upside	85.58%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	0.00%	0.00%	0.04	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	1.80%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	620.76
(-) Cash Dividends Paid (M)	72.89
(=) Cash Retained (M)	547.88

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	124.15	77.60	46.56
Cash Retained (M)	547.88	547.88	547.88
(-) Cash Required (M)	-124.15	-77.60	-46.56
(=) Excess Retained (M)	423.72	470.28	501.32
(/) Shares Outstanding (M)	1,880.61	1,880.61	1,880.61
(=) Excess Retained per Share	0.23	0.25	0.27
LTM Dividend per Share	0.04	0.04	0.04
(+) Excess Retained per Share	0.23	0.25	0.27
(=) Adjusted Dividend	0.26	0.29	0.31
WACC / Discount Rate	13.95%	13.95%	13.95%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$1.62	$1.91	$2.19
Upside / Downside	53.07%	80.45%	106.50%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	620.76	614.55	608.41	602.32	596.30	590.34	608.05
Payout Ratio	11.74%	27.39%	43.04%	58.70%	74.35%	90.00%	92.50%
Projected Dividends (M)	72.89	168.34	261.89	353.54	443.34	531.30	562.44

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	13.95%	13.95%	13.95%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	146.24	147.74	149.23
Year 2 PV (M)	197.64	201.69	205.79
Year 3 PV (M)	231.78	238.95	246.27
Year 4 PV (M)	252.50	262.96	273.75
Year 5 PV (M)	262.87	276.56	290.81
PV of Terminal Value (M)	2,541.54	2,673.89	2,811.69
Equity Value (M)	3,632.58	3,801.79	3,977.53
Shares Outstanding (M)	1,880.61	1,880.61	1,880.61
Fair Value	$1.93	$2.02	$2.12
Upside / Downside	82.23%	90.71%	99.53%

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601236.SS	Hongta Securities Co., Ltd.	2.42%	$0.20	95.69%
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9562.SR	Foods Gate Trading Co.	2.42%	$0.67	13.40%
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NMAN.ST	Nederman Holding AB (publ)	2.42%	$4.00	47.45%
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SKMO.ST	Skåne-möllan AB (publ)	2.42%	$1.40	96.86%
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0U96.L	Everest Re Group, Ltd.	2.41%	$8.07	61.23%
3591.T	Wacoal Holdings Corp.	2.41%	$106.27	49.77%
601966.SS	Shandong Linglong Tyre Co.,Ltd.	2.41%	$0.35	42.43%
7951.T	Yamaha Corporation	2.41%	$26.35	66.95%
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Financial Statements

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Ticker

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Sector

Inkeverse Group Limited (3700.HK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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