DDM Analysis: 1308.HK

Valuation Snapshot

Stable Growth	$58.62 - $139.17	$130.42
Multi-Stage	$20.86 - $22.81	$21.82
Blended Fair Value	$76.12
Current Price	$3.20
Upside	2,278.84%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	30.05%	20.93%	0.21	0.28	0.59	0.21	0.10	0.06	0.06	0.03	0.02	0.03
YoY Growth	-	-	-25.85%	-52.23%	185.20%	102.79%	81.57%	-1.91%	73.57%	63.28%	-27.26%	-11.08%
Dividend Yield	-	-	7.80%	16.18%	26.40%	5.68%	4.67%	4.57%	6.04%	3.31%	3.30%	5.21%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,879.42
(-) Cash Dividends Paid (M)	1,250.05
(=) Cash Retained (M)	629.36

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	375.88	234.93	140.96
Cash Retained (M)	629.36	629.36	629.36
(-) Cash Required (M)	-375.88	-234.93	-140.96
(=) Excess Retained (M)	253.48	394.44	488.41
(/) Shares Outstanding (M)	2,685.67	2,685.67	2,685.67
(=) Excess Retained per Share	0.09	0.15	0.18
LTM Dividend per Share	0.47	0.47	0.47
(+) Excess Retained per Share	0.09	0.15	0.18
(=) Adjusted Dividend	0.56	0.61	0.65
WACC / Discount Rate	6.51%	6.51%	6.51%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$58.62	$130.42	$139.17
Upside / Downside	1,732.00%	3,975.76%	4,249.11%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,879.42	2,001.58	2,131.68	2,270.24	2,417.81	2,574.96	2,652.21
Payout Ratio	66.51%	71.21%	75.91%	80.61%	85.30%	90.00%	92.50%
Projected Dividends (M)	1,250.05	1,425.33	1,618.11	1,829.93	2,062.45	2,317.47	2,453.30

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.51%	6.51%	6.51%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	1,325.68	1,338.24	1,350.81
Year 2 PV (M)	1,399.76	1,426.42	1,453.33
Year 3 PV (M)	1,472.32	1,514.59	1,557.65
Year 4 PV (M)	1,543.39	1,602.74	1,663.79
Year 5 PV (M)	1,612.97	1,690.88	1,771.77
PV of Terminal Value (M)	48,681.97	51,033.33	53,474.67
Equity Value (M)	56,036.09	58,606.20	61,272.03
Shares Outstanding (M)	2,685.67	2,685.67	2,685.67
Fair Value	$20.86	$21.82	$22.81
Upside / Downside	552.03%	581.93%	612.95%

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SITC International Holdings Company Limited (1308.HK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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