DDM Analysis: 2270.HK

Valuation Snapshot

Stable Growth	$1.20 - $1.85	$1.50
Multi-Stage	$2.72 - $3.00	$2.86
Blended Fair Value	$2.18
Current Price	$1.42
Upside	53.45%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018
DPS	0.00%	0.00%	0.00	0.05	0.00	0.00	0.00	0.07	0.00	0.00	0.00	0.00
YoY Growth	-	-	-100.00%	0.00%	0.00%	0.00%	-100.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.00%	4.70%	0.00%	0.00%	0.00%	7.45%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	75.06
(-) Cash Dividends Paid (M)	31.20
(=) Cash Retained (M)	43.85

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	15.01	9.38	5.63
Cash Retained (M)	43.85	43.85	43.85
(-) Cash Required (M)	-15.01	-9.38	-5.63
(=) Excess Retained (M)	28.84	34.47	38.22
(/) Shares Outstanding (M)	582.93	582.93	582.93
(=) Excess Retained per Share	0.05	0.06	0.07
LTM Dividend per Share	0.05	0.05	0.05
(+) Excess Retained per Share	0.05	0.06	0.07
(=) Adjusted Dividend	0.10	0.11	0.12
WACC / Discount Rate	6.42%	6.42%	6.42%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$1.20	$1.50	$1.85
Upside / Downside	-15.62%	5.79%	30.55%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	75.06	74.31	73.56	72.83	72.10	71.38	73.52
Payout Ratio	41.57%	51.26%	60.94%	70.63%	80.31%	90.00%	92.50%
Projected Dividends (M)	31.20	38.09	44.83	51.44	57.91	64.24	68.01

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.42%	6.42%	6.42%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	35.43	35.79	36.15
Year 2 PV (M)	38.79	39.58	40.39
Year 3 PV (M)	41.39	42.67	43.98
Year 4 PV (M)	43.34	45.14	46.99
Year 5 PV (M)	44.73	47.05	49.48
PV of Terminal Value (M)	1,382.47	1,454.46	1,529.42
Equity Value (M)	1,586.15	1,664.70	1,746.41
Shares Outstanding (M)	582.93	582.93	582.93
Fair Value	$2.72	$2.86	$3.00
Upside / Downside	91.62%	101.11%	110.98%

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Desun Real Estate Investment Services Group Co., Ltd. (2270.HK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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