DDM Analysis: 2588.HK

Valuation Snapshot

Stable Growth	$133.64 - $506.48	$390.13
Multi-Stage	$62.91 - $68.83	$65.82
Blended Fair Value	$227.98
Current Price	$8.28
Upside	2,653.33%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	7.81%	8.93%	0.47	0.29	0.26	0.23	0.36	0.32	0.32	0.22	0.06	0.00
YoY Growth	-	-	62.32%	10.64%	15.46%	-36.05%	9.84%	0.91%	43.81%	265.24%	0.00%	-100.00%
Dividend Yield	-	-	6.06%	3.80%	3.14%	3.10%	4.11%	3.18%	4.33%	4.20%	1.24%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,767.44
(-) Cash Dividends Paid (M)	590.60
(=) Cash Retained (M)	1,176.83

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	353.49	220.93	132.56
Cash Retained (M)	1,176.83	1,176.83	1,176.83
(-) Cash Required (M)	-353.49	-220.93	-132.56
(=) Excess Retained (M)	823.35	955.90	1,044.28
(/) Shares Outstanding (M)	694.01	694.01	694.01
(=) Excess Retained per Share	1.19	1.38	1.50
LTM Dividend per Share	0.85	0.85	0.85
(+) Excess Retained per Share	1.19	1.38	1.50
(=) Adjusted Dividend	2.04	2.23	2.36
WACC / Discount Rate	7.11%	7.11%	7.11%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$133.64	$390.13	$506.48
Upside / Downside	1,514.06%	4,611.74%	6,016.85%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,767.44	1,882.32	2,004.67	2,134.97	2,273.75	2,421.54	2,494.19
Payout Ratio	33.42%	44.73%	56.05%	67.37%	78.68%	90.00%	92.50%
Projected Dividends (M)	590.60	842.01	1,123.61	1,438.25	1,789.06	2,179.39	2,307.12

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.11%	7.11%	7.11%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	778.75	786.13	793.51
Year 2 PV (M)	961.11	979.42	997.90
Year 3 PV (M)	1,137.82	1,170.49	1,203.77
Year 4 PV (M)	1,309.01	1,359.35	1,411.13
Year 5 PV (M)	1,474.80	1,546.03	1,619.99
PV of Terminal Value (M)	38,001.97	39,837.48	41,743.24
Equity Value (M)	43,663.47	45,678.90	47,769.54
Shares Outstanding (M)	694.01	694.01	694.01
Fair Value	$62.91	$65.82	$68.83
Upside / Downside	659.84%	694.91%	731.29%

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BOC Aviation Limited (2588.HK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener