DDM Analysis: 601096.SS

Valuation Snapshot

Stable Growth	$2.35 - $5.33	$3.42
Multi-Stage	$10.03 - $11.08	$10.54
Blended Fair Value	$6.98
Current Price	$4.24
Upside	64.62%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019
DPS	-18.18%	0.00%	0.03	0.00	0.04	0.07	0.06	0.08	0.00	0.00	0.00	0.00
YoY Growth	-	-	538.04%	-89.32%	-42.70%	31.40%	-28.58%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.70%	0.09%	2.53%	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)	334.62
(-) Cash Dividends Paid (M)	82.28
(=) Cash Retained (M)	252.33

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	66.92	41.83	25.10
Cash Retained (M)	252.33	252.33	252.33
(-) Cash Required (M)	-66.92	-41.83	-25.10
(=) Excess Retained (M)	185.41	210.51	227.24
(/) Shares Outstanding (M)	2,674.50	2,674.50	2,674.50
(=) Excess Retained per Share	0.07	0.08	0.08
LTM Dividend per Share	0.03	0.03	0.03
(+) Excess Retained per Share	0.07	0.08	0.08
(=) Adjusted Dividend	0.10	0.11	0.12
WACC / Discount Rate	2.17%	2.17%	2.17%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$2.35	$3.42	$5.33
Upside / Downside	-44.52%	-19.37%	25.78%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	334.62	331.27	327.96	324.68	321.43	318.22	327.76
Payout Ratio	24.59%	37.67%	50.75%	63.84%	76.92%	90.00%	92.50%
Projected Dividends (M)	82.28	124.80	166.45	207.26	247.24	286.39	303.18

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	2.17%	2.17%	2.17%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	120.91	122.15	123.38
Year 2 PV (M)	156.25	159.46	162.69
Year 3 PV (M)	188.50	194.33	200.28
Year 4 PV (M)	217.86	226.89	236.20
Year 5 PV (M)	244.51	257.24	270.50
PV of Terminal Value (M)	25,884.28	27,232.13	28,635.56
Equity Value (M)	26,812.32	28,192.21	29,628.62
Shares Outstanding (M)	2,674.50	2,674.50	2,674.50
Fair Value	$10.03	$10.54	$11.08
Upside / Downside	136.44%	148.61%	161.28%

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Hsino Tower Group Co., Ltd. (601096.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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