DDM Analysis: 603068.SS

Valuation Snapshot

Stable Growth	$0.49 - $0.65	$0.57
Multi-Stage	$0.92 - $1.02	$0.97
Blended Fair Value	$0.77
Current Price	$43.20
Upside	-98.21%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-15.02%	174.70%	0.07	0.01	0.21	0.20	0.37	0.16	0.00	1.15	0.00	0.00
YoY Growth	-	-	1,013.64%	-96.99%	3.61%	-46.38%	138.13%	0.00%	-100.00%	0.00%	0.00%	-100.00%
Dividend Yield	-	-	0.19%	0.03%	0.61%	0.56%	0.69%	0.20%	0.00%	4.30%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	18.65
(-) Cash Dividends Paid (M)	3.65
(=) Cash Retained (M)	15.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	3.73	2.33	1.40
Cash Retained (M)	15.00	15.00	15.00
(-) Cash Required (M)	-3.73	-2.33	-1.40
(=) Excess Retained (M)	11.27	12.67	13.60
(/) Shares Outstanding (M)	150.63	150.63	150.63
(=) Excess Retained per Share	0.07	0.08	0.09
LTM Dividend per Share	0.02	0.02	0.02
(+) Excess Retained per Share	0.07	0.08	0.09
(=) Adjusted Dividend	0.10	0.11	0.11
WACC / Discount Rate	9.62%	9.62%	9.62%
Growth Rate	-8.76%	-7.76%	-6.76%
Fair Value	$0.49	$0.57	$0.65
Upside / Downside	-98.86%	-98.67%	-98.49%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	18.65	17.20	15.87	14.64	13.50	12.45	12.83
Payout Ratio	19.57%	33.66%	47.74%	61.83%	75.91%	90.00%	92.50%
Projected Dividends (M)	3.65	5.79	7.58	9.05	10.25	11.21	11.86

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.62%	9.62%	9.62%
Growth Rate	-8.76%	-7.76%	-6.76%
Year 1 PV (M)	5.22	5.28	5.34
Year 2 PV (M)	6.17	6.30	6.44
Year 3 PV (M)	6.65	6.87	7.09
Year 4 PV (M)	6.79	7.10	7.41
Year 5 PV (M)	6.70	7.08	7.47
PV of Terminal Value (M)	107.15	113.15	119.42
Equity Value (M)	138.68	145.78	153.17
Shares Outstanding (M)	150.63	150.63	150.63
Fair Value	$0.92	$0.97	$1.02
Upside / Downside	-97.87%	-97.76%	-97.65%

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Beken Corporation (603068.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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