DDM Analysis: F17.SI

Valuation Snapshot

Stable Growth	$3.18 - $9.97	$5.10
Multi-Stage	$3.42 - $3.75	$3.58
Blended Fair Value	$4.34
Current Price	$1.50
Upside	189.33%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	-3.01%	1.85%	0.06	0.06	0.06	0.06	0.06	0.07	0.07	0.07	0.09	0.05
YoY Growth	-	-	0.14%	0.01%	0.00%	0.00%	-14.29%	0.00%	0.00%	-22.22%	80.00%	0.00%
Dividend Yield	-	-	3.99%	3.76%	3.91%	3.78%	3.73%	4.77%	3.47%	3.67%	3.95%	2.49%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	137.43
(-) Cash Dividends Paid (M)	66.68
(=) Cash Retained (M)	70.75

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	27.49	17.18	10.31
Cash Retained (M)	70.75	70.75	70.75
(-) Cash Required (M)	-27.49	-17.18	-10.31
(=) Excess Retained (M)	43.26	53.57	60.44
(/) Shares Outstanding (M)	1,114.38	1,114.38	1,114.38
(=) Excess Retained per Share	0.04	0.05	0.05
LTM Dividend per Share	0.06	0.06	0.06
(+) Excess Retained per Share	0.04	0.05	0.05
(=) Adjusted Dividend	0.10	0.11	0.11
WACC / Discount Rate	6.35%	6.35%	6.35%
Growth Rate	3.15%	4.15%	5.15%
Fair Value	$3.18	$5.10	$9.97
Upside / Downside	111.78%	240.02%	564.44%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	137.43	143.14	149.07	155.26	161.70	168.41	173.46
Payout Ratio	48.52%	56.82%	65.11%	73.41%	81.70%	90.00%	92.50%
Projected Dividends (M)	66.68	81.32	97.07	113.97	132.12	151.57	160.45

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.35%	6.35%	6.35%
Growth Rate	3.15%	4.15%	5.15%
Year 1 PV (M)	75.73	76.47	77.20
Year 2 PV (M)	84.18	85.82	87.47
Year 3 PV (M)	92.04	94.75	97.50
Year 4 PV (M)	99.36	103.27	107.29
Year 5 PV (M)	106.15	111.40	116.85
PV of Terminal Value (M)	3,351.68	3,517.33	3,689.46
Equity Value (M)	3,809.14	3,989.02	4,175.77
Shares Outstanding (M)	1,114.38	1,114.38	1,114.38
Fair Value	$3.42	$3.58	$3.75
Upside / Downside	127.88%	138.64%	149.81%

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GuocoLand Limited (F17.SI)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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