DDM Analysis: HKB.SI

Valuation Snapshot

Stable Growth	$9.87 - $12.97	$11.50
Multi-Stage	$24.33 - $27.07	$25.67
Blended Fair Value	$18.58
Current Price	$2.64
Upside	603.91%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	0.00%	0.00%	0.00	0.04	0.24	0.24	0.12	1,389.88	0.00	0.00	0.00	0.00
YoY Growth	-	-	-100.00%	-82.36%	-0.55%	96.93%	-99.99%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.00%	0.43%	2.47%	2.59%	0.94%	11,699.33%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	187.64
(-) Cash Dividends Paid (M)	2.80
(=) Cash Retained (M)	184.84

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	37.53	23.45	14.07
Cash Retained (M)	184.84	184.84	184.84
(-) Cash Required (M)	-37.53	-23.45	-14.07
(=) Excess Retained (M)	147.31	161.39	170.77
(/) Shares Outstanding (M)	66.42	66.42	66.42
(=) Excess Retained per Share	2.22	2.43	2.57
LTM Dividend per Share	0.04	0.04	0.04
(+) Excess Retained per Share	2.22	2.43	2.57
(=) Adjusted Dividend	2.26	2.47	2.61
WACC / Discount Rate	7.67%	7.67%	7.67%
Growth Rate	-12.38%	-11.38%	-10.38%
Fair Value	$9.87	$11.50	$12.97
Upside / Downside	274.03%	335.49%	391.35%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	187.64	166.28	147.35	130.58	115.72	102.55	105.63
Payout Ratio	1.49%	19.19%	36.89%	54.60%	72.30%	90.00%	92.50%
Projected Dividends (M)	2.80	31.91	54.37	71.29	83.66	92.29	97.70

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.67%	7.67%	7.67%
Growth Rate	-12.38%	-11.38%	-10.38%
Year 1 PV (M)	29.30	29.64	29.97
Year 2 PV (M)	45.84	46.89	47.96
Year 3 PV (M)	55.20	57.11	59.07
Year 4 PV (M)	59.49	62.25	65.11
Year 5 PV (M)	60.26	63.78	67.46
PV of Terminal Value (M)	1,365.59	1,445.32	1,528.72
Equity Value (M)	1,615.68	1,704.99	1,798.29
Shares Outstanding (M)	66.42	66.42	66.42
Fair Value	$24.33	$25.67	$27.07
Upside / Downside	821.41%	872.34%	925.54%

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AMTD IDEA Group (HKB.SI)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener