DDM Analysis: OV8.SI

Valuation Snapshot

Stable Growth	$9.82 - $19.14	$17.93
Multi-Stage	$3.03 - $3.31	$3.17
Blended Fair Value	$10.55
Current Price	$2.08
Upside	407.24%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	12.83%	9.14%	0.06	0.06	0.06	0.06	0.05	0.04	0.03	0.03	0.04	0.03
YoY Growth	-	-	4.58%	-2.08%	2.46%	15.10%	51.43%	2.94%	0.00%	-6.85%	12.31%	21.79%
Dividend Yield	-	-	3.90%	4.03%	3.70%	4.01%	3.44%	2.94%	3.27%	3.58%	3.86%	3.87%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	144.61
(-) Cash Dividends Paid (M)	96.23
(=) Cash Retained (M)	48.38

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	28.92	18.08	10.85
Cash Retained (M)	48.38	48.38	48.38
(-) Cash Required (M)	-28.92	-18.08	-10.85
(=) Excess Retained (M)	19.46	30.31	37.54
(/) Shares Outstanding (M)	1,502.89	1,502.89	1,502.89
(=) Excess Retained per Share	0.01	0.02	0.02
LTM Dividend per Share	0.06	0.06	0.06
(+) Excess Retained per Share	0.01	0.02	0.02
(=) Adjusted Dividend	0.08	0.08	0.09
WACC / Discount Rate	6.33%	6.33%	6.33%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$9.82	$17.93	$19.14
Upside / Downside	372.15%	762.17%	820.00%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	144.61	154.01	164.02	174.68	186.03	198.13	204.07
Payout Ratio	66.54%	71.23%	75.93%	80.62%	85.31%	90.00%	92.50%
Projected Dividends (M)	96.23	109.71	124.53	140.82	158.70	178.31	188.77

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.33%	6.33%	6.33%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	102.21	103.18	104.15
Year 2 PV (M)	108.09	110.15	112.23
Year 3 PV (M)	113.88	117.15	120.48
Year 4 PV (M)	119.57	124.17	128.90
Year 5 PV (M)	125.17	131.21	137.49
PV of Terminal Value (M)	3,982.70	4,175.06	4,374.79
Equity Value (M)	4,551.61	4,760.92	4,978.03
Shares Outstanding (M)	1,502.89	1,502.89	1,502.89
Fair Value	$3.03	$3.17	$3.31
Upside / Downside	45.60%	52.30%	59.25%

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Sheng Siong Group Ltd (OV8.SI)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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