DDM Analysis: 0434.HK

Valuation Snapshot

Stable Growth	$5.76 - $7.78	$6.79
Multi-Stage	$15.97 - $17.72	$16.82
Blended Fair Value	$11.81
Current Price	$5.55
Upside	112.76%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-31.79%	-14.31%	0.04	0.00	0.00	0.00	0.00	0.24	0.00	0.00	0.00	0.07
YoY Growth	-	-	0.00%	0.00%	0.00%	0.00%	-100.00%	0.00%	0.00%	0.00%	-100.00%	-59.87%
Dividend Yield	-	-	1.05%	0.00%	0.00%	0.00%	0.00%	35.41%	0.00%	0.00%	0.00%	2.59%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	840.39
(-) Cash Dividends Paid (M)	68.99
(=) Cash Retained (M)	771.40

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	168.08	105.05	63.03
Cash Retained (M)	771.40	771.40	771.40
(-) Cash Required (M)	-168.08	-105.05	-63.03
(=) Excess Retained (M)	603.32	666.35	708.37
(/) Shares Outstanding (M)	670.07	670.07	670.07
(=) Excess Retained per Share	0.90	0.99	1.06
LTM Dividend per Share	0.10	0.10	0.10
(+) Excess Retained per Share	0.90	0.99	1.06
(=) Adjusted Dividend	1.00	1.10	1.16
WACC / Discount Rate	6.85%	6.85%	6.85%
Growth Rate	-9.01%	-8.01%	-7.01%
Fair Value	$5.76	$6.79	$7.78
Upside / Downside	3.70%	22.38%	40.21%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	840.39	773.05	711.11	654.13	601.72	553.50	570.11
Payout Ratio	8.21%	24.57%	40.93%	57.28%	73.64%	90.00%	92.50%
Projected Dividends (M)	68.99	189.92	291.03	374.71	443.12	498.15	527.35

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.85%	6.85%	6.85%
Growth Rate	-9.01%	-8.01%	-7.01%
Year 1 PV (M)	175.82	177.75	179.68
Year 2 PV (M)	249.40	254.91	260.48
Year 3 PV (M)	297.26	307.17	317.30
Year 4 PV (M)	325.41	339.96	354.98
Year 5 PV (M)	338.66	357.68	377.55
PV of Terminal Value (M)	9,312.55	9,835.67	10,382.04
Equity Value (M)	10,699.09	11,273.13	11,872.03
Shares Outstanding (M)	670.07	670.07	670.07
Fair Value	$15.97	$16.82	$17.72
Upside / Downside	187.70%	203.13%	219.24%

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Boyaa Interactive International Limited (0434.HK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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