DDM Analysis: 0529.HK

Valuation Snapshot

Stable Growth	$59.50 - $210.62	$196.53
Multi-Stage	$30.34 - $33.26	$31.77
Blended Fair Value	$114.15
Current Price	$1.65
Upside	6,818.09%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-22.16%	-12.92%	0.02	0.02	0.02	0.00	0.02	0.07	0.04	0.03	0.03	0.05
YoY Growth	-	-	0.00%	0.00%	0.00%	-100.00%	-71.43%	75.00%	33.34%	0.14%	-39.98%	-37.42%
Dividend Yield	-	-	1.39%	1.30%	1.33%	0.00%	1.25%	2.30%	1.00%	0.59%	0.78%	1.16%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	295.95
(-) Cash Dividends Paid (M)	11.12
(=) Cash Retained (M)	284.84

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	59.19	36.99	22.20
Cash Retained (M)	284.84	284.84	284.84
(-) Cash Required (M)	-59.19	-36.99	-22.20
(=) Excess Retained (M)	225.65	247.84	262.64
(/) Shares Outstanding (M)	277.97	277.97	277.97
(=) Excess Retained per Share	0.81	0.89	0.94
LTM Dividend per Share	0.04	0.04	0.04
(+) Excess Retained per Share	0.81	0.89	0.94
(=) Adjusted Dividend	0.85	0.93	0.98
WACC / Discount Rate	6.43%	6.43%	6.43%
Growth Rate	4.93%	5.93%	6.93%
Fair Value	$59.50	$196.53	$210.62
Upside / Downside	3,505.97%	11,810.67%	12,664.93%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	295.95	313.50	332.09	351.79	372.65	394.74	406.59
Payout Ratio	3.76%	21.01%	38.25%	55.50%	72.75%	90.00%	92.50%
Projected Dividends (M)	11.12	65.85	127.04	195.25	271.11	355.27	376.09

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.43%	6.43%	6.43%
Growth Rate	4.93%	5.93%	6.93%
Year 1 PV (M)	61.29	61.87	62.46
Year 2 PV (M)	110.04	112.15	114.28
Year 3 PV (M)	157.40	161.95	166.58
Year 4 PV (M)	203.41	211.28	219.37
Year 5 PV (M)	248.09	260.13	272.65
PV of Terminal Value (M)	7,652.23	8,023.88	8,409.83
Equity Value (M)	8,432.46	8,831.26	9,245.16
Shares Outstanding (M)	277.97	277.97	277.97
Fair Value	$30.34	$31.77	$33.26
Upside / Downside	1,738.56%	1,825.51%	1,915.76%

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SiS International Holdings Limited (0529.HK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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