DDM Analysis: 2209.HK

Valuation Snapshot

Stable Growth	$0.63 - $0.89	$0.76
Multi-Stage	$0.92 - $1.01	$0.96
Blended Fair Value	$0.86
Current Price	$0.67
Upside	28.55%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018
DPS	0.00%	0.00%	0.01	0.00	0.01	0.01	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	0.00%	-100.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.89%	0.00%	9.65%	3.02%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	39.19
(-) Cash Dividends Paid (M)	2.41
(=) Cash Retained (M)	36.78

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	7.84	4.90	2.94
Cash Retained (M)	36.78	36.78	36.78
(-) Cash Required (M)	-7.84	-4.90	-2.94
(=) Excess Retained (M)	28.94	31.88	33.84
(/) Shares Outstanding (M)	411.16	411.16	411.16
(=) Excess Retained per Share	0.07	0.08	0.08
LTM Dividend per Share	0.01	0.01	0.01
(+) Excess Retained per Share	0.07	0.08	0.08
(=) Adjusted Dividend	0.08	0.08	0.09
WACC / Discount Rate	9.93%	9.93%	9.93%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$0.63	$0.76	$0.89
Upside / Downside	-6.28%	13.02%	32.85%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	39.19	38.80	38.41	38.02	37.64	37.27	38.39
Payout Ratio	6.15%	22.92%	39.69%	56.46%	73.23%	90.00%	92.50%
Projected Dividends (M)	2.41	8.89	15.24	21.47	27.57	33.54	35.51

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.93%	9.93%	9.93%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	8.01	8.09	8.17
Year 2 PV (M)	12.36	12.62	12.87
Year 3 PV (M)	15.68	16.16	16.66
Year 4 PV (M)	18.13	18.88	19.65
Year 5 PV (M)	19.86	20.90	21.97
PV of Terminal Value (M)	303.60	319.41	335.87
Equity Value (M)	377.64	396.05	415.20
Shares Outstanding (M)	411.16	411.16	411.16
Fair Value	$0.92	$0.96	$1.01
Upside / Downside	37.37%	44.07%	51.04%

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YesAsia Holdings Limited (2209.HK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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