DDM Analysis: 2418.HK

Valuation Snapshot

Stable Growth	$0.59 - $0.93	$0.74
Multi-Stage	$1.49 - $1.64	$1.56
Blended Fair Value	$1.15
Current Price	$1.74
Upside	-33.74%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019
DPS	9.16%	0.00%	0.04	0.04	0.09	0.03	0.15	0.03	0.00	0.00	0.00	0.00
YoY Growth	-	-	-8.29%	-51.79%	203.82%	-79.30%	457.33%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	2.37%	3.56%	11.46%	2.08%	9.64%	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)	130.32
(-) Cash Dividends Paid (M)	88.92
(=) Cash Retained (M)	41.41

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	26.06	16.29	9.77
Cash Retained (M)	41.41	41.41	41.41
(-) Cash Required (M)	-26.06	-16.29	-9.77
(=) Excess Retained (M)	15.34	25.12	31.63
(/) Shares Outstanding (M)	2,181.48	2,181.48	2,181.48
(=) Excess Retained per Share	0.01	0.01	0.01
LTM Dividend per Share	0.04	0.04	0.04
(+) Excess Retained per Share	0.01	0.01	0.01
(=) Adjusted Dividend	0.05	0.05	0.06
WACC / Discount Rate	5.97%	5.97%	5.97%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$0.59	$0.74	$0.93
Upside / Downside	-66.21%	-57.31%	-46.77%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	130.32	129.02	127.73	126.45	125.19	123.93	127.65
Payout Ratio	68.23%	72.58%	76.94%	81.29%	85.65%	90.00%	92.50%
Projected Dividends (M)	88.92	93.64	98.27	102.79	107.22	111.54	118.08

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	5.97%	5.97%	5.97%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	87.48	88.37	89.26
Year 2 PV (M)	85.76	87.51	89.29
Year 3 PV (M)	83.80	86.39	89.03
Year 4 PV (M)	81.65	85.03	88.52
Year 5 PV (M)	79.35	83.48	87.78
PV of Terminal Value (M)	2,831.33	2,978.76	3,132.28
Equity Value (M)	3,249.36	3,409.55	3,576.17
Shares Outstanding (M)	2,181.48	2,181.48	2,181.48
Fair Value	$1.49	$1.56	$1.64
Upside / Downside	-14.40%	-10.17%	-5.79%

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Deewin Tianxia Co., Ltd (2418.HK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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