DDM Analysis: 2505.HK

Valuation Snapshot

Stable Growth	$2.36 - $3.64	$2.96
Multi-Stage	$5.14 - $5.66	$5.40
Blended Fair Value	$4.18
Current Price	$2.37
Upside	76.25%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021
DPS	0.00%	0.00%	0.02	0.06	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	-60.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	1.00%	1.45%	0.00%	0.00%	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)	106.83
(-) Cash Dividends Paid (M)	9.20
(=) Cash Retained (M)	97.63

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	21.37	13.35	8.01
Cash Retained (M)	97.63	97.63	97.63
(-) Cash Required (M)	-21.37	-13.35	-8.01
(=) Excess Retained (M)	76.26	84.28	89.62
(/) Shares Outstanding (M)	416.24	416.24	416.24
(=) Excess Retained per Share	0.18	0.20	0.22
LTM Dividend per Share	0.02	0.02	0.02
(+) Excess Retained per Share	0.18	0.20	0.22
(=) Adjusted Dividend	0.21	0.22	0.24
WACC / Discount Rate	6.52%	6.52%	6.52%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$2.36	$2.96	$3.64
Upside / Downside	-0.29%	24.83%	53.76%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	106.83	105.76	104.71	103.66	102.62	101.60	104.64
Payout Ratio	8.61%	24.89%	41.17%	57.44%	73.72%	90.00%	92.50%
Projected Dividends (M)	9.20	26.32	43.10	59.55	75.65	91.44	96.79

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.52%	6.52%	6.52%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	24.46	24.71	24.96
Year 2 PV (M)	37.23	37.99	38.76
Year 3 PV (M)	47.80	49.27	50.78
Year 4 PV (M)	56.44	58.78	61.19
Year 5 PV (M)	63.39	66.69	70.13
PV of Terminal Value (M)	1,909.07	2,008.48	2,111.99
Equity Value (M)	2,138.38	2,245.92	2,357.81
Shares Outstanding (M)	416.24	416.24	416.24
Fair Value	$5.14	$5.40	$5.66
Upside / Downside	116.77%	127.67%	139.01%

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EDA Group Holdings Limited (2505.HK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener