DDM Analysis: 3308.HK

Valuation Snapshot

Stable Growth	$11.85 - $18.50	$14.92
Multi-Stage	$27.51 - $30.34	$28.90
Blended Fair Value	$21.91
Current Price	$6.03
Upside	263.29%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013
DPS	0.00%	0.00%	0.00	0.47	0.35	0.28	0.44	0.16	0.28	0.30	0.31	0.21
YoY Growth	-	-	-100.00%	33.11%	24.29%	-35.90%	175.80%	-43.42%	-6.60%	-4.23%	47.99%	-3.78%
Dividend Yield	-	-	0.00%	8.64%	5.91%	3.63%	5.99%	2.02%	2.85%	3.85%	4.52%	2.66%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	2,052.59
(-) Cash Dividends Paid (M)	195.48
(=) Cash Retained (M)	1,857.11

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	410.52	256.57	153.94
Cash Retained (M)	1,857.11	1,857.11	1,857.11
(-) Cash Required (M)	-410.52	-256.57	-153.94
(=) Excess Retained (M)	1,446.59	1,600.53	1,703.16
(/) Shares Outstanding (M)	1,660.21	1,660.21	1,660.21
(=) Excess Retained per Share	0.87	0.96	1.03
LTM Dividend per Share	0.12	0.12	0.12
(+) Excess Retained per Share	0.87	0.96	1.03
(=) Adjusted Dividend	0.99	1.08	1.14
WACC / Discount Rate	6.18%	6.18%	6.18%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$11.85	$14.92	$18.50
Upside / Downside	96.51%	147.36%	206.88%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	2,052.59	2,032.06	2,011.74	1,991.62	1,971.71	1,951.99	2,010.55
Payout Ratio	9.52%	25.62%	41.71%	57.81%	73.90%	90.00%	92.50%
Projected Dividends (M)	195.48	520.59	839.18	1,151.35	1,457.18	1,756.79	1,859.76

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.18%	6.18%	6.18%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	485.34	490.29	495.24
Year 2 PV (M)	729.38	744.34	759.45
Year 3 PV (M)	932.93	961.78	991.22
Year 4 PV (M)	1,100.79	1,146.41	1,193.44
Year 5 PV (M)	1,237.25	1,301.68	1,368.76
PV of Terminal Value (M)	41,185.53	43,330.16	45,563.21
Equity Value (M)	45,671.22	47,974.66	50,371.32
Shares Outstanding (M)	1,660.21	1,660.21	1,660.21
Fair Value	$27.51	$28.90	$30.34
Upside / Downside	356.21%	379.22%	403.16%

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Golden Eagle Retail Group Limited (3308.HK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener