DDM Analysis: 5ML.SI

Valuation Snapshot

Stable Growth	$1.31 - $2.37	$1.75
Multi-Stage	$2.05 - $2.25	$2.15
Blended Fair Value	$1.95
Current Price	$0.85
Upside	129.29%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	-4.36%	-3.97%	0.02	0.02	0.02	0.02	0.01	0.02	0.03	0.03	0.03	0.00
YoY Growth	-	-	0.00%	0.00%	0.00%	100.00%	-59.99%	-16.67%	0.00%	0.00%	0.00%	-100.00%
Dividend Yield	-	-	2.35%	2.76%	2.99%	3.01%	1.37%	3.45%	3.80%	3.87%	3.61%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	11.35
(-) Cash Dividends Paid (M)	2.43
(=) Cash Retained (M)	8.92

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	2.27	1.42	0.85
Cash Retained (M)	8.92	8.92	8.92
(-) Cash Required (M)	-2.27	-1.42	-0.85
(=) Excess Retained (M)	6.65	7.50	8.07
(/) Shares Outstanding (M)	121.37	121.37	121.37
(=) Excess Retained per Share	0.05	0.06	0.07
LTM Dividend per Share	0.02	0.02	0.02
(+) Excess Retained per Share	0.05	0.06	0.07
(=) Adjusted Dividend	0.07	0.08	0.09
WACC / Discount Rate	6.74%	6.74%	6.74%
Growth Rate	0.98%	1.98%	2.98%
Fair Value	$1.31	$1.75	$2.37
Upside / Downside	54.20%	106.09%	178.48%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	11.35	11.57	11.80	12.03	12.27	12.52	12.89
Payout Ratio	21.40%	35.12%	48.84%	62.56%	76.28%	90.00%	92.50%
Projected Dividends (M)	2.43	4.06	5.76	7.53	9.36	11.26	11.92

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.74%	6.74%	6.74%
Growth Rate	0.98%	1.98%	2.98%
Year 1 PV (M)	3.77	3.81	3.84
Year 2 PV (M)	4.96	5.06	5.16
Year 3 PV (M)	6.01	6.19	6.37
Year 4 PV (M)	6.93	7.21	7.50
Year 5 PV (M)	7.74	8.13	8.54
PV of Terminal Value (M)	219.03	230.09	241.60
Equity Value (M)	248.44	260.49	273.01
Shares Outstanding (M)	121.37	121.37	121.37
Fair Value	$2.05	$2.15	$2.25
Upside / Downside	140.81%	152.49%	164.62%

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Old Chang Kee Ltd. (5ML.SI)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener