DDM Analysis: 688049.SS

Valuation Snapshot

Stable Growth	$9.59 - $14.11	$11.76
Multi-Stage	$13.02 - $14.31	$13.65
Blended Fair Value	$12.71
Current Price	$62.21
Upside	-79.57%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017
DPS	48.64%	0.00%	0.16	0.16	0.00	0.00	0.00	0.02	0.02	0.03	0.00	0.00
YoY Growth	-	-	0.27%	0.00%	0.00%	0.00%	-100.00%	20.44%	-44.83%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.40%	0.81%	0.00%	0.00%	0.00%	0.04%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	187.32
(-) Cash Dividends Paid (M)	0.05
(=) Cash Retained (M)	187.27

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	37.46	23.41	14.05
Cash Retained (M)	187.27	187.27	187.27
(-) Cash Required (M)	-37.46	-23.41	-14.05
(=) Excess Retained (M)	149.81	163.85	173.22
(/) Shares Outstanding (M)	154.53	154.53	154.53
(=) Excess Retained per Share	0.97	1.06	1.12
LTM Dividend per Share	0.00	0.00	0.00
(+) Excess Retained per Share	0.97	1.06	1.12
(=) Adjusted Dividend	0.97	1.06	1.12
WACC / Discount Rate	9.66%	9.66%	9.66%
Growth Rate	-0.41%	0.59%	1.59%
Fair Value	$9.59	$11.76	$14.11
Upside / Downside	-84.59%	-81.10%	-77.32%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	187.32	188.42	189.54	190.66	191.79	192.92	198.71
Payout Ratio	0.03%	18.02%	36.02%	54.01%	72.01%	90.00%	92.50%
Projected Dividends (M)	0.05	33.95	68.26	102.98	138.10	173.63	183.81

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.66%	9.66%	9.66%
Growth Rate	-0.41%	0.59%	1.59%
Year 1 PV (M)	30.65	30.96	31.27
Year 2 PV (M)	55.64	56.76	57.90
Year 3 PV (M)	75.78	78.08	80.43
Year 4 PV (M)	91.74	95.48	99.34
Year 5 PV (M)	104.14	109.47	115.02
PV of Terminal Value (M)	1,654.33	1,739.07	1,827.25
Equity Value (M)	2,012.28	2,109.83	2,211.21
Shares Outstanding (M)	154.53	154.53	154.53
Fair Value	$13.02	$13.65	$14.31
Upside / Downside	-79.07%	-78.05%	-77.00%

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Actions Technology Co., Ltd. (688049.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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