DDM Analysis: HKB.SI

Valuation Snapshot

Stable Growth	$10.15 - $13.37	$11.83
Multi-Stage	$27.70 - $30.85	$29.24
Blended Fair Value	$20.54
Current Price	$2.64
Upside	677.88%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	0.00%	0.00%	0.00	0.04	0.24	0.24	0.12	1,389.88	0.00	0.00	0.00	0.00
YoY Growth	-	-	-100.00%	-82.36%	-0.55%	96.93%	-99.99%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.00%	0.43%	2.47%	2.59%	0.94%	11,699.33%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	187.64
(-) Cash Dividends Paid (M)	2.80
(=) Cash Retained (M)	184.84

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	37.53	23.45	14.07
Cash Retained (M)	184.84	184.84	184.84
(-) Cash Required (M)	-37.53	-23.45	-14.07
(=) Excess Retained (M)	147.31	161.39	170.77
(/) Shares Outstanding (M)	66.42	66.42	66.42
(=) Excess Retained per Share	2.22	2.43	2.57
LTM Dividend per Share	0.04	0.04	0.04
(+) Excess Retained per Share	2.22	2.43	2.57
(=) Adjusted Dividend	2.26	2.47	2.61
WACC / Discount Rate	7.13%	7.13%	7.13%
Growth Rate	-12.38%	-11.38%	-10.38%
Fair Value	$10.15	$11.83	$13.37
Upside / Downside	284.47%	348.29%	406.62%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	187.64	166.28	147.35	130.58	115.72	102.55	105.63
Payout Ratio	1.49%	19.19%	36.89%	54.60%	72.30%	90.00%	92.50%
Projected Dividends (M)	2.80	31.91	54.37	71.29	83.66	92.29	97.70

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.13%	7.13%	7.13%
Growth Rate	-12.38%	-11.38%	-10.38%
Year 1 PV (M)	29.45	29.79	30.13
Year 2 PV (M)	46.31	47.37	48.45
Year 3 PV (M)	56.05	57.99	59.97
Year 4 PV (M)	60.70	63.52	66.44
Year 5 PV (M)	61.81	65.41	69.19
PV of Terminal Value (M)	1,585.30	1,677.85	1,774.68
Equity Value (M)	1,839.62	1,941.94	2,048.86
Shares Outstanding (M)	66.42	66.42	66.42
Fair Value	$27.70	$29.24	$30.85
Upside / Downside	949.11%	1,007.46%	1,068.44%

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AMTD IDEA Group (HKB.SI)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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