DDM Analysis: 1502.HK

Valuation Snapshot

Stable Growth	$2.64 - $4.03	$3.29
Multi-Stage	$5.72 - $6.29	$6.00
Blended Fair Value	$4.65
Current Price	$2.03
Upside	128.82%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017
DPS	-11.21%	0.00%	0.17	0.16	0.22	0.15	0.22	0.31	0.21	0.14	0.00	0.00
YoY Growth	-	-	6.13%	-26.58%	44.16%	-30.68%	-29.12%	49.14%	46.82%	0.00%	0.00%	0.00%
Dividend Yield	-	-	8.74%	7.69%	9.02%	5.27%	4.27%	3.71%	2.53%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	110.21
(-) Cash Dividends Paid (M)	64.62
(=) Cash Retained (M)	45.59

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	22.04	13.78	8.27
Cash Retained (M)	45.59	45.59	45.59
(-) Cash Required (M)	-22.04	-13.78	-8.27
(=) Excess Retained (M)	23.55	31.81	37.32
(/) Shares Outstanding (M)	373.50	373.50	373.50
(=) Excess Retained per Share	0.06	0.09	0.10
LTM Dividend per Share	0.17	0.17	0.17
(+) Excess Retained per Share	0.06	0.09	0.10
(=) Adjusted Dividend	0.24	0.26	0.27
WACC / Discount Rate	6.78%	6.78%	6.78%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$2.64	$3.29	$4.03
Upside / Downside	29.83%	61.89%	98.38%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	110.21	109.10	108.01	106.93	105.86	104.80	107.95
Payout Ratio	58.63%	64.91%	71.18%	77.45%	83.73%	90.00%	92.50%
Projected Dividends (M)	64.62	70.81	76.88	82.82	88.64	94.32	99.85

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.78%	6.78%	6.78%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	65.65	66.32	66.99
Year 2 PV (M)	66.08	67.43	68.80
Year 3 PV (M)	65.99	68.03	70.11
Year 4 PV (M)	65.47	68.19	70.98
Year 5 PV (M)	64.59	67.96	71.46
PV of Terminal Value (M)	1,810.24	1,904.50	2,002.65
Equity Value (M)	2,138.02	2,242.43	2,351.00
Shares Outstanding (M)	373.50	373.50	373.50
Fair Value	$5.72	$6.00	$6.29
Upside / Downside	181.98%	195.75%	210.07%

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Financial Street Property Co., Limited (1502.HK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener