$1)$ Hooyay is a low cost manufacturer of smartphones in Myanmar. They recently listed in $2017$ on the Singapore Exchange and did not issue any dividends for $2017$ and have no plans to for $2018.$ They do believe that it would be possible to issue dividends in $2024$ at a $42\mathrm{.}5\%$ payout ratio. Their current capital structure is $60\%$ equity and $40\%$ debt with a target ratio of debt to equity of $\mathrm{.}35.$ For $2017,$ they generated SGD $45,000,000$ of net income on SGD$85,000,000$ of revenue on $10,000,000$ shares that they issued. The current cost of debt is $17\%$ with a $35\%$ tax rate. The company is currently trading at a $2\mathrm{.}3$ Beta while the Singaporean treasury rate is at $2\mathrm{.}5\%$ and the market has returned $11\mathrm{.}8\%$ on average for the last decade. Net Income is expected to grow at $12\%$ for the foreseeable future. $(10$ pts$)$

a$.$ What is the cost of equity?

b$.$ What is the WACC?

c$.$ Using the DDM what is the firm value of the company in $2023?$

d$.$ Using the DDM$,$ what is the firm value of the company at the end of $2017?$

e$.$ What is the share price?

f$.$ What is the issue with the company growth rate?