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 42.5% payout ratio. Their current capital structure is 60% equity and 40% debt with a target ratio of debt to equity of .35. For 2017, they generated SGD 45,000,000 of net income on SGD85,000,000 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 2.3 Beta while the Singaporean treasury rate is at 2.5% and the market has returned 11.8% on average for the last decade. Net Income is expected to grow at 12% for the foreseeable future. (5 pts for each subsection) 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?