Valuation using Dividend Discount Model.

Some instructions:

• Forecast the next five years of dividends for the two companies(any Singapore company). Justify your forecasts.
• Assume the dividends after the next five years (from year 6 onwards) is the same as the average of the forecasted five-year dividends above, use the Dividend Discount Model to estimate the value of one share for each company and using Excel
• Provide the recommendation to the share investors based on the results of the estimated value of each share.