DDM Analysis: 0011.HK

Valuation Snapshot

Stable Growth	$119.69 - $172.22	$145.33
Multi-Stage	$208.20 - $227.80	$217.82
Blended Fair Value	$181.57
Current Price	$117.60
Upside	54.40%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-2.83%	2.08%	6.82	5.34	3.93	6.15	6.76	7.87	7.06	6.45	8.77	5.65
YoY Growth	-	-	27.53%	35.92%	-36.07%	-8.95%	-14.12%	11.45%	9.37%	-26.44%	55.36%	1.82%
Dividend Yield	-	-	7.13%	5.87%	3.03%	4.31%	5.05%	4.89%	4.02%	3.33%	6.08%	3.83%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	32,155.00
(-) Cash Dividends Paid (M)	26,194.00
(=) Cash Retained (M)	5,961.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	6,431.00	4,019.38	2,411.63
Cash Retained (M)	5,961.00	5,961.00	5,961.00
(-) Cash Required (M)	-6,431.00	-4,019.38	-2,411.63
(=) Excess Retained (M)	-470.00	1,941.63	3,549.38
(/) Shares Outstanding (M)	1,895.80	1,895.80	1,895.80
(=) Excess Retained per Share	-0.25	1.02	1.87
LTM Dividend per Share	13.82	13.82	13.82
(+) Excess Retained per Share	-0.25	1.02	1.87
(=) Adjusted Dividend	13.57	14.84	15.69
WACC / Discount Rate	9.11%	9.11%	9.11%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$119.69	$145.33	$172.22
Upside / Downside	1.78%	23.58%	46.45%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	32,155.00	31,833.45	31,515.12	31,199.96	30,887.96	30,579.09	31,496.46
Payout Ratio	81.46%	83.17%	84.88%	86.58%	88.29%	90.00%	92.50%
Projected Dividends (M)	26,194.00	26,475.67	26,749.09	27,014.39	27,271.70	27,521.18	29,134.22

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.11%	9.11%	9.11%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	24,020.08	24,265.18	24,510.28
Year 2 PV (M)	22,017.29	22,468.92	22,925.13
Year 3 PV (M)	20,173.33	20,797.20	21,433.81
Year 4 PV (M)	18,476.61	19,242.38	20,031.70
Year 5 PV (M)	16,916.26	17,797.13	18,714.32
PV of Terminal Value (M)	293,102.98	308,365.53	324,257.37
Equity Value (M)	394,706.54	412,936.34	431,872.61
Shares Outstanding (M)	1,895.80	1,895.80	1,895.80
Fair Value	$208.20	$217.82	$227.80
Upside / Downside	77.04%	85.22%	93.71%

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Hang Seng Bank Limited (0011.HK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener