DDM Analysis: 3339.HK

Valuation Snapshot

Stable Growth	$2.40 - $3.28	$2.84
Multi-Stage	$4.09 - $4.49	$4.29
Blended Fair Value	$3.56
Current Price	$1.92
Upside	85.68%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-14.71%	4.13%	0.08	0.09	0.18	0.28	0.23	0.17	0.13	0.05	0.01	0.05
YoY Growth	-	-	-16.30%	-48.44%	-35.51%	21.67%	33.31%	33.28%	133.38%	284.53%	-72.23%	-0.02%
Dividend Yield	-	-	5.43%	8.38%	14.78%	15.58%	11.28%	8.18%	7.21%	1.87%	0.96%	5.44%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,988.17
(-) Cash Dividends Paid (M)	724.98
(=) Cash Retained (M)	1,263.19

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	397.63	248.52	149.11
Cash Retained (M)	1,263.19	1,263.19	1,263.19
(-) Cash Required (M)	-397.63	-248.52	-149.11
(=) Excess Retained (M)	865.56	1,014.67	1,114.08
(/) Shares Outstanding (M)	4,280.10	4,280.10	4,280.10
(=) Excess Retained per Share	0.20	0.24	0.26
LTM Dividend per Share	0.17	0.17	0.17
(+) Excess Retained per Share	0.20	0.24	0.26
(=) Adjusted Dividend	0.37	0.41	0.43
WACC / Discount Rate	10.00%	10.00%	10.00%
Growth Rate	-4.75%	-3.75%	-2.75%
Fair Value	$2.40	$2.84	$3.28
Upside / Downside	24.97%	48.17%	70.68%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,988.17	1,913.54	1,841.71	1,772.58	1,706.05	1,642.01	1,691.27
Payout Ratio	36.46%	47.17%	57.88%	68.59%	79.29%	90.00%	92.50%
Projected Dividends (M)	724.98	902.65	1,065.96	1,215.74	1,352.78	1,477.81	1,564.42

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	10.00%	10.00%	10.00%
Growth Rate	-4.75%	-3.75%	-2.75%
Year 1 PV (M)	812.09	820.61	829.14
Year 2 PV (M)	862.79	881.00	899.41
Year 3 PV (M)	885.29	913.47	942.24
Year 4 PV (M)	886.24	924.05	963.06
Year 5 PV (M)	871.02	917.71	966.39
PV of Terminal Value (M)	13,177.39	13,883.82	14,620.23
Equity Value (M)	17,494.82	18,340.67	19,220.46
Shares Outstanding (M)	4,280.10	4,280.10	4,280.10
Fair Value	$4.09	$4.29	$4.49
Upside / Downside	112.89%	123.18%	133.89%

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Lonking Holdings Limited (3339.HK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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