DDM Analysis: 5819.KL

Valuation Snapshot

Stable Growth	$114.28 - $411.24	$365.55
Multi-Stage	$54.88 - $60.12	$57.46
Blended Fair Value	$211.50
Current Price	$19.60
Upside	979.10%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	7.30%	7.22%	0.71	0.63	0.58	0.53	0.35	0.50	0.48	0.46	0.41	0.37
YoY Growth	-	-	12.73%	8.66%	9.02%	53.06%	-30.42%	4.20%	4.36%	12.20%	9.55%	5.63%
Dividend Yield	-	-	3.60%	2.91%	2.96%	2.58%	1.83%	3.30%	2.91%	2.22%	2.57%	2.83%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	4,273.44
(-) Cash Dividends Paid (M)	574.01
(=) Cash Retained (M)	3,699.43

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	854.69	534.18	320.51
Cash Retained (M)	3,699.43	3,699.43	3,699.43
(-) Cash Required (M)	-854.69	-534.18	-320.51
(=) Excess Retained (M)	2,844.74	3,165.25	3,378.92
(/) Shares Outstanding (M)	2,061.27	2,061.27	2,061.27
(=) Excess Retained per Share	1.38	1.54	1.64
LTM Dividend per Share	0.28	0.28	0.28
(+) Excess Retained per Share	1.38	1.54	1.64
(=) Adjusted Dividend	1.66	1.81	1.92
WACC / Discount Rate	6.75%	6.75%	6.75%
Growth Rate	5.22%	6.22%	7.22%
Fair Value	$114.28	$365.55	$411.24
Upside / Downside	483.05%	1,765.05%	1,998.16%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	4,273.44	4,539.31	4,821.71	5,121.69	5,440.32	5,778.78	5,952.15
Payout Ratio	13.43%	28.75%	44.06%	59.37%	74.69%	90.00%	92.50%
Projected Dividends (M)	574.01	1,304.85	2,124.41	3,040.89	4,063.18	5,200.90	5,505.74

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.75%	6.75%	6.75%
Growth Rate	5.22%	6.22%	7.22%
Year 1 PV (M)	1,210.86	1,222.36	1,233.87
Year 2 PV (M)	1,829.36	1,864.30	1,899.57
Year 3 PV (M)	2,429.92	2,499.86	2,571.13
Year 4 PV (M)	3,012.92	3,129.10	3,248.61
Year 5 PV (M)	3,578.75	3,752.07	3,932.04
PV of Terminal Value (M)	101,068.49	105,963.31	111,045.96
Equity Value (M)	113,130.30	118,431.00	123,931.19
Shares Outstanding (M)	2,061.27	2,061.27	2,061.27
Fair Value	$54.88	$57.46	$60.12
Upside / Downside	180.02%	193.14%	206.75%

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Hong Leong Bank Berhad (5819.KL)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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