DDM Analysis: 2128.HK

Valuation Snapshot

Stable Growth	$11.21 - $17.48	$14.10
Multi-Stage	$22.66 - $24.96	$23.79
Blended Fair Value	$18.95
Current Price	$3.82
Upside	396.01%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-8.34%	6.62%	0.18	0.27	0.21	0.42	0.36	0.28	0.23	0.13	0.11	0.10
YoY Growth	-	-	-32.59%	28.12%	-49.21%	16.71%	26.36%	21.17%	73.95%	21.24%	6.39%	7.92%
Dividend Yield	-	-	5.59%	7.61%	2.93%	4.55%	3.48%	3.16%	6.75%	3.08%	2.45%	2.29%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	3,604.26
(-) Cash Dividends Paid (M)	571.10
(=) Cash Retained (M)	3,033.15

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	720.85	450.53	270.32
Cash Retained (M)	3,033.15	3,033.15	3,033.15
(-) Cash Required (M)	-720.85	-450.53	-270.32
(=) Excess Retained (M)	2,312.30	2,582.62	2,762.83
(/) Shares Outstanding (M)	3,079.43	3,079.43	3,079.43
(=) Excess Retained per Share	0.75	0.84	0.90
LTM Dividend per Share	0.19	0.19	0.19
(+) Excess Retained per Share	0.75	0.84	0.90
(=) Adjusted Dividend	0.94	1.02	1.08
WACC / Discount Rate	6.74%	6.74%	6.74%
Growth Rate	-1.49%	-0.49%	0.51%
Fair Value	$11.21	$14.10	$17.48
Upside / Downside	193.57%	269.24%	357.59%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	3,604.26	3,586.68	3,569.20	3,551.80	3,534.48	3,517.25	3,622.76
Payout Ratio	15.85%	30.68%	45.51%	60.34%	75.17%	90.00%	92.50%
Projected Dividends (M)	571.10	1,100.26	1,624.24	2,143.09	2,656.83	3,165.52	3,351.06

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.74%	6.74%	6.74%
Growth Rate	-1.49%	-0.49%	0.51%
Year 1 PV (M)	1,020.45	1,030.80	1,041.16
Year 2 PV (M)	1,397.14	1,425.65	1,454.45
Year 3 PV (M)	1,709.72	1,762.32	1,815.98
Year 4 PV (M)	1,965.83	2,046.87	2,130.40
Year 5 PV (M)	2,172.31	2,284.83	2,401.96
PV of Terminal Value (M)	61,523.19	64,709.84	68,027.19
Equity Value (M)	69,788.64	73,260.31	76,871.14
Shares Outstanding (M)	3,079.43	3,079.43	3,079.43
Fair Value	$22.66	$23.79	$24.96
Upside / Downside	493.27%	522.78%	553.48%

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China Lesso Group Holdings Limited (2128.HK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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