DDM Analysis: H22.SI

Valuation Snapshot

Stable Growth	$1.07 - $1.61	$1.32
Multi-Stage	$2.11 - $2.32	$2.22
Blended Fair Value	$1.77
Current Price	$1.60
Upside	10.56%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	0.00%	4.14%	0.03	0.02	0.02	0.01	0.01	0.00	0.00	0.00	0.00	0.01
YoY Growth	-	-	50.00%	0.01%	100.03%	0.00%	0.00%	0.00%	-100.00%	0.00%	-66.67%	-25.00%
Dividend Yield	-	-	2.46%	3.25%	2.92%	1.21%	1.31%	0.00%	0.00%	0.53%	0.40%	2.07%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	94.24
(-) Cash Dividends Paid (M)	29.92
(=) Cash Retained (M)	64.32

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	18.85	11.78	7.07
Cash Retained (M)	64.32	64.32	64.32
(-) Cash Required (M)	-18.85	-11.78	-7.07
(=) Excess Retained (M)	45.47	52.54	57.25
(/) Shares Outstanding (M)	748.15	748.15	748.15
(=) Excess Retained per Share	0.06	0.07	0.08
LTM Dividend per Share	0.04	0.04	0.04
(+) Excess Retained per Share	0.06	0.07	0.08
(=) Adjusted Dividend	0.10	0.11	0.12
WACC / Discount Rate	7.25%	7.25%	7.25%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$1.07	$1.32	$1.61
Upside / Downside	-33.27%	-17.34%	0.44%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	94.24	93.30	92.37	91.44	90.53	89.63	92.31
Payout Ratio	31.75%	43.40%	55.05%	66.70%	78.35%	90.00%	92.50%
Projected Dividends (M)	29.92	40.49	50.85	60.99	70.93	80.66	85.39

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.25%	7.25%	7.25%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	37.38	37.76	38.14
Year 2 PV (M)	43.32	44.21	45.10
Year 3 PV (M)	47.96	49.44	50.95
Year 4 PV (M)	51.48	53.61	55.81
Year 5 PV (M)	54.03	56.84	59.77
PV of Terminal Value (M)	1,345.61	1,415.68	1,488.63
Equity Value (M)	1,579.76	1,657.53	1,738.41
Shares Outstanding (M)	748.15	748.15	748.15
Fair Value	$2.11	$2.22	$2.32
Upside / Downside	31.97%	38.47%	45.23%

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Hong Leong Asia Ltd. (H22.SI)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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