DDM Analysis: 1209.HK

Valuation Snapshot

Stable Growth	$29.30 - $45.32	$36.73
Multi-Stage	$68.12 - $74.91	$71.45
Blended Fair Value	$54.09
Current Price	$34.62
Upside	56.23%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017
DPS	0.00%	0.00%	1.34	0.92	0.42	0.13	0.29	0.00	0.03	0.02	0.00	0.00
YoY Growth	-	-	46.05%	117.07%	220.84%	-55.05%	0.00%	-100.00%	95.68%	0.00%	0.00%	0.00%
Dividend Yield	-	-	4.93%	3.75%	1.20%	0.44%	0.97%	0.00%	0.12%	0.07%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	7,185.97
(-) Cash Dividends Paid (M)	5,142.11
(=) Cash Retained (M)	2,043.86

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,437.19	898.25	538.95
Cash Retained (M)	2,043.86	2,043.86	2,043.86
(-) Cash Required (M)	-1,437.19	-898.25	-538.95
(=) Excess Retained (M)	606.67	1,145.62	1,504.91
(/) Shares Outstanding (M)	2,282.50	2,282.50	2,282.50
(=) Excess Retained per Share	0.27	0.50	0.66
LTM Dividend per Share	2.25	2.25	2.25
(+) Excess Retained per Share	0.27	0.50	0.66
(=) Adjusted Dividend	2.52	2.75	2.91
WACC / Discount Rate	6.43%	6.43%	6.43%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$29.30	$36.73	$45.32
Upside / Downside	-15.38%	6.09%	30.91%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	7,185.97	7,114.11	7,042.97	6,972.54	6,902.81	6,833.78	7,038.80
Payout Ratio	71.56%	75.25%	78.93%	82.62%	86.31%	90.00%	92.50%
Projected Dividends (M)	5,142.11	5,353.09	5,559.34	5,760.92	5,957.92	6,150.41	6,510.89

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.43%	6.43%	6.43%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	4,979.09	5,029.89	5,080.70
Year 2 PV (M)	4,809.65	4,908.31	5,007.96
Year 3 PV (M)	4,635.83	4,779.20	4,925.49
Year 4 PV (M)	4,459.39	4,644.21	4,834.72
Year 5 PV (M)	4,281.84	4,504.80	4,736.96
PV of Terminal Value (M)	132,325.74	139,216.25	146,390.85
Equity Value (M)	155,491.54	163,082.66	170,976.69
Shares Outstanding (M)	2,282.50	2,282.50	2,282.50
Fair Value	$68.12	$71.45	$74.91
Upside / Downside	96.77%	106.38%	116.37%

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China Resources Mixc Lifestyle Services Limited (1209.HK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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