DDM Analysis: 0116.HK

Valuation Snapshot

Stable Growth	$22.72 - $33.89	$28.03
Multi-Stage	$54.77 - $60.36	$57.51
Blended Fair Value	$42.77
Current Price	$8.52
Upside	402.00%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-1.06%	-1.80%	0.55	0.35	0.43	0.56	0.30	0.58	0.57	0.44	0.58	0.61
YoY Growth	-	-	57.14%	-18.60%	-23.21%	86.67%	-48.28%	1.75%	29.64%	-24.14%	-4.92%	-7.58%
Dividend Yield	-	-	8.50%	3.97%	4.17%	5.15%	3.42%	6.00%	4.92%	2.35%	4.04%	4.79%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,892.79
(-) Cash Dividends Paid (M)	749.89
(=) Cash Retained (M)	1,142.90

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	378.56	236.60	141.96
Cash Retained (M)	1,142.90	1,142.90	1,142.90
(-) Cash Required (M)	-378.56	-236.60	-141.96
(=) Excess Retained (M)	764.34	906.30	1,000.94
(/) Shares Outstanding (M)	675.61	675.61	675.61
(=) Excess Retained per Share	1.13	1.34	1.48
LTM Dividend per Share	1.11	1.11	1.11
(+) Excess Retained per Share	1.13	1.34	1.48
(=) Adjusted Dividend	2.24	2.45	2.59
WACC / Discount Rate	6.51%	6.51%	6.51%
Growth Rate	-3.06%	-2.06%	-1.06%
Fair Value	$22.72	$28.03	$33.89
Upside / Downside	166.62%	229.02%	297.82%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,892.79	1,853.86	1,815.73	1,778.39	1,741.81	1,705.99	1,757.17
Payout Ratio	39.62%	49.69%	59.77%	69.85%	79.92%	90.00%	92.50%
Projected Dividends (M)	749.89	921.27	1,085.28	1,242.16	1,392.12	1,535.39	1,625.38

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.51%	6.51%	6.51%
Growth Rate	-3.06%	-2.06%	-1.06%
Year 1 PV (M)	856.14	864.97	873.80
Year 2 PV (M)	937.26	956.70	976.33
Year 3 PV (M)	996.91	1,028.08	1,059.89
Year 4 PV (M)	1,038.28	1,081.79	1,126.65
Year 5 PV (M)	1,064.18	1,120.21	1,178.58
PV of Terminal Value (M)	32,109.97	33,800.61	35,561.73
Equity Value (M)	37,002.74	38,852.36	40,776.98
Shares Outstanding (M)	675.61	675.61	675.61
Fair Value	$54.77	$57.51	$60.36
Upside / Downside	542.84%	574.97%	608.41%

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Chow Sang Sang Holdings International Limited (0116.HK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener