DDM Analysis: 0411.HK

Valuation Snapshot

Stable Growth	$19.97 - $31.03	$25.08
Multi-Stage	$45.83 - $50.50	$48.12
Blended Fair Value	$36.60
Current Price	$10.10
Upside	262.37%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	0.00%	0.00%	0.00	0.33	0.42	0.48	0.46	0.44	0.41	0.36	0.30	0.23
YoY Growth	-	-	-100.00%	-23.29%	-10.76%	3.91%	4.47%	7.57%	14.13%	19.66%	29.49%	9.53%
Dividend Yield	-	-	0.00%	3.62%	3.92%	4.17%	3.05%	3.30%	2.63%	2.44%	2.59%	2.96%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	503.55
(-) Cash Dividends Paid (M)	140.88
(=) Cash Retained (M)	362.68

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	100.71	62.94	37.77
Cash Retained (M)	362.68	362.68	362.68
(-) Cash Required (M)	-100.71	-62.94	-37.77
(=) Excess Retained (M)	261.96	299.73	324.91
(/) Shares Outstanding (M)	237.92	237.92	237.92
(=) Excess Retained per Share	1.10	1.26	1.37
LTM Dividend per Share	0.59	0.59	0.59
(+) Excess Retained per Share	1.10	1.26	1.37
(=) Adjusted Dividend	1.69	1.85	1.96
WACC / Discount Rate	6.31%	6.31%	6.31%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$19.97	$25.08	$31.03
Upside / Downside	97.71%	148.33%	207.20%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	503.55	498.52	493.53	488.60	483.71	478.87	493.24
Payout Ratio	27.98%	40.38%	52.79%	65.19%	77.60%	90.00%	92.50%
Projected Dividends (M)	140.88	201.31	260.52	318.52	375.34	430.99	456.25

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.31%	6.31%	6.31%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	187.45	189.36	191.27
Year 2 PV (M)	225.88	230.51	235.19
Year 3 PV (M)	257.15	265.10	273.22
Year 4 PV (M)	282.16	293.85	305.91
Year 5 PV (M)	301.68	317.39	333.75
PV of Terminal Value (M)	9,649.10	10,151.56	10,674.72
Equity Value (M)	10,903.42	11,447.77	12,014.06
Shares Outstanding (M)	237.92	237.92	237.92
Fair Value	$45.83	$48.12	$50.50
Upside / Downside	353.75%	376.40%	399.97%

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Lam Soon (Hong Kong) Limited (0411.HK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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