DDM Analysis: 0746.HK

Valuation Snapshot

Stable Growth	$15.89 - $28.69	$21.23
Multi-Stage	$27.70 - $30.44	$29.04
Blended Fair Value	$25.14
Current Price	$3.77
Upside	566.75%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-3.23%	7.18%	0.28	0.22	0.70	0.42	0.22	0.33	0.43	0.14	0.10	0.15
YoY Growth	-	-	27.26%	-68.57%	64.71%	88.89%	-31.82%	-23.26%	207.14%	40.00%	-33.33%	7.14%
Dividend Yield	-	-	7.48%	7.34%	10.74%	5.37%	6.45%	9.48%	7.94%	2.45%	4.10%	6.50%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	941.65
(-) Cash Dividends Paid (M)	334.10
(=) Cash Retained (M)	607.55

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	188.33	117.71	70.62
Cash Retained (M)	607.55	607.55	607.55
(-) Cash Required (M)	-188.33	-117.71	-70.62
(=) Excess Retained (M)	419.22	489.85	536.93
(/) Shares Outstanding (M)	827.52	827.52	827.52
(=) Excess Retained per Share	0.51	0.59	0.65
LTM Dividend per Share	0.40	0.40	0.40
(+) Excess Retained per Share	0.51	0.59	0.65
(=) Adjusted Dividend	0.91	1.00	1.05
WACC / Discount Rate	6.35%	6.35%	6.35%
Growth Rate	0.59%	1.59%	2.59%
Fair Value	$15.89	$21.23	$28.69
Upside / Downside	321.41%	463.21%	661.00%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	941.65	956.63	971.85	987.30	1,003.01	1,018.96	1,049.53
Payout Ratio	35.48%	46.38%	57.29%	68.19%	79.10%	90.00%	92.50%
Projected Dividends (M)	334.10	443.72	556.75	673.26	793.34	917.06	970.82

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.35%	6.35%	6.35%
Growth Rate	0.59%	1.59%	2.59%
Year 1 PV (M)	413.11	417.21	421.32
Year 2 PV (M)	482.57	492.21	501.95
Year 3 PV (M)	543.29	559.65	576.34
Year 4 PV (M)	596.01	620.06	644.84
Year 5 PV (M)	641.42	673.94	707.77
PV of Terminal Value (M)	20,242.02	21,268.39	22,335.97
Equity Value (M)	22,918.41	24,031.46	25,188.18
Shares Outstanding (M)	827.52	827.52	827.52
Fair Value	$27.70	$29.04	$30.44
Upside / Downside	634.62%	670.30%	707.38%

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Financial Statements

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Sector

Lee & Man Chemical Company Limited (0746.HK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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