DDM Analysis: 1209.HK

Valuation Snapshot

Stable Growth	$29.30 - $45.33	$36.73
Multi-Stage	$68.14 - $74.93	$71.47
Blended Fair Value	$54.10
Current Price	$34.62
Upside	56.27%
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	6.42%	6.42%	6.42%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$29.30	$36.73	$45.33
Upside / Downside	-15.37%	6.10%	30.93%

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	6.42%	6.42%	6.42%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	4,979.14	5,029.94	5,080.75
Year 2 PV (M)	4,809.74	4,908.40	5,008.06
Year 3 PV (M)	4,635.97	4,779.34	4,925.64
Year 4 PV (M)	4,459.57	4,644.40	4,834.91
Year 5 PV (M)	4,282.05	4,505.02	4,737.19
PV of Terminal Value (M)	132,372.61	139,265.56	146,442.71
Equity Value (M)	155,539.07	163,132.66	171,029.26
Shares Outstanding (M)	2,282.50	2,282.50	2,282.50
Fair Value	$68.14	$71.47	$74.93
Upside / Downside	96.83%	106.44%	116.44%

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Financial Statements

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Industry

Sector

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

High-Yield Dividend Screener