DDM Analysis: 2128.HK

Valuation Snapshot

Stable Growth	$7.69 - $10.89	$9.27
Multi-Stage	$10.76 - $11.80	$11.27
Blended Fair Value	$10.27
Current Price	$3.82
Upside	168.84%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-8.34%	6.62%	0.18	0.27	0.21	0.42	0.36	0.28	0.23	0.13	0.11	0.10
YoY Growth	-	-	-32.59%	28.12%	-49.21%	16.71%	26.36%	21.17%	73.95%	21.24%	6.39%	7.92%
Dividend Yield	-	-	5.59%	7.61%	2.93%	4.55%	3.48%	3.16%	6.75%	3.08%	2.45%	2.29%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	3,604.26
(-) Cash Dividends Paid (M)	571.10
(=) Cash Retained (M)	3,033.15

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	720.85	450.53	270.32
Cash Retained (M)	3,033.15	3,033.15	3,033.15
(-) Cash Required (M)	-720.85	-450.53	-270.32
(=) Excess Retained (M)	2,312.30	2,582.62	2,762.83
(/) Shares Outstanding (M)	3,079.43	3,079.43	3,079.43
(=) Excess Retained per Share	0.75	0.84	0.90
LTM Dividend per Share	0.19	0.19	0.19
(+) Excess Retained per Share	0.75	0.84	0.90
(=) Adjusted Dividend	0.94	1.02	1.08
WACC / Discount Rate	10.51%	10.51%	10.51%
Growth Rate	-1.49%	-0.49%	0.51%
Fair Value	$7.69	$9.27	$10.89
Upside / Downside	101.32%	142.66%	185.03%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	3,604.26	3,586.68	3,569.20	3,551.80	3,534.48	3,517.25	3,622.76
Payout Ratio	15.85%	30.68%	45.51%	60.34%	75.17%	90.00%	92.50%
Projected Dividends (M)	571.10	1,100.26	1,624.24	2,143.09	2,656.83	3,165.52	3,351.06

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	10.51%	10.51%	10.51%
Growth Rate	-1.49%	-0.49%	0.51%
Year 1 PV (M)	985.64	995.65	1,005.65
Year 2 PV (M)	1,303.47	1,330.06	1,356.93
Year 3 PV (M)	1,540.68	1,588.08	1,636.44
Year 4 PV (M)	1,711.05	1,781.59	1,854.29
Year 5 PV (M)	1,826.29	1,920.88	2,019.35
PV of Terminal Value (M)	25,754.36	27,088.34	28,477.02
Equity Value (M)	33,121.50	34,704.60	36,349.69
Shares Outstanding (M)	3,079.43	3,079.43	3,079.43
Fair Value	$10.76	$11.27	$11.80
Upside / Downside	181.56%	195.02%	209.01%

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China Lesso Group Holdings Limited (2128.HK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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