DDM Analysis: 0184.HK

Valuation Snapshot

Stable Growth	$8.98 - $12.96	$10.92
Multi-Stage	$24.72 - $27.31	$25.99
Blended Fair Value	$18.45
Current Price	$2.26
Upside	716.47%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-3.46%	-3.20%	0.13	0.08	0.04	0.00	0.05	0.16	0.16	0.15	0.15	0.15
YoY Growth	-	-	62.50%	100.00%	0.00%	-100.00%	-70.97%	-3.13%	6.67%	0.00%	0.00%	-16.67%
Dividend Yield	-	-	6.44%	4.10%	1.74%	0.00%	1.53%	3.41%	3.25%	2.14%	2.68%	2.34%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	441.27
(-) Cash Dividends Paid (M)	105.46
(=) Cash Retained (M)	335.80

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	88.25	55.16	33.09
Cash Retained (M)	335.80	335.80	335.80
(-) Cash Required (M)	-88.25	-55.16	-33.09
(=) Excess Retained (M)	247.55	280.64	302.71
(/) Shares Outstanding (M)	340.20	340.20	340.20
(=) Excess Retained per Share	0.73	0.82	0.89
LTM Dividend per Share	0.31	0.31	0.31
(+) Excess Retained per Share	0.73	0.82	0.89
(=) Adjusted Dividend	1.04	1.13	1.20
WACC / Discount Rate	6.27%	6.27%	6.27%
Growth Rate	-4.73%	-3.73%	-2.73%
Fair Value	$8.98	$10.92	$12.96
Upside / Downside	297.41%	383.12%	473.33%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	441.27	424.80	408.94	393.68	378.99	364.84	375.79
Payout Ratio	23.90%	37.12%	50.34%	63.56%	76.78%	90.00%	92.50%
Projected Dividends (M)	105.46	157.68	205.86	250.22	290.99	328.36	347.60

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.27%	6.27%	6.27%
Growth Rate	-4.73%	-3.73%	-2.73%
Year 1 PV (M)	146.83	148.37	149.92
Year 2 PV (M)	178.50	182.27	186.08
Year 3 PV (M)	202.04	208.47	215.03
Year 4 PV (M)	218.78	228.12	237.74
Year 5 PV (M)	229.89	242.22	255.06
PV of Terminal Value (M)	7,432.60	7,830.96	8,246.23
Equity Value (M)	8,408.65	8,840.41	9,290.06
Shares Outstanding (M)	340.20	340.20	340.20
Fair Value	$24.72	$25.99	$27.31
Upside / Downside	993.66%	1,049.82%	1,108.30%

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Financial Statements

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Keck Seng Investments (Hong Kong) Limited (0184.HK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener