DDM Analysis: 5819.KL

Valuation Snapshot

Stable Growth	$96.23 - $411.24	$236.84
Multi-Stage	$50.74 - $55.57	$53.11
Blended Fair Value	$144.97
Current Price	$19.60
Upside	639.67%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	7.30%	7.22%	0.71	0.63	0.58	0.53	0.35	0.50	0.48	0.46	0.41	0.37
YoY Growth	-	-	12.73%	8.66%	9.02%	53.06%	-30.42%	4.20%	4.36%	12.20%	9.55%	5.63%
Dividend Yield	-	-	3.60%	2.91%	2.96%	2.58%	1.83%	3.30%	2.91%	2.22%	2.57%	2.83%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	4,273.44
(-) Cash Dividends Paid (M)	574.01
(=) Cash Retained (M)	3,699.43

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	854.69	534.18	320.51
Cash Retained (M)	3,699.43	3,699.43	3,699.43
(-) Cash Required (M)	-854.69	-534.18	-320.51
(=) Excess Retained (M)	2,844.74	3,165.25	3,378.92
(/) Shares Outstanding (M)	2,061.27	2,061.27	2,061.27
(=) Excess Retained per Share	1.38	1.54	1.64
LTM Dividend per Share	0.28	0.28	0.28
(+) Excess Retained per Share	1.38	1.54	1.64
(=) Adjusted Dividend	1.66	1.81	1.92
WACC / Discount Rate	7.03%	7.03%	7.03%
Growth Rate	5.22%	6.22%	7.22%
Fair Value	$96.23	$236.84	$411.24
Upside / Downside	390.95%	1,108.35%	1,998.16%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	4,273.44	4,539.31	4,821.71	5,121.69	5,440.32	5,778.78	5,952.15
Payout Ratio	13.43%	28.75%	44.06%	59.37%	74.69%	90.00%	92.50%
Projected Dividends (M)	574.01	1,304.85	2,124.41	3,040.89	4,063.18	5,200.90	5,505.74

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.03%	7.03%	7.03%
Growth Rate	5.22%	6.22%	7.22%
Year 1 PV (M)	1,207.62	1,219.09	1,230.57
Year 2 PV (M)	1,819.58	1,854.33	1,889.41
Year 3 PV (M)	2,410.46	2,479.84	2,550.54
Year 4 PV (M)	2,980.80	3,095.74	3,213.97
Year 5 PV (M)	3,531.11	3,702.13	3,879.70
PV of Terminal Value (M)	92,642.88	97,129.65	101,788.59
Equity Value (M)	104,592.45	109,480.78	114,552.78
Shares Outstanding (M)	2,061.27	2,061.27	2,061.27
Fair Value	$50.74	$53.11	$55.57
Upside / Downside	158.89%	170.99%	183.54%

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Hong Leong Bank Berhad (5819.KL)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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