DDM Analysis: 0010.HK

Valuation Snapshot

Stable Growth	$32.61 - $57.13	$43.06
Multi-Stage	$101.36 - $111.76	$106.46
Blended Fair Value	$74.76
Current Price	$13.66
Upside	447.28%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	1.46%	0.77%	0.86	0.86	0.86	0.84	1.08	0.80	0.80	0.80	0.80	0.81
YoY Growth	-	-	0.00%	0.00%	2.36%	-22.18%	34.99%	0.00%	0.00%	0.37%	-1.18%	1.29%
Dividend Yield	-	-	8.22%	8.08%	6.00%	5.04%	5.60%	4.15%	4.01%	2.78%	2.95%	3.20%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	3,439.00
(-) Cash Dividends Paid (M)	1,457.00
(=) Cash Retained (M)	1,982.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	687.80	429.88	257.93
Cash Retained (M)	1,982.00	1,982.00	1,982.00
(-) Cash Required (M)	-687.80	-429.88	-257.93
(=) Excess Retained (M)	1,294.20	1,552.13	1,724.08
(/) Shares Outstanding (M)	1,361.62	1,361.62	1,361.62
(=) Excess Retained per Share	0.95	1.14	1.27
LTM Dividend per Share	1.07	1.07	1.07
(+) Excess Retained per Share	0.95	1.14	1.27
(=) Adjusted Dividend	2.02	2.21	2.34
WACC / Discount Rate	4.90%	4.90%	4.90%
Growth Rate	-1.23%	-0.23%	0.77%
Fair Value	$32.61	$43.06	$57.13
Upside / Downside	138.70%	215.23%	318.26%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	3,439.00	3,431.26	3,423.54	3,415.84	3,408.15	3,400.48	3,502.50
Payout Ratio	42.37%	51.89%	61.42%	70.95%	80.47%	90.00%	92.50%
Projected Dividends (M)	1,457.00	1,780.60	2,102.75	2,423.43	2,742.66	3,060.43	3,239.81

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	4.90%	4.90%	4.90%
Growth Rate	-1.23%	-0.23%	0.77%
Year 1 PV (M)	1,680.49	1,697.50	1,714.51
Year 2 PV (M)	1,872.93	1,911.05	1,949.54
Year 3 PV (M)	2,037.19	2,099.70	2,163.46
Year 4 PV (M)	2,175.91	2,265.37	2,357.57
Year 5 PV (M)	2,291.50	2,409.87	2,533.08
PV of Terminal Value (M)	127,961.64	134,571.56	141,451.85
Equity Value (M)	138,019.66	144,955.05	152,170.02
Shares Outstanding (M)	1,361.62	1,361.62	1,361.62
Fair Value	$101.36	$106.46	$111.76
Upside / Downside	642.05%	679.34%	718.13%

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Hang Lung Group Limited (0010.HK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener