DDM Analysis: 0012.HK

Valuation Snapshot

Stable Growth	$32.94 - $57.37	$43.39
Multi-Stage	$101.51 - $111.78	$106.54
Blended Fair Value	$74.97
Current Price	$27.45
Upside	173.11%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	1.37%	18.83%	1.80	1.80	1.80	1.80	1.80	1.68	1.47	1.25	1.05	0.66
YoY Growth	-	-	0.00%	0.00%	0.00%	0.00%	7.02%	14.34%	18.09%	19.05%	58.26%	106.12%
Dividend Yield	-	-	7.63%	7.64%	6.61%	5.42%	5.95%	4.40%	4.15%	2.89%	3.38%	2.04%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	12,508.00
(-) Cash Dividends Paid (M)	11,136.00
(=) Cash Retained (M)	1,372.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	2,501.60	1,563.50	938.10
Cash Retained (M)	1,372.00	1,372.00	1,372.00
(-) Cash Required (M)	-2,501.60	-1,563.50	-938.10
(=) Excess Retained (M)	-1,129.60	-191.50	433.90
(/) Shares Outstanding (M)	4,841.00	4,841.00	4,841.00
(=) Excess Retained per Share	-0.23	-0.04	0.09
LTM Dividend per Share	2.30	2.30	2.30
(+) Excess Retained per Share	-0.23	-0.04	0.09
(=) Adjusted Dividend	2.07	2.26	2.39
WACC / Discount Rate	4.98%	4.98%	4.98%
Growth Rate	-1.22%	-0.22%	0.78%
Fair Value	$32.94	$43.39	$57.37
Upside / Downside	20.00%	58.08%	108.99%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	12,508.00	12,480.32	12,452.70	12,425.14	12,397.64	12,370.21	12,741.31
Payout Ratio	89.03%	89.22%	89.42%	89.61%	89.81%	90.00%	92.50%
Projected Dividends (M)	11,136.00	11,135.54	11,135.03	11,134.47	11,133.85	11,133.19	11,785.71

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	4.98%	4.98%	4.98%
Growth Rate	-1.22%	-0.22%	0.78%
Year 1 PV (M)	10,501.27	10,607.58	10,713.89
Year 2 PV (M)	9,902.67	10,104.18	10,307.73
Year 3 PV (M)	9,338.14	9,624.63	9,916.92
Year 4 PV (M)	8,805.76	9,167.80	9,540.88
Year 5 PV (M)	8,303.69	8,732.60	9,179.06
PV of Terminal Value (M)	444,579.15	467,543.22	491,446.58
Equity Value (M)	491,430.67	515,780.01	541,105.07
Shares Outstanding (M)	4,841.00	4,841.00	4,841.00
Fair Value	$101.51	$106.54	$111.78
Upside / Downside	269.82%	288.14%	307.20%

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Henderson Land Development Company Limited (0012.HK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener