DDM Analysis: 0345.HK

Valuation Snapshot

Stable Growth	$1.94 - $2.70	$2.32
Multi-Stage	$5.82 - $6.44	$6.12
Blended Fair Value	$4.22
Current Price	$8.44
Upside	-49.99%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	-24.34%	-6.18%	0.10	0.03	0.01	0.29	0.32	0.42	0.35	0.35	0.30	0.24
YoY Growth	-	-	267.53%	115.81%	-95.52%	-9.49%	-22.92%	18.99%	0.84%	16.90%	21.58%	24.99%
Dividend Yield	-	-	1.03%	0.41%	0.09%	1.95%	1.07%	1.77%	0.91%	1.71%	1.92%	1.68%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	360.00
(-) Cash Dividends Paid (M)	132.69
(=) Cash Retained (M)	227.31

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	72.00	45.00	27.00
Cash Retained (M)	227.31	227.31	227.31
(-) Cash Required (M)	-72.00	-45.00	-27.00
(=) Excess Retained (M)	155.31	182.31	200.31
(/) Shares Outstanding (M)	1,069.23	1,069.23	1,069.23
(=) Excess Retained per Share	0.15	0.17	0.19
LTM Dividend per Share	0.12	0.12	0.12
(+) Excess Retained per Share	0.15	0.17	0.19
(=) Adjusted Dividend	0.27	0.29	0.31
WACC / Discount Rate	6.31%	6.31%	6.31%
Growth Rate	-6.67%	-5.67%	-4.67%
Fair Value	$1.94	$2.32	$2.70
Upside / Downside	-77.05%	-72.51%	-67.96%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	360.00	339.60	320.35	302.19	285.06	268.91	276.97
Payout Ratio	36.86%	47.49%	58.12%	68.74%	79.37%	90.00%	92.50%
Projected Dividends (M)	132.69	161.27	186.17	207.74	226.26	242.02	256.20

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.31%	6.31%	6.31%
Growth Rate	-6.67%	-5.67%	-4.67%
Year 1 PV (M)	150.09	151.69	153.30
Year 2 PV (M)	161.25	164.73	168.24
Year 3 PV (M)	167.46	172.90	178.46
Year 4 PV (M)	169.75	177.14	184.77
Year 5 PV (M)	168.98	178.23	187.88
PV of Terminal Value (M)	5,404.59	5,700.40	6,009.02
Equity Value (M)	6,222.12	6,545.09	6,881.66
Shares Outstanding (M)	1,069.23	1,069.23	1,069.23
Fair Value	$5.82	$6.12	$6.44
Upside / Downside	-31.05%	-27.47%	-23.74%

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Vitasoy International Holdings Limited (0345.HK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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