DDM Analysis: 0425.HK

Valuation Snapshot

Stable Growth	$677.78 - $798.54	$748.35
Multi-Stage	$531.69 - $583.65	$557.18
Blended Fair Value	$652.77
Current Price	$20.43
Upside	3,095.13%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	0.00%	0.00%	0.00	0.52	0.54	0.48	0.60	0.58	0.69	0.59	0.45	0.39
YoY Growth	-	-	-100.00%	-2.12%	11.90%	-20.78%	4.05%	-16.03%	17.57%	29.90%	15.51%	14.36%
Dividend Yield	-	-	0.00%	3.78%	2.87%	1.71%	1.79%	2.37%	3.12%	1.48%	2.10%	3.04%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	4,611.79
(-) Cash Dividends Paid (M)	460.64
(=) Cash Retained (M)	4,151.15

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	922.36	576.47	345.88
Cash Retained (M)	4,151.15	4,151.15	4,151.15
(-) Cash Required (M)	-922.36	-576.47	-345.88
(=) Excess Retained (M)	3,228.80	3,574.68	3,805.27
(/) Shares Outstanding (M)	1,148.26	1,148.26	1,148.26
(=) Excess Retained per Share	2.81	3.11	3.31
LTM Dividend per Share	0.40	0.40	0.40
(+) Excess Retained per Share	2.81	3.11	3.31
(=) Adjusted Dividend	3.21	3.51	3.72
WACC / Discount Rate	-0.70%	-0.70%	-0.70%
Growth Rate	5.47%	6.47%	7.47%
Fair Value	$677.78	$748.35	$798.54
Upside / Downside	3,217.56%	3,562.99%	3,808.67%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	4,611.79	4,910.27	5,228.06	5,566.42	5,926.68	6,310.25	6,499.56
Payout Ratio	9.99%	25.99%	41.99%	58.00%	74.00%	90.00%	92.50%
Projected Dividends (M)	460.64	1,276.21	2,195.42	3,228.26	4,385.60	5,679.23	6,012.09

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	-0.70%	-0.70%	-0.70%
Growth Rate	5.47%	6.47%	7.47%
Year 1 PV (M)	1,273.09	1,285.16	1,297.23
Year 2 PV (M)	2,184.70	2,226.32	2,268.34
Year 3 PV (M)	3,204.64	3,296.66	3,390.43
Year 4 PV (M)	4,342.87	4,509.93	4,681.77
Year 5 PV (M)	5,610.15	5,881.19	6,162.61
PV of Terminal Value (M)	593,896.32	622,589.49	652,381.12
Equity Value (M)	610,511.77	639,788.76	670,181.49
Shares Outstanding (M)	1,148.26	1,148.26	1,148.26
Fair Value	$531.69	$557.18	$583.65
Upside / Downside	2,502.47%	2,627.28%	2,756.83%

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Minth Group Limited (0425.HK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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