DDM Analysis: 1837.HK

Valuation Snapshot

Stable Growth	$1.35 - $2.09	$1.69
Multi-Stage	$3.08 - $3.40	$3.24
Blended Fair Value	$2.46
Current Price	$0.72
Upside	241.95%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-3.58%	0.00%	0.03	0.00	0.00	0.02	0.00	0.04	0.11	0.02	0.00	0.00
YoY Growth	-	-	0.00%	0.00%	-100.00%	0.00%	-100.00%	-65.43%	363.95%	0.00%	0.00%	0.00%
Dividend Yield	-	-	6.78%	0.00%	0.00%	4.00%	0.00%	3.00%	9.63%	2.06%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	310.45
(-) Cash Dividends Paid (M)	70.52
(=) Cash Retained (M)	239.93

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	62.09	38.81	23.28
Cash Retained (M)	239.93	239.93	239.93
(-) Cash Required (M)	-62.09	-38.81	-23.28
(=) Excess Retained (M)	177.84	201.12	216.64
(/) Shares Outstanding (M)	2,172.69	2,172.69	2,172.69
(=) Excess Retained per Share	0.08	0.09	0.10
LTM Dividend per Share	0.03	0.03	0.03
(+) Excess Retained per Share	0.08	0.09	0.10
(=) Adjusted Dividend	0.11	0.13	0.13
WACC / Discount Rate	6.31%	6.31%	6.31%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$1.35	$1.69	$2.09
Upside / Downside	87.07%	134.97%	190.67%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	310.45	307.34	304.27	301.23	298.21	295.23	304.09
Payout Ratio	22.72%	36.17%	49.63%	63.09%	76.54%	90.00%	92.50%
Projected Dividends (M)	70.52	111.17	151.01	190.03	228.26	265.71	281.28

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.31%	6.31%	6.31%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	103.52	104.58	105.63
Year 2 PV (M)	130.93	133.61	136.33
Year 3 PV (M)	153.42	158.16	163.01
Year 4 PV (M)	171.59	178.71	186.04
Year 5 PV (M)	185.99	195.68	205.76
PV of Terminal Value (M)	5,948.72	6,258.48	6,581.02
Equity Value (M)	6,694.17	7,029.22	7,377.78
Shares Outstanding (M)	2,172.69	2,172.69	2,172.69
Fair Value	$3.08	$3.24	$3.40
Upside / Downside	327.54%	348.94%	371.20%

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Natural Food International Holding Limited (1837.HK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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