DDM Analysis: 2373.HK

Valuation Snapshot

Stable Growth	$18.81 - $28.69	$23.44
Multi-Stage	$39.90 - $43.91	$41.87
Blended Fair Value	$32.65
Current Price	$27.59
Upside	18.34%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019
DPS	6.88%	0.00%	0.49	0.38	0.89	0.35	0.46	0.35	0.00	0.00	0.00	0.00
YoY Growth	-	-	29.30%	-57.41%	151.69%	-23.98%	32.35%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	2.92%	3.76%	3.39%	1.46%	1.86%	1.32%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	487.97
(-) Cash Dividends Paid (M)	202.12
(=) Cash Retained (M)	285.85

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	97.59	61.00	36.60
Cash Retained (M)	285.85	285.85	285.85
(-) Cash Required (M)	-97.59	-61.00	-36.60
(=) Excess Retained (M)	188.26	224.85	249.25
(/) Shares Outstanding (M)	230.33	230.33	230.33
(=) Excess Retained per Share	0.82	0.98	1.08
LTM Dividend per Share	0.88	0.88	0.88
(+) Excess Retained per Share	0.82	0.98	1.08
(=) Adjusted Dividend	1.69	1.85	1.96
WACC / Discount Rate	6.83%	6.83%	6.83%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$18.81	$23.44	$28.69
Upside / Downside	-31.83%	-15.06%	3.98%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	487.97	483.09	478.26	473.48	468.74	464.05	477.98
Payout Ratio	41.42%	51.14%	60.85%	70.57%	80.28%	90.00%	92.50%
Projected Dividends (M)	202.12	247.04	291.03	334.12	376.32	417.65	442.13

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.83%	6.83%	6.83%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	228.90	231.24	233.58
Year 2 PV (M)	249.88	255.00	260.18
Year 3 PV (M)	265.82	274.04	282.43
Year 4 PV (M)	277.42	288.92	300.77
Year 5 PV (M)	285.29	300.14	315.61
PV of Terminal Value (M)	7,883.66	8,294.18	8,721.63
Equity Value (M)	9,190.98	9,643.53	10,114.20
Shares Outstanding (M)	230.33	230.33	230.33
Fair Value	$39.90	$41.87	$43.91
Upside / Downside	44.63%	51.75%	59.16%

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Beauty Farm Medical and Health Industry Inc. (2373.HK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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