DDM Analysis: 002352.SZ

Valuation Snapshot

Stable Growth	$182.29 - $436.68	$409.24
Multi-Stage	$65.67 - $71.79	$68.67
Blended Fair Value	$238.95
Current Price	$40.33
Upside	492.50%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	44.85%	80.49%	2.31	0.73	0.18	0.30	0.24	0.36	0.31	0.17	0.37	0.45
YoY Growth	-	-	214.38%	315.44%	-41.70%	26.23%	-33.66%	17.46%	80.00%	-53.18%	-18.17%	7,003.81%
Dividend Yield	-	-	5.35%	2.01%	0.32%	0.66%	0.30%	0.77%	0.83%	0.34%	0.66%	3.23%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	10,861.56
(-) Cash Dividends Paid (M)	8,179.54
(=) Cash Retained (M)	2,682.03

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	2,172.31	1,357.70	814.62
Cash Retained (M)	2,682.03	2,682.03	2,682.03
(-) Cash Required (M)	-2,172.31	-1,357.70	-814.62
(=) Excess Retained (M)	509.72	1,324.33	1,867.41
(/) Shares Outstanding (M)	4,946.60	4,946.60	4,946.60
(=) Excess Retained per Share	0.10	0.27	0.38
LTM Dividend per Share	1.65	1.65	1.65
(+) Excess Retained per Share	0.10	0.27	0.38
(=) Adjusted Dividend	1.76	1.92	2.03
WACC / Discount Rate	6.52%	6.52%	6.52%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$182.29	$409.24	$436.68
Upside / Downside	351.99%	914.72%	982.77%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	10,861.56	11,567.56	12,319.46	13,120.22	13,973.04	14,881.28	15,327.72
Payout Ratio	75.31%	78.25%	81.18%	84.12%	87.06%	90.00%	92.50%
Projected Dividends (M)	8,179.54	9,051.13	10,001.46	11,037.11	12,165.12	13,393.15	14,178.14

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.52%	6.52%	6.52%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	8,417.59	8,497.38	8,577.17
Year 2 PV (M)	8,650.36	8,815.13	8,981.45
Year 3 PV (M)	8,877.92	9,132.77	9,392.46
Year 4 PV (M)	9,100.35	9,450.32	9,810.29
Year 5 PV (M)	9,317.72	9,767.77	10,235.04
PV of Terminal Value (M)	280,489.30	294,037.04	308,103.28
Equity Value (M)	324,853.24	339,700.40	355,099.68
Shares Outstanding (M)	4,946.60	4,946.60	4,946.60
Fair Value	$65.67	$68.67	$71.79
Upside / Downside	62.84%	70.28%	78.00%

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S.F. Holding Co., Ltd. (002352.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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