DDM Analysis: 0291.HK

Valuation Snapshot

Stable Growth	$304.02 - $540.23	$506.27
Multi-Stage	$86.23 - $94.38	$90.23
Blended Fair Value	$298.25
Current Price	$22.81
Upside	1,207.55%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	47.18%	28.40%	1.04	0.59	0.54	0.39	0.17	0.15	0.18	0.17	0.00	3.62
YoY Growth	-	-	75.98%	9.89%	35.75%	128.34%	15.20%	-17.57%	5.21%	0.00%	-100.00%	4,152.90%
Dividend Yield	-	-	4.37%	2.07%	1.11%	0.76%	0.29%	0.39%	0.76%	0.74%	0.00%	23.77%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	8,812.57
(-) Cash Dividends Paid (M)	3,838.89
(=) Cash Retained (M)	4,973.68

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,762.51	1,101.57	660.94
Cash Retained (M)	4,973.68	4,973.68	4,973.68
(-) Cash Required (M)	-1,762.51	-1,101.57	-660.94
(=) Excess Retained (M)	3,211.17	3,872.11	4,312.74
(/) Shares Outstanding (M)	3,244.18	3,244.18	3,244.18
(=) Excess Retained per Share	0.99	1.19	1.33
LTM Dividend per Share	1.18	1.18	1.18
(+) Excess Retained per Share	0.99	1.19	1.33
(=) Adjusted Dividend	2.17	2.38	2.51
WACC / Discount Rate	6.25%	6.25%	6.25%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$304.02	$506.27	$540.23
Upside / Downside	1,232.82%	2,119.53%	2,268.39%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	8,812.57	9,385.39	9,995.44	10,645.14	11,337.08	12,073.99	12,436.21
Payout Ratio	43.56%	52.85%	62.14%	71.42%	80.71%	90.00%	92.50%
Projected Dividends (M)	3,838.89	4,960.11	6,210.86	7,603.25	9,150.42	10,866.59	11,503.49

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.25%	6.25%	6.25%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	4,624.32	4,668.15	4,711.99
Year 2 PV (M)	5,398.41	5,501.23	5,605.03
Year 3 PV (M)	6,161.27	6,338.14	6,518.36
Year 4 PV (M)	6,913.04	7,178.90	7,452.35
Year 5 PV (M)	7,653.83	8,023.51	8,407.34
PV of Terminal Value (M)	248,989.25	261,015.53	273,502.07
Equity Value (M)	279,740.12	292,725.46	306,197.14
Shares Outstanding (M)	3,244.18	3,244.18	3,244.18
Fair Value	$86.23	$90.23	$94.38
Upside / Downside	278.03%	295.58%	313.78%

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China Resources Beer (Holdings) Company Limited (0291.HK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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