DDM Analysis: 0297.HK

Valuation Snapshot

Stable Growth	$2.43 - $3.79	$3.06
Multi-Stage	$5.75 - $6.33	$6.04
Blended Fair Value	$4.55
Current Price	$1.17
Upside	288.70%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	17.08%	0.00%	0.04	0.06	0.05	0.03	0.03	0.02	0.00	0.00	0.01	0.01
YoY Growth	-	-	-22.63%	26.39%	65.47%	-0.05%	36.03%	4,815.08%	27.06%	-96.27%	3.31%	0.00%
Dividend Yield	-	-	3.90%	7.02%	5.46%	2.91%	4.33%	2.82%	0.05%	0.03%	0.93%	0.77%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,787.22
(-) Cash Dividends Paid (M)	721.59
(=) Cash Retained (M)	1,065.63

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	357.44	223.40	134.04
Cash Retained (M)	1,065.63	1,065.63	1,065.63
(-) Cash Required (M)	-357.44	-223.40	-134.04
(=) Excess Retained (M)	708.19	842.23	931.59
(/) Shares Outstanding (M)	7,024.46	7,024.46	7,024.46
(=) Excess Retained per Share	0.10	0.12	0.13
LTM Dividend per Share	0.10	0.10	0.10
(+) Excess Retained per Share	0.10	0.12	0.13
(=) Adjusted Dividend	0.20	0.22	0.24
WACC / Discount Rate	6.20%	6.20%	6.20%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$2.43	$3.06	$3.79
Upside / Downside	107.80%	161.47%	224.21%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,787.22	1,769.35	1,751.66	1,734.14	1,716.80	1,699.63	1,750.62
Payout Ratio	40.38%	50.30%	60.23%	70.15%	80.08%	90.00%	92.50%
Projected Dividends (M)	721.59	889.98	1,054.94	1,216.50	1,374.73	1,529.67	1,619.32

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.20%	6.20%	6.20%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	829.53	837.99	846.46
Year 2 PV (M)	916.48	935.28	954.27
Year 3 PV (M)	985.05	1,015.51	1,046.60
Year 4 PV (M)	1,037.55	1,080.56	1,124.88
Year 5 PV (M)	1,076.07	1,132.10	1,190.45
PV of Terminal Value (M)	35,549.73	37,400.89	39,328.37
Equity Value (M)	40,394.41	42,402.33	44,491.02
Shares Outstanding (M)	7,024.46	7,024.46	7,024.46
Fair Value	$5.75	$6.04	$6.33
Upside / Downside	391.50%	415.93%	441.34%

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Financial Statements

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Ticker

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Sector

Sinofert Holdings Limited (0297.HK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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