DDM Analysis: 1357.HK

Valuation Snapshot

Stable Growth	$6.09 - $13.89	$8.87
Multi-Stage	$4.49 - $4.89	$4.69
Blended Fair Value	$6.78
Current Price	$8.24
Upside	-17.72%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	0.00%	22.14%	0.03	0.02	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	81.59%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-100.00%
Dividend Yield	-	-	1.17%	0.54%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,352.86
(-) Cash Dividends Paid (M)	603.17
(=) Cash Retained (M)	749.69

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	270.57	169.11	101.46
Cash Retained (M)	749.69	749.69	749.69
(-) Cash Required (M)	-270.57	-169.11	-101.46
(=) Excess Retained (M)	479.12	580.58	648.22
(/) Shares Outstanding (M)	4,525.57	4,525.57	4,525.57
(=) Excess Retained per Share	0.11	0.13	0.14
LTM Dividend per Share	0.13	0.13	0.13
(+) Excess Retained per Share	0.11	0.13	0.14
(=) Adjusted Dividend	0.24	0.26	0.28
WACC / Discount Rate	9.64%	9.64%	9.64%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$6.09	$8.87	$13.89
Upside / Downside	-26.03%	7.68%	68.60%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,352.86	1,440.80	1,534.45	1,634.19	1,740.41	1,853.54	1,909.14
Payout Ratio	44.58%	53.67%	62.75%	71.83%	80.92%	90.00%	92.50%
Projected Dividends (M)	603.17	773.25	962.88	1,173.90	1,408.29	1,668.18	1,765.96

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.64%	9.64%	9.64%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	698.64	705.26	711.88
Year 2 PV (M)	786.04	801.01	816.12
Year 3 PV (M)	865.84	890.70	916.02
Year 4 PV (M)	938.50	974.59	1,011.71
Year 5 PV (M)	1,004.43	1,052.94	1,103.32
PV of Terminal Value (M)	16,014.37	16,787.87	17,590.97
Equity Value (M)	20,307.81	21,212.37	22,150.03
Shares Outstanding (M)	4,525.57	4,525.57	4,525.57
Fair Value	$4.49	$4.69	$4.89
Upside / Downside	-45.54%	-43.12%	-40.60%

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Meitu, Inc. (1357.HK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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