DDM Analysis: 1837.HK

Valuation Snapshot

Stable Growth	$1.12 - $1.65	$1.38
Multi-Stage	$2.01 - $2.21	$2.10
Blended Fair Value	$1.74
Current Price	$0.72
Upside	141.56%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-3.58%	0.00%	0.03	0.00	0.00	0.02	0.00	0.04	0.11	0.02	0.00	0.00
YoY Growth	-	-	0.00%	0.00%	-100.00%	0.00%	-100.00%	-65.43%	363.95%	0.00%	0.00%	0.00%
Dividend Yield	-	-	6.78%	0.00%	0.00%	4.00%	0.00%	3.00%	9.63%	2.06%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	310.45
(-) Cash Dividends Paid (M)	70.52
(=) Cash Retained (M)	239.93

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	62.09	38.81	23.28
Cash Retained (M)	239.93	239.93	239.93
(-) Cash Required (M)	-62.09	-38.81	-23.28
(=) Excess Retained (M)	177.84	201.12	216.64
(/) Shares Outstanding (M)	2,172.69	2,172.69	2,172.69
(=) Excess Retained per Share	0.08	0.09	0.10
LTM Dividend per Share	0.03	0.03	0.03
(+) Excess Retained per Share	0.08	0.09	0.10
(=) Adjusted Dividend	0.11	0.13	0.13
WACC / Discount Rate	7.99%	7.99%	7.99%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$1.12	$1.38	$1.65
Upside / Downside	55.64%	91.10%	129.60%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	310.45	307.34	304.27	301.23	298.21	295.23	304.09
Payout Ratio	22.72%	36.17%	49.63%	63.09%	76.54%	90.00%	92.50%
Projected Dividends (M)	70.52	111.17	151.01	190.03	228.26	265.71	281.28

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.99%	7.99%	7.99%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	101.91	102.95	103.99
Year 2 PV (M)	126.89	129.49	132.12
Year 3 PV (M)	146.38	150.90	155.52
Year 4 PV (M)	161.17	167.85	174.74
Year 5 PV (M)	171.98	180.94	190.26
PV of Terminal Value (M)	3,650.08	3,840.15	4,038.06
Equity Value (M)	4,358.42	4,572.29	4,794.70
Shares Outstanding (M)	2,172.69	2,172.69	2,172.69
Fair Value	$2.01	$2.10	$2.21
Upside / Downside	178.36%	192.02%	206.23%

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601966.SS	Shandong Linglong Tyre Co.,Ltd.	2.41%	$0.35	42.43%
7951.T	Yamaha Corporation	2.41%	$26.35	66.95%
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Financial Statements

Fundamentals

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Ticker

Industry

Sector

Natural Food International Holding Limited (1837.HK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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