DDM Analysis: 2373.HK

Valuation Snapshot

Stable Growth	$20.41 - $31.93	$25.71
Multi-Stage	$48.96 - $53.93	$51.39
Blended Fair Value	$38.55
Current Price	$27.59
Upside	39.73%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019
DPS	6.88%	0.00%	0.49	0.38	0.89	0.35	0.46	0.35	0.00	0.00	0.00	0.00
YoY Growth	-	-	29.30%	-57.41%	151.69%	-23.98%	32.35%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	2.92%	3.76%	3.39%	1.46%	1.86%	1.32%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	487.97
(-) Cash Dividends Paid (M)	202.12
(=) Cash Retained (M)	285.85

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	97.59	61.00	36.60
Cash Retained (M)	285.85	285.85	285.85
(-) Cash Required (M)	-97.59	-61.00	-36.60
(=) Excess Retained (M)	188.26	224.85	249.25
(/) Shares Outstanding (M)	230.33	230.33	230.33
(=) Excess Retained per Share	0.82	0.98	1.08
LTM Dividend per Share	0.88	0.88	0.88
(+) Excess Retained per Share	0.82	0.98	1.08
(=) Adjusted Dividend	1.69	1.85	1.96
WACC / Discount Rate	6.14%	6.14%	6.14%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$20.41	$25.71	$31.93
Upside / Downside	-26.03%	-6.81%	15.72%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	487.97	483.09	478.26	473.48	468.74	464.05	477.98
Payout Ratio	41.42%	51.14%	60.85%	70.57%	80.28%	90.00%	92.50%
Projected Dividends (M)	202.12	247.04	291.03	334.12	376.32	417.65	442.13

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.14%	6.14%	6.14%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	230.40	232.75	235.10
Year 2 PV (M)	253.15	258.34	263.59
Year 3 PV (M)	271.06	279.44	288.00
Year 4 PV (M)	284.74	296.54	308.70
Year 5 PV (M)	294.72	310.07	326.05
PV of Terminal Value (M)	9,942.65	10,460.38	10,999.47
Equity Value (M)	11,276.72	11,837.53	12,420.90
Shares Outstanding (M)	230.33	230.33	230.33
Fair Value	$48.96	$51.39	$53.93
Upside / Downside	77.45%	86.27%	95.45%

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NMAN.ST	Nederman Holding AB (publ)	2.42%	$4.00	47.45%
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0U96.L	Everest Re Group, Ltd.	2.41%	$8.07	61.23%
3591.T	Wacoal Holdings Corp.	2.41%	$106.27	49.77%
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

Beauty Farm Medical and Health Industry Inc. (2373.HK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener