DDM Analysis: 600287.SS

Valuation Snapshot

Stable Growth	$0.24 - $0.33	$0.29
Multi-Stage	$0.59 - $0.65	$0.62
Blended Fair Value	$0.45
Current Price	$5.56
Upside	-91.82%
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	-13.95%	-7.24%	0.04	0.09	0.04	0.12	0.09	0.08	0.08	0.07	0.07	0.06
YoY Growth	-	-	-58.26%	147.80%	-70.04%	35.31%	12.50%	0.00%	14.29%	0.00%	16.67%	-25.00%
Dividend Yield	-	-	0.82%	1.79%	0.68%	2.32%	1.62%	1.47%	1.20%	1.04%	0.76%	0.69%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	24.85
(-) Cash Dividends Paid (M)	3.77
(=) Cash Retained (M)	21.08

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	4.97	3.11	1.86
Cash Retained (M)	21.08	21.08	21.08
(-) Cash Required (M)	-4.97	-3.11	-1.86
(=) Excess Retained (M)	16.11	17.97	19.22
(/) Shares Outstanding (M)	437.17	437.17	437.17
(=) Excess Retained per Share	0.04	0.04	0.04
LTM Dividend per Share	0.01	0.01	0.01
(+) Excess Retained per Share	0.04	0.04	0.04
(=) Adjusted Dividend	0.05	0.05	0.05
WACC / Discount Rate	7.66%	7.66%	7.66%
Growth Rate	-9.24%	-8.24%	-7.24%
Fair Value	$0.24	$0.29	$0.33
Upside / Downside	-95.61%	-94.84%	-94.11%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	24.85	22.80	20.92	19.20	17.62	16.17	16.65
Payout Ratio	15.16%	30.13%	45.10%	60.06%	75.03%	90.00%	92.50%
Projected Dividends (M)	3.77	6.87	9.43	11.53	13.22	14.55	15.40

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.66%	7.66%	7.66%
Growth Rate	-9.24%	-8.24%	-7.24%
Year 1 PV (M)	6.31	6.38	6.45
Year 2 PV (M)	7.96	8.14	8.32
Year 3 PV (M)	8.94	9.24	9.55
Year 4 PV (M)	9.42	9.84	10.27
Year 5 PV (M)	9.52	10.06	10.62
PV of Terminal Value (M)	216.14	228.32	241.03
Equity Value (M)	258.30	271.97	286.23
Shares Outstanding (M)	437.17	437.17	437.17
Fair Value	$0.59	$0.62	$0.65
Upside / Downside	-89.37%	-88.81%	-88.22%

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Soho Fashion Group Co., Ltd. (600287.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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