DDM Analysis: 000930.SZ

Valuation Snapshot

Stable Growth	$0.28 - $0.39	$0.34
Multi-Stage	$1.07 - $1.18	$1.12
Blended Fair Value	$0.73
Current Price	$5.95
Upside	-87.72%
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	-13.76%	-5.59%	0.05	0.63	0.30	0.15	0.09	0.11	0.10	0.42	0.07	0.10
YoY Growth	-	-	-92.03%	111.32%	100.02%	68.75%	-16.15%	2.34%	-75.32%	490.82%	-27.32%	8.79%
Dividend Yield	-	-	0.93%	10.51%	3.52%	1.56%	0.98%	1.34%	1.16%	3.13%	0.54%	0.76%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	94.71
(-) Cash Dividends Paid (M)	68.12
(=) Cash Retained (M)	26.59

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	18.94	11.84	7.10
Cash Retained (M)	26.59	26.59	26.59
(-) Cash Required (M)	-18.94	-11.84	-7.10
(=) Excess Retained (M)	7.64	14.75	19.48
(/) Shares Outstanding (M)	1,858.82	1,858.82	1,858.82
(=) Excess Retained per Share	0.00	0.01	0.01
LTM Dividend per Share	0.04	0.04	0.04
(+) Excess Retained per Share	0.00	0.01	0.01
(=) Adjusted Dividend	0.04	0.04	0.05
WACC / Discount Rate	5.69%	5.69%	5.69%
Growth Rate	-7.59%	-6.59%	-5.59%
Fair Value	$0.28	$0.34	$0.39
Upside / Downside	-95.23%	-94.30%	-93.36%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	94.71	88.47	82.65	77.20	72.12	67.37	69.39
Payout Ratio	71.93%	75.54%	79.16%	82.77%	86.39%	90.00%	92.50%
Projected Dividends (M)	68.12	66.84	65.42	63.90	62.30	60.63	64.19

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	5.69%	5.69%	5.69%
Growth Rate	-7.59%	-6.59%	-5.59%
Year 1 PV (M)	62.56	63.24	63.92
Year 2 PV (M)	57.32	58.57	59.83
Year 3 PV (M)	52.41	54.13	55.89
Year 4 PV (M)	47.83	49.94	52.11
Year 5 PV (M)	43.58	45.99	48.50
PV of Terminal Value (M)	1,717.96	1,812.95	1,912.09
Equity Value (M)	1,981.68	2,084.82	2,192.34
Shares Outstanding (M)	1,858.82	1,858.82	1,858.82
Fair Value	$1.07	$1.12	$1.18
Upside / Downside	-82.08%	-81.15%	-80.18%

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COFCO Biotechnology Co., Ltd. (000930.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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