DDM Analysis: 300973.SZ

Valuation Snapshot

Stable Growth	$190.12 - $362.80	$340.00
Multi-Stage	$56.77 - $62.14	$59.41
Blended Fair Value	$199.70
Current Price	$42.28
Upside	372.33%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017
DPS	29.30%	0.00%	0.74	0.52	0.50	0.50	0.31	0.20	0.02	0.02	0.00	0.00
YoY Growth	-	-	43.71%	2.45%	1.34%	59.70%	51.66%	1,203.62%	-31.26%	0.00%	0.00%	0.00%
Dividend Yield	-	-	1.80%	1.48%	0.47%	0.58%	0.30%	0.20%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	312.71
(-) Cash Dividends Paid (M)	125.17
(=) Cash Retained (M)	187.54

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	62.54	39.09	23.45
Cash Retained (M)	187.54	187.54	187.54
(-) Cash Required (M)	-62.54	-39.09	-23.45
(=) Excess Retained (M)	125.00	148.45	164.09
(/) Shares Outstanding (M)	171.41	171.41	171.41
(=) Excess Retained per Share	0.73	0.87	0.96
LTM Dividend per Share	0.73	0.73	0.73
(+) Excess Retained per Share	0.73	0.87	0.96
(=) Adjusted Dividend	1.46	1.60	1.69
WACC / Discount Rate	6.31%	6.31%	6.31%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$190.12	$340.00	$362.80
Upside / Downside	349.67%	704.16%	758.09%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	312.71	333.03	354.68	377.73	402.29	428.43	441.29
Payout Ratio	40.03%	50.02%	60.02%	70.01%	80.01%	90.00%	92.50%
Projected Dividends (M)	125.17	166.59	212.86	264.45	321.85	385.59	408.19

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.31%	6.31%	6.31%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	155.23	156.70	158.17
Year 2 PV (M)	184.83	188.35	191.90
Year 3 PV (M)	213.96	220.10	226.36
Year 4 PV (M)	242.65	251.98	261.57
Year 5 PV (M)	270.88	283.96	297.55
PV of Terminal Value (M)	8,663.68	9,082.14	9,516.62
Equity Value (M)	9,731.22	10,183.23	10,652.17
Shares Outstanding (M)	171.41	171.41	171.41
Fair Value	$56.77	$59.41	$62.14
Upside / Downside	34.27%	40.51%	46.98%

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Ligao Foods Co.Ltd (300973.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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