DDM Analysis: 600354.SS

Valuation Snapshot

Stable Growth	$0.93 - $1.35	$1.14
Multi-Stage	$1.71 - $1.89	$1.80
Blended Fair Value	$1.47
Current Price	$6.17
Upside	-76.20%
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	-19.58%	-17.31%	0.03	0.14	0.04	0.04	0.08	0.09	0.13	0.11	0.12	0.15
YoY Growth	-	-	-79.20%	222.99%	2.15%	-45.81%	-9.56%	-31.97%	9.95%	-1.99%	-23.82%	-20.47%
Dividend Yield	-	-	0.52%	2.39%	0.61%	0.66%	1.96%	2.61%	2.62%	1.53%	1.49%	2.03%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	69.12
(-) Cash Dividends Paid (M)	8.38
(=) Cash Retained (M)	60.73

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	13.82	8.64	5.18
Cash Retained (M)	60.73	60.73	60.73
(-) Cash Required (M)	-13.82	-8.64	-5.18
(=) Excess Retained (M)	46.91	52.09	55.55
(/) Shares Outstanding (M)	527.87	527.87	527.87
(=) Excess Retained per Share	0.09	0.10	0.11
LTM Dividend per Share	0.02	0.02	0.02
(+) Excess Retained per Share	0.09	0.10	0.11
(=) Adjusted Dividend	0.10	0.11	0.12
WACC / Discount Rate	8.07%	8.07%	8.07%
Growth Rate	-2.83%	-1.83%	-0.83%
Fair Value	$0.93	$1.14	$1.35
Upside / Downside	-84.86%	-81.57%	-78.11%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	69.12	67.85	66.62	65.40	64.21	63.03	64.92
Payout Ratio	12.13%	27.70%	43.28%	58.85%	74.43%	90.00%	92.50%
Projected Dividends (M)	8.38	18.80	28.83	38.49	47.79	56.73	60.05

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.07%	8.07%	8.07%
Growth Rate	-2.83%	-1.83%	-0.83%
Year 1 PV (M)	17.22	17.40	17.57
Year 2 PV (M)	24.19	24.69	25.19
Year 3 PV (M)	29.57	30.50	31.44
Year 4 PV (M)	33.63	35.04	36.48
Year 5 PV (M)	36.57	38.49	40.49
PV of Terminal Value (M)	763.81	803.93	845.71
Equity Value (M)	904.98	950.03	996.89
Shares Outstanding (M)	527.87	527.87	527.87
Fair Value	$1.71	$1.80	$1.89
Upside / Downside	-72.21%	-70.83%	-69.39%

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Gansu Dunhuang Seed Group Co.,Ltd. (600354.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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