DDM Analysis: 603589.SS

Valuation Snapshot

Stable Growth	$22.58 - $38.06	$29.35
Multi-Stage	$22.48 - $24.63	$23.54
Blended Fair Value	$26.44
Current Price	$33.39
Upside	-20.80%
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	-0.02%	23.61%	1.51	1.51	1.50	1.20	1.51	1.51	0.75	0.45	0.35	0.18
YoY Growth	-	-	-0.10%	0.53%	25.00%	-20.42%	0.00%	100.00%	66.67%	28.57%	94.44%	0.00%
Dividend Yield	-	-	4.19%	3.61%	2.13%	2.22%	2.43%	3.64%	1.32%	1.05%	1.01%	0.55%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,086.65
(-) Cash Dividends Paid (M)	0.02
(=) Cash Retained (M)	1,086.63

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	217.33	135.83	81.50
Cash Retained (M)	1,086.63	1,086.63	1,086.63
(-) Cash Required (M)	-217.33	-135.83	-81.50
(=) Excess Retained (M)	869.30	950.80	1,005.13
(/) Shares Outstanding (M)	597.17	597.17	597.17
(=) Excess Retained per Share	1.46	1.59	1.68
LTM Dividend per Share	0.00	0.00	0.00
(+) Excess Retained per Share	1.46	1.59	1.68
(=) Adjusted Dividend	1.46	1.59	1.68
WACC / Discount Rate	9.83%	9.83%	9.83%
Growth Rate	3.18%	4.18%	5.18%
Fair Value	$22.58	$29.35	$38.06
Upside / Downside	-32.37%	-12.10%	13.98%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,086.65	1,132.10	1,179.44	1,228.76	1,280.15	1,333.68	1,373.69
Payout Ratio	0.00%	18.00%	36.00%	54.00%	72.00%	90.00%	92.50%
Projected Dividends (M)	0.02	203.80	424.61	663.54	921.71	1,200.31	1,270.66

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.83%	9.83%	9.83%
Growth Rate	3.18%	4.18%	5.18%
Year 1 PV (M)	183.77	185.55	187.33
Year 2 PV (M)	345.26	351.98	358.77
Year 3 PV (M)	486.51	500.80	515.36
Year 4 PV (M)	609.39	633.36	658.03
Year 5 PV (M)	715.61	750.96	787.70
PV of Terminal Value (M)	11,085.68	11,633.39	12,202.53
Equity Value (M)	13,426.22	14,056.04	14,709.73
Shares Outstanding (M)	597.17	597.17	597.17
Fair Value	$22.48	$23.54	$24.63
Upside / Downside	-32.67%	-29.51%	-26.23%

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Anhui Kouzi Distillery Co., Ltd. (603589.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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