DDM Analysis: 600305.SS

Valuation Snapshot

Stable Growth	$1.28 - $1.97	$1.60
Multi-Stage	$2.08 - $2.29	$2.18
Blended Fair Value	$1.89
Current Price	$7.92
Upside	-76.13%
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	-5.02%	1.57%	0.07	0.10	0.09	0.15	0.15	0.09	0.09	0.05	0.07	0.04
YoY Growth	-	-	-29.69%	5.58%	-36.91%	-2.98%	70.13%	6.06%	59.35%	-25.53%	94.11%	-38.13%
Dividend Yield	-	-	0.95%	1.22%	0.79%	1.40%	0.81%	0.59%	0.79%	0.88%	1.13%	0.60%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	148.94
(-) Cash Dividends Paid (M)	65.70
(=) Cash Retained (M)	83.23

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	29.79	18.62	11.17
Cash Retained (M)	83.23	83.23	83.23
(-) Cash Required (M)	-29.79	-18.62	-11.17
(=) Excess Retained (M)	53.45	64.62	72.06
(/) Shares Outstanding (M)	1,100.86	1,100.86	1,100.86
(=) Excess Retained per Share	0.05	0.06	0.07
LTM Dividend per Share	0.06	0.06	0.06
(+) Excess Retained per Share	0.05	0.06	0.07
(=) Adjusted Dividend	0.11	0.12	0.13
WACC / Discount Rate	8.02%	8.02%	8.02%
Growth Rate	-0.43%	0.57%	1.57%
Fair Value	$1.28	$1.60	$1.97
Upside / Downside	-83.90%	-79.82%	-75.12%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	148.94	149.78	150.63	151.49	152.35	153.22	157.81
Payout Ratio	44.11%	53.29%	62.47%	71.65%	80.82%	90.00%	92.50%
Projected Dividends (M)	65.70	79.82	94.10	108.54	123.13	137.89	145.98

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.02%	8.02%	8.02%
Growth Rate	-0.43%	0.57%	1.57%
Year 1 PV (M)	73.16	73.90	74.63
Year 2 PV (M)	79.05	80.65	82.26
Year 3 PV (M)	83.57	86.12	88.71
Year 4 PV (M)	86.90	90.45	94.10
Year 5 PV (M)	89.20	93.77	98.53
PV of Terminal Value (M)	1,881.76	1,978.17	2,078.49
Equity Value (M)	2,293.64	2,403.05	2,516.72
Shares Outstanding (M)	1,100.86	1,100.86	1,100.86
Fair Value	$2.08	$2.18	$2.29
Upside / Downside	-73.69%	-72.44%	-71.13%

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Jiangsu Hengshun Vinegar-Industry Co.,Ltd (600305.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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