DDM Analysis: 002216.SZ

Valuation Snapshot

Stable Growth	$64.78 - $123.61	$115.85
Multi-Stage	$19.47 - $21.30	$20.37
Blended Fair Value	$68.11
Current Price	$10.75
Upside	533.55%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	73.73%	36.40%	0.51	0.36	0.21	0.55	0.05	0.03	0.02	0.01	0.01	0.01
YoY Growth	-	-	42.64%	75.09%	-62.90%	909.42%	69.24%	36.86%	88.38%	5.07%	-13.33%	-40.00%
Dividend Yield	-	-	4.64%	2.93%	1.25%	3.68%	0.27%	0.18%	0.31%	0.18%	0.15%	0.18%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	543.69
(-) Cash Dividends Paid (M)	272.85
(=) Cash Retained (M)	270.85

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	108.74	67.96	40.78
Cash Retained (M)	270.85	270.85	270.85
(-) Cash Required (M)	-108.74	-67.96	-40.78
(=) Excess Retained (M)	162.11	202.89	230.07
(/) Shares Outstanding (M)	874.71	874.71	874.71
(=) Excess Retained per Share	0.19	0.23	0.26
LTM Dividend per Share	0.31	0.31	0.31
(+) Excess Retained per Share	0.19	0.23	0.26
(=) Adjusted Dividend	0.50	0.54	0.57
WACC / Discount Rate	6.31%	6.31%	6.31%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$64.78	$115.85	$123.61
Upside / Downside	502.60%	977.63%	1,049.90%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	543.69	579.03	616.67	656.76	699.44	744.91	767.26
Payout Ratio	50.18%	58.15%	66.11%	74.07%	82.04%	90.00%	92.50%
Projected Dividends (M)	272.85	336.69	407.68	486.48	573.80	670.42	709.71

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)	313.73	316.71	319.68
Year 2 PV (M)	353.98	360.72	367.53
Year 3 PV (M)	393.60	404.90	416.41
Year 4 PV (M)	432.59	449.23	466.34
Year 5 PV (M)	470.97	493.72	517.34
PV of Terminal Value (M)	15,063.42	15,790.99	16,546.40
Equity Value (M)	17,028.29	17,816.26	18,633.70
Shares Outstanding (M)	874.71	874.71	874.71
Fair Value	$19.47	$20.37	$21.30
Upside / Downside	81.09%	89.47%	98.16%

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Sanquan Food Co., Ltd. (002216.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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