DDM Analysis: 603027.SS

Valuation Snapshot

Stable Growth	$7.36 - $15.95	$10.53
Multi-Stage	$5.21 - $5.70	$5.45
Blended Fair Value	$7.99
Current Price	$8.79
Upside	-9.09%
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	47.64%	38.34%	0.47	0.09	0.06	0.06	0.06	0.07	0.04	0.03	0.02	0.01
YoY Growth	-	-	395.17%	54.70%	8.83%	1.68%	-17.25%	57.57%	45.83%	82.58%	134.37%	-62.77%
Dividend Yield	-	-	5.45%	0.71%	0.33%	0.50%	0.28%	0.67%	0.63%	0.58%	0.33%	0.18%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	422.27
(-) Cash Dividends Paid (M)	2.00
(=) Cash Retained (M)	420.27

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	84.45	52.78	31.67
Cash Retained (M)	420.27	420.27	420.27
(-) Cash Required (M)	-84.45	-52.78	-31.67
(=) Excess Retained (M)	335.81	367.48	388.60
(/) Shares Outstanding (M)	1,103.61	1,103.61	1,103.61
(=) Excess Retained per Share	0.30	0.33	0.35
LTM Dividend per Share	0.00	0.00	0.00
(+) Excess Retained per Share	0.30	0.33	0.35
(=) Adjusted Dividend	0.31	0.33	0.35
WACC / Discount Rate	9.89%	9.89%	9.89%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$7.36	$10.53	$15.95
Upside / Downside	-16.24%	19.80%	81.41%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	422.27	449.72	478.95	510.08	543.24	578.55	595.91
Payout Ratio	0.47%	18.38%	36.28%	54.19%	72.09%	90.00%	92.50%
Projected Dividends (M)	2.00	82.66	173.79	276.41	391.65	520.70	551.21

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.89%	9.89%	9.89%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	74.51	75.22	75.93
Year 2 PV (M)	141.23	143.92	146.64
Year 3 PV (M)	202.51	208.32	214.24
Year 4 PV (M)	258.67	268.61	278.84
Year 5 PV (M)	310.02	324.99	340.54
PV of Terminal Value (M)	4,766.03	4,996.23	5,235.24
Equity Value (M)	5,752.97	6,017.30	6,291.44
Shares Outstanding (M)	1,103.61	1,103.61	1,103.61
Fair Value	$5.21	$5.45	$5.70
Upside / Downside	-40.70%	-37.97%	-35.14%

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Qianhe Condiment and Food Co., Ltd. (603027.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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