DDM Analysis: 002956.SZ

Valuation Snapshot

Stable Growth	$14.93 - $35.25	$21.99
Multi-Stage	$10.28 - $11.24	$10.75
Blended Fair Value	$16.37
Current Price	$19.75
Upside	-17.10%
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	123.47%	33.39%	0.31	0.28	0.28	0.28	0.58	0.01	0.01	0.53	0.28	0.18
YoY Growth	-	-	13.29%	-0.84%	-0.56%	-51.68%	10,224.41%	-4.04%	-98.90%	89.21%	55.54%	928.89%
Dividend Yield	-	-	1.95%	2.17%	1.84%	1.68%	3.03%	0.03%	0.03%	2.82%	1.49%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	156.91
(-) Cash Dividends Paid (M)	0.98
(=) Cash Retained (M)	155.94

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	31.38	19.61	11.77
Cash Retained (M)	155.94	155.94	155.94
(-) Cash Required (M)	-31.38	-19.61	-11.77
(=) Excess Retained (M)	124.55	136.32	144.17
(/) Shares Outstanding (M)	222.24	222.24	222.24
(=) Excess Retained per Share	0.56	0.61	0.65
LTM Dividend per Share	0.00	0.00	0.00
(+) Excess Retained per Share	0.56	0.61	0.65
(=) Adjusted Dividend	0.56	0.62	0.65
WACC / Discount Rate	9.49%	9.49%	9.49%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$14.93	$21.99	$35.25
Upside / Downside	-24.41%	11.36%	78.49%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	156.91	167.11	177.97	189.54	201.86	214.98	221.43
Payout Ratio	0.62%	18.50%	36.37%	54.25%	72.12%	90.00%	92.50%
Projected Dividends (M)	0.98	30.91	64.73	102.82	145.59	193.48	204.82

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.49%	9.49%	9.49%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	27.97	28.23	28.50
Year 2 PV (M)	52.99	54.00	55.02
Year 3 PV (M)	76.15	78.33	80.56
Year 4 PV (M)	97.55	101.30	105.16
Year 5 PV (M)	117.29	122.95	128.84
PV of Terminal Value (M)	1,912.66	2,005.05	2,100.96
Equity Value (M)	2,284.60	2,389.86	2,499.03
Shares Outstanding (M)	222.24	222.24	222.24
Fair Value	$10.28	$10.75	$11.24
Upside / Downside	-47.95%	-45.55%	-43.07%

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Guilin Seamild Foods Co., Ltd (002956.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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