DDM Analysis: 603609.SS

Valuation Snapshot

Stable Growth	$2.67 - $4.67	$3.52
Multi-Stage	$5.09 - $5.59	$5.34
Blended Fair Value	$4.43
Current Price	$7.98
Upside	-44.50%
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	-17.42%	2.17%	0.11	0.24	0.13	0.33	0.31	0.28	0.17	0.16	0.14	0.08
YoY Growth	-	-	-53.95%	82.58%	-61.18%	6.62%	10.39%	67.31%	2.85%	18.12%	72.67%	-8.07%
Dividend Yield	-	-	1.41%	3.24%	1.08%	3.47%	2.60%	2.22%	1.54%	1.76%	1.16%	0.65%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	182.45
(-) Cash Dividends Paid (M)	137.27
(=) Cash Retained (M)	45.19

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	36.49	22.81	13.68
Cash Retained (M)	45.19	45.19	45.19
(-) Cash Required (M)	-36.49	-22.81	-13.68
(=) Excess Retained (M)	8.70	22.38	31.50
(/) Shares Outstanding (M)	892.40	892.40	892.40
(=) Excess Retained per Share	0.01	0.03	0.04
LTM Dividend per Share	0.15	0.15	0.15
(+) Excess Retained per Share	0.01	0.03	0.04
(=) Adjusted Dividend	0.16	0.18	0.19
WACC / Discount Rate	6.31%	6.31%	6.31%
Growth Rate	0.17%	1.17%	2.17%
Fair Value	$2.67	$3.52	$4.67
Upside / Downside	-66.55%	-55.86%	-41.50%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	182.45	184.59	186.75	188.93	191.14	193.38	199.18
Payout Ratio	75.23%	78.19%	81.14%	84.09%	87.05%	90.00%	92.50%
Projected Dividends (M)	137.27	144.32	151.53	158.88	166.38	174.04	184.24

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.31%	6.31%	6.31%
Growth Rate	0.17%	1.17%	2.17%
Year 1 PV (M)	134.42	135.76	137.10
Year 2 PV (M)	131.44	134.08	136.74
Year 3 PV (M)	128.36	132.24	136.20
Year 4 PV (M)	125.19	130.27	135.49
Year 5 PV (M)	121.96	128.18	134.64
PV of Terminal Value (M)	3,901.82	4,100.51	4,307.21
Equity Value (M)	4,543.19	4,761.02	4,987.38
Shares Outstanding (M)	892.40	892.40	892.40
Fair Value	$5.09	$5.34	$5.59
Upside / Downside	-36.20%	-33.14%	-29.97%

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Wellhope Foods Co., Ltd. (603609.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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