DDM Analysis: 300498.SZ

Valuation Snapshot

Stable Growth	$119.76 - $234.73	$219.97
Multi-Stage	$36.56 - $40.03	$38.27
Blended Fair Value	$129.12
Current Price	$18.61
Upside	593.82%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-13.17%	10.80%	0.33	0.31	0.26	0.34	1.11	0.67	0.35	0.65	0.60	0.11
YoY Growth	-	-	5.79%	21.55%	-25.06%	-68.94%	64.88%	93.84%	-46.53%	8.71%	428.85%	-5.19%
Dividend Yield	-	-	1.99%	1.62%	1.26%	1.56%	6.56%	2.50%	0.97%	3.74%	2.62%	0.38%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	8,077.87
(-) Cash Dividends Paid (M)	2,731.00
(=) Cash Retained (M)	5,346.87

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,615.57	1,009.73	605.84
Cash Retained (M)	5,346.87	5,346.87	5,346.87
(-) Cash Required (M)	-1,615.57	-1,009.73	-605.84
(=) Excess Retained (M)	3,731.30	4,337.14	4,741.03
(/) Shares Outstanding (M)	6,842.62	6,842.62	6,842.62
(=) Excess Retained per Share	0.55	0.63	0.69
LTM Dividend per Share	0.40	0.40	0.40
(+) Excess Retained per Share	0.55	0.63	0.69
(=) Adjusted Dividend	0.94	1.03	1.09
WACC / Discount Rate	6.31%	6.31%	6.31%
Growth Rate	5.48%	6.48%	7.48%
Fair Value	$119.76	$219.97	$234.73
Upside / Downside	543.53%	1,082.02%	1,161.29%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	8,077.87	8,601.10	9,158.21	9,751.42	10,383.04	11,055.58	11,387.25
Payout Ratio	33.81%	45.05%	56.29%	67.52%	78.76%	90.00%	92.50%
Projected Dividends (M)	2,731.00	3,874.51	5,154.71	6,584.49	8,177.86	9,950.02	10,533.20

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.31%	6.31%	6.31%
Growth Rate	5.48%	6.48%	7.48%
Year 1 PV (M)	3,610.35	3,644.58	3,678.80
Year 2 PV (M)	4,475.77	4,561.03	4,647.11
Year 3 PV (M)	5,327.42	5,480.38	5,636.25
Year 4 PV (M)	6,165.47	6,402.63	6,646.57
Year 5 PV (M)	6,990.09	7,327.78	7,678.41
PV of Terminal Value (M)	223,622.09	234,425.49	245,642.45
Equity Value (M)	250,191.18	261,841.90	273,929.59
Shares Outstanding (M)	6,842.62	6,842.62	6,842.62
Fair Value	$36.56	$38.27	$40.03
Upside / Downside	96.47%	105.62%	115.11%

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Wens Foodstuff Group Co., Ltd. (300498.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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