DDM Analysis: 600249.SS

Valuation Snapshot

Stable Growth	$0.22 - $0.31	$0.27
Multi-Stage	$0.35 - $0.39	$0.37
Blended Fair Value	$0.32
Current Price	$5.86
Upside	-94.56%
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	1.52%	-6.43%	0.03	0.00	0.00	0.01	0.01	0.03	0.04	0.05	0.09	0.10
YoY Growth	-	-	871.48%	-5.16%	-26.82%	-13.79%	-81.45%	-12.83%	-25.04%	-44.07%	-12.41%	48.99%
Dividend Yield	-	-	0.67%	0.07%	0.07%	0.08%	0.11%	0.79%	0.67%	0.85%	0.75%	1.31%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	20.57
(-) Cash Dividends Paid (M)	2.14
(=) Cash Retained (M)	18.43

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	4.11	2.57	1.54
Cash Retained (M)	18.43	18.43	18.43
(-) Cash Required (M)	-4.11	-2.57	-1.54
(=) Excess Retained (M)	14.32	15.86	16.89
(/) Shares Outstanding (M)	550.00	550.00	550.00
(=) Excess Retained per Share	0.03	0.03	0.03
LTM Dividend per Share	0.00	0.00	0.00
(+) Excess Retained per Share	0.03	0.03	0.03
(=) Adjusted Dividend	0.03	0.03	0.03
WACC / Discount Rate	9.75%	9.75%	9.75%
Growth Rate	-3.19%	-2.19%	-1.19%
Fair Value	$0.22	$0.27	$0.31
Upside / Downside	-96.18%	-95.42%	-94.67%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	20.57	20.12	19.68	19.25	18.83	18.42	18.97
Payout Ratio	10.39%	26.31%	42.24%	58.16%	74.08%	90.00%	92.50%
Projected Dividends (M)	2.14	5.29	8.31	11.19	13.95	16.57	17.55

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.75%	9.75%	9.75%
Growth Rate	-3.19%	-2.19%	-1.19%
Year 1 PV (M)	4.78	4.82	4.87
Year 2 PV (M)	6.76	6.90	7.04
Year 3 PV (M)	8.21	8.47	8.73
Year 4 PV (M)	9.23	9.61	10.01
Year 5 PV (M)	9.89	10.41	10.95
PV of Terminal Value (M)	155.09	163.27	171.79
Equity Value (M)	193.95	203.48	213.40
Shares Outstanding (M)	550.00	550.00	550.00
Fair Value	$0.35	$0.37	$0.39
Upside / Downside	-93.98%	-93.69%	-93.38%

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Liuzhou Liangmianzhen Co., Ltd. (600249.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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