DDM Analysis: 000729.SZ

Valuation Snapshot

Stable Growth	$6.61 - $11.08	$8.57
Multi-Stage	$6.70 - $7.34	$7.01
Blended Fair Value	$7.79
Current Price	$12.13
Upside	-35.76%
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	38.57%	0.76%	0.11	0.09	0.05	0.02	0.02	0.02	0.02	0.04	0.08	0.10
YoY Growth	-	-	19.63%	98.16%	115.55%	0.00%	0.00%	-10.72%	-44.63%	-45.90%	-18.78%	-2.85%
Dividend Yield	-	-	0.91%	0.98%	0.33%	0.30%	0.30%	0.36%	0.37%	0.58%	1.08%	1.36%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,538.05
(-) Cash Dividends Paid (M)	12.90
(=) Cash Retained (M)	1,525.14

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	307.61	192.26	115.35
Cash Retained (M)	1,525.14	1,525.14	1,525.14
(-) Cash Required (M)	-307.61	-192.26	-115.35
(=) Excess Retained (M)	1,217.53	1,332.89	1,409.79
(/) Shares Outstanding (M)	2,850.41	2,850.41	2,850.41
(=) Excess Retained per Share	0.43	0.47	0.49
LTM Dividend per Share	0.00	0.00	0.00
(+) Excess Retained per Share	0.43	0.47	0.49
(=) Adjusted Dividend	0.43	0.47	0.50
WACC / Discount Rate	9.77%	9.77%	9.77%
Growth Rate	3.04%	4.04%	5.04%
Fair Value	$6.61	$8.57	$11.08
Upside / Downside	-45.51%	-29.33%	-8.62%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,538.05	1,600.23	1,664.93	1,732.24	1,802.27	1,875.14	1,931.39
Payout Ratio	0.84%	18.67%	36.50%	54.34%	72.17%	90.00%	92.50%
Projected Dividends (M)	12.90	298.78	607.75	941.22	1,300.66	1,687.63	1,786.54

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.77%	9.77%	9.77%
Growth Rate	3.04%	4.04%	5.04%
Year 1 PV (M)	269.57	272.18	274.80
Year 2 PV (M)	494.71	504.35	514.10
Year 3 PV (M)	691.23	711.55	732.26
Year 4 PV (M)	861.79	895.73	930.67
Year 5 PV (M)	1,008.84	1,058.75	1,110.62
PV of Terminal Value (M)	15,767.53	16,547.62	17,358.28
Equity Value (M)	19,093.66	19,990.19	20,920.73
Shares Outstanding (M)	2,850.41	2,850.41	2,850.41
Fair Value	$6.70	$7.01	$7.34
Upside / Downside	-44.78%	-42.18%	-39.49%

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Financial Statements

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Beijing Yanjing Brewery Co.,Ltd. (000729.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener