DDM Analysis: 301058.SZ

Valuation Snapshot

Stable Growth	$5.89 - $10.28	$7.77
Multi-Stage	$10.31 - $11.33	$10.81
Blended Fair Value	$9.29
Current Price	$10.94
Upside	-15.09%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017
DPS	2.37%	0.00%	0.15	0.21	0.15	0.00	0.00	0.13	0.05	0.17	0.00	0.00
YoY Growth	-	-	-27.34%	36.85%	14,590.29%	0.00%	-100.00%	158.28%	-69.90%	0.00%	0.00%	0.00%
Dividend Yield	-	-	1.37%	2.20%	0.98%	0.01%	0.00%	0.99%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	236.32
(-) Cash Dividends Paid (M)	80.71
(=) Cash Retained (M)	155.61

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	47.26	29.54	17.72
Cash Retained (M)	155.61	155.61	155.61
(-) Cash Required (M)	-47.26	-29.54	-17.72
(=) Excess Retained (M)	108.35	126.07	137.89
(/) Shares Outstanding (M)	521.58	521.58	521.58
(=) Excess Retained per Share	0.21	0.24	0.26
LTM Dividend per Share	0.15	0.15	0.15
(+) Excess Retained per Share	0.21	0.24	0.26
(=) Adjusted Dividend	0.36	0.40	0.42
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	0.37%	1.37%	2.37%
Fair Value	$5.89	$7.77	$10.28
Upside / Downside	-46.13%	-28.99%	-6.03%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	236.32	239.54	242.82	246.14	249.50	252.91	260.49
Payout Ratio	34.15%	45.32%	56.49%	67.66%	78.83%	90.00%	92.50%
Projected Dividends (M)	80.71	108.56	137.17	166.54	196.68	227.62	240.96

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.54%	6.54%	6.54%
Growth Rate	0.37%	1.37%	2.37%
Year 1 PV (M)	100.90	101.90	102.91
Year 2 PV (M)	118.47	120.85	123.24
Year 3 PV (M)	133.68	137.71	141.83
Year 4 PV (M)	146.72	152.66	158.77
Year 5 PV (M)	157.81	165.82	174.17
PV of Terminal Value (M)	4,719.57	4,959.42	5,208.92
Equity Value (M)	5,377.15	5,638.36	5,909.84
Shares Outstanding (M)	521.58	521.58	521.58
Fair Value	$10.31	$10.81	$11.33
Upside / Downside	-5.77%	-1.19%	3.57%

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COFCO Technology & Industry Co., Ltd. (301058.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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