DDM Analysis: 603288.SS

Valuation Snapshot

Stable Growth	$71.03 - $240.40	$225.27
Multi-Stage	$37.48 - $41.00	$39.21
Blended Fair Value	$132.24
Current Price	$38.96
Upside	239.42%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	6.87%	25.71%	0.65	0.58	0.57	0.59	0.52	0.47	0.41	0.33	0.29	0.23
YoY Growth	-	-	13.41%	1.22%	-3.83%	14.41%	10.38%	15.23%	24.86%	13.28%	27.05%	241.49%
Dividend Yield	-	-	1.61%	1.45%	0.89%	0.90%	0.56%	0.77%	0.97%	1.18%	1.70%	1.52%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	6,851.43
(-) Cash Dividends Paid (M)	4,785.22
(=) Cash Retained (M)	2,066.21

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,370.29	856.43	513.86
Cash Retained (M)	2,066.21	2,066.21	2,066.21
(-) Cash Required (M)	-1,370.29	-856.43	-513.86
(=) Excess Retained (M)	695.93	1,209.78	1,552.35
(/) Shares Outstanding (M)	5,635.03	5,635.03	5,635.03
(=) Excess Retained per Share	0.12	0.21	0.28
LTM Dividend per Share	0.85	0.85	0.85
(+) Excess Retained per Share	0.12	0.21	0.28
(=) Adjusted Dividend	0.97	1.06	1.12
WACC / Discount Rate	6.31%	6.31%	6.31%
Growth Rate	4.87%	5.87%	6.87%
Fair Value	$71.03	$225.27	$240.40
Upside / Downside	82.32%	478.22%	517.03%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	6,851.43	7,253.86	7,679.92	8,131.01	8,608.60	9,114.24	9,387.67
Payout Ratio	69.84%	73.87%	77.91%	81.94%	85.97%	90.00%	92.50%
Projected Dividends (M)	4,785.22	5,358.72	5,983.09	6,662.31	7,400.69	8,202.82	8,683.59

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.31%	6.31%	6.31%
Growth Rate	4.87%	5.87%	6.87%
Year 1 PV (M)	4,993.06	5,040.67	5,088.28
Year 2 PV (M)	5,194.41	5,293.94	5,394.42
Year 3 PV (M)	5,389.40	5,545.05	5,703.66
Year 4 PV (M)	5,578.19	5,794.01	6,016.03
Year 5 PV (M)	5,760.88	6,040.83	6,331.56
PV of Terminal Value (M)	184,257.53	193,211.41	202,510.03
Equity Value (M)	211,173.47	220,925.90	231,043.97
Shares Outstanding (M)	5,635.03	5,635.03	5,635.03
Fair Value	$37.48	$39.21	$41.00
Upside / Downside	-3.81%	0.63%	5.24%

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Foshan Haitian Flavouring and Food Company Ltd. (603288.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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