DDM Analysis: 603345.SS

Valuation Snapshot

Stable Growth	$478.33 - $912.78	$855.41
Multi-Stage	$142.99 - $156.51	$149.62
Blended Fair Value	$502.52
Current Price	$70.51
Upside	612.69%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	56.05%	0.00%	3.08	1.88	0.73	0.65	0.43	0.33	0.25	0.21	0.00	0.03
YoY Growth	-	-	63.41%	159.48%	12.22%	51.40%	28.47%	33.81%	19.51%	0.00%	-100.00%	0.00%
Dividend Yield	-	-	3.86%	2.16%	0.44%	0.59%	0.20%	0.39%	0.58%	0.77%	0.00%	0.22%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,386.98
(-) Cash Dividends Paid (M)	579.07
(=) Cash Retained (M)	807.90

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	277.40	173.37	104.02
Cash Retained (M)	807.90	807.90	807.90
(-) Cash Required (M)	-277.40	-173.37	-104.02
(=) Excess Retained (M)	530.51	634.53	703.88
(/) Shares Outstanding (M)	302.19	302.19	302.19
(=) Excess Retained per Share	1.76	2.10	2.33
LTM Dividend per Share	1.92	1.92	1.92
(+) Excess Retained per Share	1.76	2.10	2.33
(=) Adjusted Dividend	3.67	4.02	4.25
WACC / Discount Rate	6.31%	6.31%	6.31%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$478.33	$855.41	$912.78
Upside / Downside	578.39%	1,113.18%	1,194.54%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,386.98	1,477.13	1,573.14	1,675.40	1,784.30	1,900.28	1,957.29
Payout Ratio	41.75%	51.40%	61.05%	70.70%	80.35%	90.00%	92.50%
Projected Dividends (M)	579.07	759.25	960.41	1,184.51	1,433.69	1,710.25	1,810.49

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.31%	6.31%	6.31%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	707.48	714.19	720.90
Year 2 PV (M)	833.90	849.79	865.82
Year 3 PV (M)	958.36	985.87	1,013.90
Year 4 PV (M)	1,080.87	1,122.43	1,165.19
Year 5 PV (M)	1,201.45	1,259.48	1,319.73
PV of Terminal Value (M)	38,426.89	40,282.93	42,210.00
Equity Value (M)	43,208.96	45,214.69	47,295.53
Shares Outstanding (M)	302.19	302.19	302.19
Fair Value	$142.99	$149.62	$156.51
Upside / Downside	102.79%	112.20%	121.97%

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Anjoy Foods Group Co., Ltd. (603345.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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