DDM Analysis: 605338.SS

Valuation Snapshot

Stable Growth	$123.26 - $235.21	$220.43
Multi-Stage	$37.45 - $40.96	$39.18
Blended Fair Value	$129.80
Current Price	$23.18
Upside	459.97%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	24.26%	0.00%	0.41	0.34	0.28	0.17	0.00	0.14	0.05	0.01	0.04	0.00
YoY Growth	-	-	21.43%	20.61%	69.17%	0.00%	-100.00%	200.00%	225.08%	-64.01%	0.00%	0.00%
Dividend Yield	-	-	2.32%	1.94%	0.90%	0.57%	0.00%	0.76%	0.25%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	283.42
(-) Cash Dividends Paid (M)	192.47
(=) Cash Retained (M)	90.95

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	56.68	35.43	21.26
Cash Retained (M)	90.95	90.95	90.95
(-) Cash Required (M)	-56.68	-35.43	-21.26
(=) Excess Retained (M)	34.27	55.52	69.69
(/) Shares Outstanding (M)	239.64	239.64	239.64
(=) Excess Retained per Share	0.14	0.23	0.29
LTM Dividend per Share	0.80	0.80	0.80
(+) Excess Retained per Share	0.14	0.23	0.29
(=) Adjusted Dividend	0.95	1.03	1.09
WACC / Discount Rate	6.31%	6.31%	6.31%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$123.26	$220.43	$235.21
Upside / Downside	431.75%	850.94%	914.71%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	283.42	301.85	321.47	342.36	364.62	388.32	399.97
Payout Ratio	67.91%	72.33%	76.75%	81.16%	85.58%	90.00%	92.50%
Projected Dividends (M)	192.47	218.32	246.71	277.88	312.05	349.48	369.97

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)	203.43	205.36	207.29
Year 2 PV (M)	214.22	218.30	222.41
Year 3 PV (M)	224.82	231.28	237.85
Year 4 PV (M)	235.25	244.30	253.61
Year 5 PV (M)	245.51	257.37	269.68
PV of Terminal Value (M)	7,852.42	8,231.69	8,625.48
Equity Value (M)	8,975.66	9,388.30	9,816.33
Shares Outstanding (M)	239.64	239.64	239.64
Fair Value	$37.45	$39.18	$40.96
Upside / Downside	61.58%	69.01%	76.72%

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Zhongyin Babi Food Co., Ltd. (605338.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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