DDM Analysis: 001215.SZ

Valuation Snapshot

Stable Growth	$11.47 - $25.58	$16.57
Multi-Stage	$8.09 - $8.84	$8.46
Blended Fair Value	$12.52
Current Price	$40.22
Upside	-68.88%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017
DPS	86.80%	0.00%	0.23	0.24	0.20	0.07	0.00	0.01	0.00	0.06	0.00	0.00
YoY Growth	-	-	-3.90%	17.08%	194.69%	0.00%	-100.00%	0.00%	-100.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.82%	0.49%	0.27%	0.17%	0.00%	0.04%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	55.91
(-) Cash Dividends Paid (M)	2.62
(=) Cash Retained (M)	53.29

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	11.18	6.99	4.19
Cash Retained (M)	53.29	53.29	53.29
(-) Cash Required (M)	-11.18	-6.99	-4.19
(=) Excess Retained (M)	42.11	46.31	49.10
(/) Shares Outstanding (M)	97.06	97.06	97.06
(=) Excess Retained per Share	0.43	0.48	0.51
LTM Dividend per Share	0.03	0.03	0.03
(+) Excess Retained per Share	0.43	0.48	0.51
(=) Adjusted Dividend	0.46	0.50	0.53
WACC / Discount Rate	9.74%	9.74%	9.74%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$11.47	$16.57	$25.58
Upside / Downside	-71.48%	-58.79%	-36.39%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	55.91	59.55	63.42	67.54	71.93	76.61	78.90
Payout Ratio	4.68%	21.75%	38.81%	55.87%	72.94%	90.00%	92.50%
Projected Dividends (M)	2.62	12.95	24.61	37.74	52.46	68.95	72.99

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.74%	9.74%	9.74%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	11.69	11.80	11.91
Year 2 PV (M)	20.06	20.44	20.82
Year 3 PV (M)	27.76	28.56	29.37
Year 4 PV (M)	34.84	36.18	37.55
Year 5 PV (M)	41.33	43.32	45.39
PV of Terminal Value (M)	649.17	680.53	713.08
Equity Value (M)	784.84	820.82	858.13
Shares Outstanding (M)	97.06	97.06	97.06
Fair Value	$8.09	$8.46	$8.84
Upside / Downside	-79.89%	-78.97%	-78.02%

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Zhengzhou Qianweiyangchu Food Co., Ltd. (001215.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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