DDM Analysis: 600429.SS

Valuation Snapshot

Stable Growth	$1.19 - $1.86	$1.50
Multi-Stage	$1.81 - $1.99	$1.90
Blended Fair Value	$1.70
Current Price	$4.67
Upside	-63.60%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	1.96%	10.21%	0.11	0.06	0.12	0.09	0.11	0.10	0.08	0.01	0.02	0.03
YoY Growth	-	-	64.07%	-47.56%	35.65%	-16.17%	12.59%	15.16%	565.10%	-35.13%	-26.50%	-34.27%
Dividend Yield	-	-	2.48%	1.53%	2.50%	1.70%	2.18%	1.72%	1.39%	0.21%	0.23%	0.36%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	187.42
(-) Cash Dividends Paid (M)	47.80
(=) Cash Retained (M)	139.61

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	37.48	23.43	14.06
Cash Retained (M)	139.61	139.61	139.61
(-) Cash Required (M)	-37.48	-23.43	-14.06
(=) Excess Retained (M)	102.13	116.18	125.55
(/) Shares Outstanding (M)	1,511.06	1,511.06	1,511.06
(=) Excess Retained per Share	0.07	0.08	0.08
LTM Dividend per Share	0.03	0.03	0.03
(+) Excess Retained per Share	0.07	0.08	0.08
(=) Adjusted Dividend	0.10	0.11	0.11
WACC / Discount Rate	8.26%	8.26%	8.26%
Growth Rate	-0.04%	0.96%	1.96%
Fair Value	$1.19	$1.50	$1.86
Upside / Downside	-74.43%	-67.88%	-60.27%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	187.42	189.21	191.01	192.84	194.68	196.54	202.44
Payout Ratio	25.51%	38.41%	51.30%	64.20%	77.10%	90.00%	92.50%
Projected Dividends (M)	47.80	72.67	98.00	123.81	150.10	176.89	187.25

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.26%	8.26%	8.26%
Growth Rate	-0.04%	0.96%	1.96%
Year 1 PV (M)	66.46	67.12	67.79
Year 2 PV (M)	81.97	83.61	85.28
Year 3 PV (M)	94.70	97.58	100.50
Year 4 PV (M)	105.01	109.27	113.67
Year 5 PV (M)	113.17	118.95	124.95
PV of Terminal Value (M)	2,277.58	2,393.81	2,514.74
Equity Value (M)	2,738.88	2,870.34	3,006.93
Shares Outstanding (M)	1,511.06	1,511.06	1,511.06
Fair Value	$1.81	$1.90	$1.99
Upside / Downside	-61.19%	-59.32%	-57.39%

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Beijing Sanyuan Foods Co., Ltd. (600429.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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