DDM Analysis: 605179.SS

Valuation Snapshot

Stable Growth	$0.71 - $1.04	$0.87
Multi-Stage	$1.32 - $1.45	$1.39
Blended Fair Value	$1.13
Current Price	$20.61
Upside	-94.53%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	20.75%	0.00%	0.10	0.03	0.06	0.26	0.04	0.04	0.14	0.16	0.01	0.00
YoY Growth	-	-	205.43%	-44.18%	-76.40%	571.56%	-5.01%	-70.57%	-12.07%	2,656.26%	0.00%	0.00%
Dividend Yield	-	-	0.54%	0.30%	0.52%	2.11%	0.21%	0.30%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	38.45
(-) Cash Dividends Paid (M)	27.23
(=) Cash Retained (M)	11.22

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	7.69	4.81	2.88
Cash Retained (M)	11.22	11.22	11.22
(-) Cash Required (M)	-7.69	-4.81	-2.88
(=) Excess Retained (M)	3.53	6.41	8.33
(/) Shares Outstanding (M)	418.52	418.52	418.52
(=) Excess Retained per Share	0.01	0.02	0.02
LTM Dividend per Share	0.07	0.07	0.07
(+) Excess Retained per Share	0.01	0.02	0.02
(=) Adjusted Dividend	0.07	0.08	0.08
WACC / Discount Rate	8.14%	8.14%	8.14%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$0.71	$0.87	$1.04
Upside / Downside	-96.55%	-95.78%	-94.93%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	38.45	38.06	37.68	37.30	36.93	36.56	37.66
Payout Ratio	70.82%	74.66%	78.49%	82.33%	86.16%	90.00%	92.50%
Projected Dividends (M)	27.23	28.42	29.58	30.71	31.82	32.90	34.83

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.14%	8.14%	8.14%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	26.01	26.28	26.54
Year 2 PV (M)	24.78	25.29	25.81
Year 3 PV (M)	23.56	24.29	25.03
Year 4 PV (M)	22.34	23.27	24.22
Year 5 PV (M)	21.15	22.25	23.40
PV of Terminal Value (M)	435.62	458.30	481.92
Equity Value (M)	553.46	579.68	606.92
Shares Outstanding (M)	418.52	418.52	418.52
Fair Value	$1.32	$1.39	$1.45
Upside / Downside	-93.58%	-93.28%	-92.96%

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Zhejiang Yiming Food Co., Ltd. (605179.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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