DDM Analysis: 603696.SS

Valuation Snapshot

Stable Growth	$5.38 - $21.28	$9.15
Multi-Stage	$3.53 - $3.85	$3.69
Blended Fair Value	$6.42
Current Price	$11.58
Upside	-44.57%
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	-29.07%	46.15%	0.08	0.05	0.13	0.27	0.32	0.44	0.52	0.07	0.08	0.00
YoY Growth	-	-	50.00%	-60.00%	-50.00%	-16.67%	-28.21%	-15.27%	673.30%	-16.67%	0.00%	-100.00%
Dividend Yield	-	-	0.96%	0.58%	1.40%	3.08%	3.50%	4.16%	4.58%	0.35%	0.42%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	40.24
(-) Cash Dividends Paid (M)	29.58
(=) Cash Retained (M)	10.66

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	8.05	5.03	3.02
Cash Retained (M)	10.66	10.66	10.66
(-) Cash Required (M)	-8.05	-5.03	-3.02
(=) Excess Retained (M)	2.61	5.63	7.64
(/) Shares Outstanding (M)	221.70	221.70	221.70
(=) Excess Retained per Share	0.01	0.03	0.03
LTM Dividend per Share	0.13	0.13	0.13
(+) Excess Retained per Share	0.01	0.03	0.03
(=) Adjusted Dividend	0.15	0.16	0.17
WACC / Discount Rate	8.35%	8.35%	8.35%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$5.38	$9.15	$21.28
Upside / Downside	-53.55%	-20.96%	83.78%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	40.24	42.86	45.64	48.61	51.77	55.13	56.79
Payout Ratio	73.51%	76.81%	80.11%	83.40%	86.70%	90.00%	92.50%
Projected Dividends (M)	29.58	32.92	36.56	40.54	44.88	49.62	52.53

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.35%	8.35%	8.35%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	30.10	30.38	30.67
Year 2 PV (M)	30.56	31.15	31.73
Year 3 PV (M)	30.98	31.87	32.78
Year 4 PV (M)	31.36	32.57	33.81
Year 5 PV (M)	31.70	33.23	34.82
PV of Terminal Value (M)	627.49	657.79	689.26
Equity Value (M)	782.19	817.00	853.07
Shares Outstanding (M)	221.70	221.70	221.70
Fair Value	$3.53	$3.69	$3.85
Upside / Downside	-69.53%	-68.18%	-66.77%

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Anji Foodstuff Co., Ltd (603696.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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