DDM Analysis: 600573.SS

Valuation Snapshot

Stable Growth	$6.50 - $14.20	$9.32
Multi-Stage	$4.59 - $5.02	$4.80
Blended Fair Value	$7.06
Current Price	$11.40
Upside	-38.03%
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	17.00%	10.16%	0.07	0.05	0.04	0.03	0.03	0.03	0.03	0.01	0.03	0.04
YoY Growth	-	-	28.21%	35.00%	8.57%	16.67%	0.00%	0.00%	252.94%	-71.67%	-25.00%	60.00%
Dividend Yield	-	-	0.59%	0.54%	0.28%	0.34%	0.33%	0.47%	0.33%	0.11%	0.22%	0.28%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	83.71
(-) Cash Dividends Paid (M)	1.50
(=) Cash Retained (M)	82.22

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	16.74	10.46	6.28
Cash Retained (M)	82.22	82.22	82.22
(-) Cash Required (M)	-16.74	-10.46	-6.28
(=) Excess Retained (M)	65.48	71.75	75.94
(/) Shares Outstanding (M)	250.67	250.67	250.67
(=) Excess Retained per Share	0.26	0.29	0.30
LTM Dividend per Share	0.01	0.01	0.01
(+) Excess Retained per Share	0.26	0.29	0.30
(=) Adjusted Dividend	0.27	0.29	0.31
WACC / Discount Rate	9.84%	9.84%	9.84%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$6.50	$9.32	$14.20
Upside / Downside	-43.00%	-18.22%	24.60%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	83.71	89.16	94.95	101.12	107.70	114.70	118.14
Payout Ratio	1.79%	19.43%	37.07%	54.71%	72.36%	90.00%	92.50%
Projected Dividends (M)	1.50	17.32	35.20	55.33	77.93	103.23	109.28

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.84%	9.84%	9.84%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	15.62	15.77	15.92
Year 2 PV (M)	28.63	29.18	29.73
Year 3 PV (M)	40.59	41.75	42.94
Year 4 PV (M)	51.56	53.54	55.58
Year 5 PV (M)	61.59	64.57	67.66
PV of Terminal Value (M)	953.57	999.62	1,047.44
Equity Value (M)	1,151.56	1,204.43	1,259.27
Shares Outstanding (M)	250.67	250.67	250.67
Fair Value	$4.59	$4.80	$5.02
Upside / Downside	-59.70%	-57.85%	-55.93%

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FuJian YanJing HuiQuan Brewery Co.,Ltd (600573.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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