DDM Analysis: 603317.SS

Valuation Snapshot

Stable Growth	$18.49 - $106.97	$33.92
Multi-Stage	$11.71 - $12.76	$12.22
Blended Fair Value	$23.07
Current Price	$11.56
Upside	99.59%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	38.62%	24.46%	0.40	0.23	0.04	0.15	0.11	0.08	0.06	0.19	0.03	0.03
YoY Growth	-	-	74.46%	543.01%	-76.07%	36.24%	40.00%	38.89%	-71.08%	575.78%	5.39%	-39.12%
Dividend Yield	-	-	2.81%	1.71%	0.20%	1.16%	0.38%	0.38%	0.70%	2.43%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	584.41
(-) Cash Dividends Paid (M)	581.60
(=) Cash Retained (M)	2.80

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	116.88	73.05	43.83
Cash Retained (M)	2.80	2.80	2.80
(-) Cash Required (M)	-116.88	-73.05	-43.83
(=) Excess Retained (M)	-114.08	-70.25	-41.03
(/) Shares Outstanding (M)	1,062.23	1,062.23	1,062.23
(=) Excess Retained per Share	-0.11	-0.07	-0.04
LTM Dividend per Share	0.55	0.55	0.55
(+) Excess Retained per Share	-0.11	-0.07	-0.04
(=) Adjusted Dividend	0.44	0.48	0.51
WACC / Discount Rate	8.01%	8.01%	8.01%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$18.49	$33.92	$106.97
Upside / Downside	59.94%	193.43%	825.36%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	584.41	622.39	662.85	705.93	751.82	800.69	824.71
Payout Ratio	99.52%	97.62%	95.71%	93.81%	91.90%	90.00%	92.50%
Projected Dividends (M)	581.60	607.56	634.43	662.22	690.95	720.62	762.86

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.01%	8.01%	8.01%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	557.21	562.49	567.78
Year 2 PV (M)	533.64	543.80	554.07
Year 3 PV (M)	510.86	525.53	540.47
Year 4 PV (M)	488.86	507.66	526.99
Year 5 PV (M)	467.60	490.18	513.63
PV of Terminal Value (M)	9,877.51	10,354.60	10,849.94
Equity Value (M)	12,435.68	12,984.26	13,552.88
Shares Outstanding (M)	1,062.23	1,062.23	1,062.23
Fair Value	$11.71	$12.22	$12.76
Upside / Downside	1.27%	5.74%	10.37%

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Financial Statements

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Sichuan Teway Food Group Co.,Ltd (603317.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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