DDM Analysis: 603970.SS

Valuation Snapshot

Stable Growth	$23.63 - $132.82	$44.91
Multi-Stage	$14.26 - $15.56	$14.90
Blended Fair Value	$29.90
Current Price	$13.48
Upside	121.85%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	10.33%	2.91%	0.54	0.46	0.35	0.35	0.35	0.33	0.27	0.35	0.39	0.31
YoY Growth	-	-	17.48%	30.91%	-0.44%	1.92%	4.74%	24.06%	-22.89%	-12.40%	26.34%	-23.00%
Dividend Yield	-	-	4.07%	2.54%	1.86%	2.01%	2.34%	3.08%	2.54%	2.50%	4.42%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	179.51
(-) Cash Dividends Paid (M)	133.75
(=) Cash Retained (M)	45.76

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	35.90	22.44	13.46
Cash Retained (M)	45.76	45.76	45.76
(-) Cash Required (M)	-35.90	-22.44	-13.46
(=) Excess Retained (M)	9.86	23.32	32.30
(/) Shares Outstanding (M)	268.77	268.77	268.77
(=) Excess Retained per Share	0.04	0.09	0.12
LTM Dividend per Share	0.50	0.50	0.50
(+) Excess Retained per Share	0.04	0.09	0.12
(=) Adjusted Dividend	0.53	0.58	0.62
WACC / Discount Rate	7.89%	7.89%	7.89%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$23.63	$44.91	$132.82
Upside / Downside	75.27%	233.17%	885.34%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	179.51	191.17	203.60	216.84	230.93	245.94	253.32
Payout Ratio	74.51%	77.61%	80.70%	83.80%	86.90%	90.00%	92.50%
Projected Dividends (M)	133.75	148.36	164.32	181.71	200.68	221.35	234.32

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.89%	7.89%	7.89%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	136.23	137.52	138.81
Year 2 PV (M)	138.53	141.17	143.84
Year 3 PV (M)	140.67	144.71	148.82
Year 4 PV (M)	142.65	148.13	153.77
Year 5 PV (M)	144.47	151.44	158.69
PV of Terminal Value (M)	3,130.15	3,281.34	3,438.31
Equity Value (M)	3,832.69	4,004.31	4,182.24
Shares Outstanding (M)	268.77	268.77	268.77
Fair Value	$14.26	$14.90	$15.56
Upside / Downside	5.79%	10.52%	15.43%

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Sino-Agri Leading Biosciences Co.,Ltd (603970.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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