DDM Analysis: 002965.SZ

Valuation Snapshot

Stable Growth	$191.39 - $225.50	$211.32
Multi-Stage	$56.55 - $61.97	$59.21
Blended Fair Value	$135.27
Current Price	$45.49
Upside	197.35%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	131.13%	87.06%	0.56	0.36	0.10	0.24	0.21	0.01	0.01	0.16	0.00	0.21
YoY Growth	-	-	54.13%	278.61%	-59.59%	11.32%	2,412.73%	29.61%	-95.78%	0.00%	-100.00%	19,137.45%
Dividend Yield	-	-	1.41%	1.25%	0.23%	1.31%	0.78%	0.03%	0.03%	0.71%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	248.85
(-) Cash Dividends Paid (M)	109.40
(=) Cash Retained (M)	139.45

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	49.77	31.11	18.66
Cash Retained (M)	139.45	139.45	139.45
(-) Cash Required (M)	-49.77	-31.11	-18.66
(=) Excess Retained (M)	89.68	108.35	120.79
(/) Shares Outstanding (M)	219.47	219.47	219.47
(=) Excess Retained per Share	0.41	0.49	0.55
LTM Dividend per Share	0.50	0.50	0.50
(+) Excess Retained per Share	0.41	0.49	0.55
(=) Adjusted Dividend	0.91	0.99	1.05
WACC / Discount Rate	5.10%	5.10%	5.10%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$191.39	$211.32	$225.50
Upside / Downside	320.74%	364.55%	395.70%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	248.85	265.03	282.26	300.60	320.14	340.95	351.18
Payout Ratio	43.96%	53.17%	62.38%	71.58%	80.79%	90.00%	92.50%
Projected Dividends (M)	109.40	140.91	176.06	215.18	258.65	306.86	324.84

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	5.10%	5.10%	5.10%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	132.82	134.08	135.33
Year 2 PV (M)	156.41	159.39	162.40
Year 3 PV (M)	180.18	185.36	190.63
Year 4 PV (M)	204.14	211.99	220.06
Year 5 PV (M)	228.27	239.29	250.74
PV of Terminal Value (M)	11,509.03	12,064.92	12,642.08
Equity Value (M)	12,410.84	12,995.02	13,601.24
Shares Outstanding (M)	219.47	219.47	219.47
Fair Value	$56.55	$59.21	$61.97
Upside / Downside	24.31%	30.16%	36.23%

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Lucky Harvest Co., Ltd. (002965.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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