DDM Analysis: 603477.SS

Valuation Snapshot

Stable Growth	$60.04 - $142.87	$133.89
Multi-Stage	$21.11 - $23.10	$22.08
Blended Fair Value	$77.99
Current Price	$20.29
Upside	284.36%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	31.97%	35.89%	0.23	0.24	0.25	0.19	0.07	0.06	0.07	0.03	0.03	0.03
YoY Growth	-	-	-6.47%	-4.10%	35.54%	150.58%	31.37%	-19.45%	167.31%	3.62%	-18.11%	193.62%
Dividend Yield	-	-	1.17%	0.66%	0.84%	0.73%	0.47%	0.46%	0.72%	0.19%	0.32%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	366.27
(-) Cash Dividends Paid (M)	166.83
(=) Cash Retained (M)	199.44

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	73.25	45.78	27.47
Cash Retained (M)	199.44	199.44	199.44
(-) Cash Required (M)	-73.25	-45.78	-27.47
(=) Excess Retained (M)	126.18	153.66	171.97
(/) Shares Outstanding (M)	509.85	509.85	509.85
(=) Excess Retained per Share	0.25	0.30	0.34
LTM Dividend per Share	0.33	0.33	0.33
(+) Excess Retained per Share	0.25	0.30	0.34
(=) Adjusted Dividend	0.57	0.63	0.66
WACC / Discount Rate	6.51%	6.51%	6.51%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$60.04	$133.89	$142.87
Upside / Downside	195.90%	559.88%	604.14%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	366.27	390.08	415.43	442.44	471.20	501.82	516.88
Payout Ratio	45.55%	54.44%	63.33%	72.22%	81.11%	90.00%	92.50%
Projected Dividends (M)	166.83	212.35	263.09	319.53	382.19	451.64	478.11

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.51%	6.51%	6.51%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	197.50	199.38	201.25
Year 2 PV (M)	227.58	231.91	236.29
Year 3 PV (M)	257.07	264.45	271.96
Year 4 PV (M)	285.97	296.97	308.28
Year 5 PV (M)	314.31	329.49	345.25
PV of Terminal Value (M)	9,479.88	9,937.76	10,413.17
Equity Value (M)	10,762.31	11,259.96	11,776.21
Shares Outstanding (M)	509.85	509.85	509.85
Fair Value	$21.11	$22.08	$23.10
Upside / Downside	4.03%	8.85%	13.84%

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Leshan Giantstar Farming&Husbandry Corporation Limited (603477.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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