DDM Analysis: 001219.SZ

Valuation Snapshot

Stable Growth	$6.36 - $10.72	$8.27
Multi-Stage	$12.72 - $13.99	$13.34
Blended Fair Value	$10.81
Current Price	$13.81
Upside	-21.75%
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	3.02%	0.00%	0.23	0.17	0.14	0.17	0.16	0.19	0.10	0.05	0.06	0.15
YoY Growth	-	-	29.21%	28.14%	-18.22%	2.15%	-16.10%	103.35%	87.13%	-8.35%	-62.68%	0.00%
Dividend Yield	-	-	1.75%	1.37%	1.02%	1.44%	1.45%	1.73%	0.85%	0.45%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	103.65
(-) Cash Dividends Paid (M)	57.26
(=) Cash Retained (M)	46.38

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	20.73	12.96	7.77
Cash Retained (M)	46.38	46.38	46.38
(-) Cash Required (M)	-20.73	-12.96	-7.77
(=) Excess Retained (M)	25.65	33.43	38.61
(/) Shares Outstanding (M)	194.98	194.98	194.98
(=) Excess Retained per Share	0.13	0.17	0.20
LTM Dividend per Share	0.29	0.29	0.29
(+) Excess Retained per Share	0.13	0.17	0.20
(=) Adjusted Dividend	0.43	0.47	0.49
WACC / Discount Rate	6.31%	6.31%	6.31%
Growth Rate	-0.35%	0.65%	1.65%
Fair Value	$6.36	$8.27	$10.72
Upside / Downside	-53.94%	-40.12%	-22.36%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	103.65	104.32	104.99	105.68	106.36	107.05	110.26
Payout Ratio	55.25%	62.20%	69.15%	76.10%	83.05%	90.00%	92.50%
Projected Dividends (M)	57.26	64.89	72.60	80.42	88.33	96.35	101.99

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.31%	6.31%	6.31%
Growth Rate	-0.35%	0.65%	1.65%
Year 1 PV (M)	60.43	61.03	61.64
Year 2 PV (M)	62.97	64.24	65.52
Year 3 PV (M)	64.96	66.93	68.95
Year 4 PV (M)	66.45	69.16	71.95
Year 5 PV (M)	67.50	70.95	74.55
PV of Terminal Value (M)	2,158.81	2,269.33	2,384.32
Equity Value (M)	2,481.11	2,601.64	2,726.93
Shares Outstanding (M)	194.98	194.98	194.98
Fair Value	$12.72	$13.34	$13.99
Upside / Downside	-7.86%	-3.38%	1.27%

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Qingdao Foods CO.,LTD. (001219.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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