DDM Analysis: 002124.SZ

Valuation Snapshot

Stable Growth	$17.68 - $33.71	$31.59
Multi-Stage	$5.23 - $5.73	$5.47
Blended Fair Value	$18.53
Current Price	$2.92
Upside	534.61%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	13.83%	9.11%	0.07	0.08	0.13	0.42	0.05	0.04	0.06	0.05	0.04	0.03
YoY Growth	-	-	-9.22%	-37.26%	-69.49%	703.14%	36.93%	-39.73%	21.92%	45.20%	11.66%	5.02%
Dividend Yield	-	-	2.35%	2.41%	2.19%	4.74%	0.44%	0.48%	0.49%	1.35%	0.73%	0.58%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	376.67
(-) Cash Dividends Paid (M)	100.20
(=) Cash Retained (M)	276.47

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	75.33	47.08	28.25
Cash Retained (M)	276.47	276.47	276.47
(-) Cash Required (M)	-75.33	-47.08	-28.25
(=) Excess Retained (M)	201.14	229.39	248.22
(/) Shares Outstanding (M)	2,222.54	2,222.54	2,222.54
(=) Excess Retained per Share	0.09	0.10	0.11
LTM Dividend per Share	0.05	0.05	0.05
(+) Excess Retained per Share	0.09	0.10	0.11
(=) Adjusted Dividend	0.14	0.15	0.16
WACC / Discount Rate	6.31%	6.31%	6.31%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$17.68	$31.59	$33.71
Upside / Downside	505.47%	981.73%	1,054.28%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	376.67	401.16	427.23	455.00	484.58	516.07	531.56
Payout Ratio	26.60%	39.28%	51.96%	64.64%	77.32%	90.00%	92.50%
Projected Dividends (M)	100.20	157.58	221.99	294.11	374.68	464.47	491.69

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.31%	6.31%	6.31%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	146.83	148.22	149.62
Year 2 PV (M)	192.75	196.42	200.13
Year 3 PV (M)	237.97	244.80	251.76
Year 4 PV (M)	282.48	293.34	304.52
Year 5 PV (M)	326.30	342.06	358.42
PV of Terminal Value (M)	10,438.78	10,942.97	11,466.47
Equity Value (M)	11,625.11	12,167.82	12,730.91
Shares Outstanding (M)	2,222.54	2,222.54	2,222.54
Fair Value	$5.23	$5.47	$5.73
Upside / Downside	79.13%	87.49%	96.17%

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Tech-Bank Food Co., Ltd. (002124.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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