DDM Analysis: 2419.HK

Valuation Snapshot

Stable Growth	$142.89 - $222.04	$179.49
Multi-Stage	$322.77 - $355.98	$339.05
Blended Fair Value	$259.27
Current Price	$72.57
Upside	257.26%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018
DPS	0.00%	0.00%	0.00	0.26	0.00	0.00	0.30	0.07	0.05	0.00	0.00	0.00
YoY Growth	-	-	-100.00%	0.00%	0.00%	-100.00%	309.53%	45.92%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.00%	0.56%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	5,801.88
(-) Cash Dividends Paid (M)	449.99
(=) Cash Retained (M)	5,351.89

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,160.38	725.23	435.14
Cash Retained (M)	5,351.89	5,351.89	5,351.89
(-) Cash Required (M)	-1,160.38	-725.23	-435.14
(=) Excess Retained (M)	4,191.51	4,626.65	4,916.75
(/) Shares Outstanding (M)	383.11	383.11	383.11
(=) Excess Retained per Share	10.94	12.08	12.83
LTM Dividend per Share	1.17	1.17	1.17
(+) Excess Retained per Share	10.94	12.08	12.83
(=) Adjusted Dividend	12.12	13.25	14.01
WACC / Discount Rate	6.31%	6.31%	6.31%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$142.89	$179.49	$222.04
Upside / Downside	96.90%	147.33%	205.96%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	5,801.88	5,743.86	5,686.42	5,629.56	5,573.26	5,517.53	5,683.05
Payout Ratio	7.76%	24.20%	40.65%	57.10%	73.55%	90.00%	92.50%
Projected Dividends (M)	449.99	1,390.29	2,311.73	3,214.61	4,099.20	4,965.77	5,256.82

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.31%	6.31%	6.31%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	1,294.57	1,307.78	1,320.99
Year 2 PV (M)	2,004.37	2,045.49	2,087.02
Year 3 PV (M)	2,595.31	2,675.58	2,757.48
Year 4 PV (M)	3,081.64	3,209.36	3,341.00
Year 5 PV (M)	3,476.08	3,657.09	3,845.56
PV of Terminal Value (M)	111,204.46	116,995.13	123,024.56
Equity Value (M)	123,656.43	129,890.42	136,376.61
Shares Outstanding (M)	383.11	383.11	383.11
Fair Value	$322.77	$339.05	$355.98
Upside / Downside	344.77%	367.20%	390.53%

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Dekon Food & Agriculture Group (2419.HK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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