DDM Analysis: 600298.SS

Valuation Snapshot

Stable Growth	$180.32 - $344.10	$322.47
Multi-Stage	$53.81 - $58.90	$56.31
Blended Fair Value	$189.39
Current Price	$39.55
Upside	378.87%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	8.96%	12.58%	0.66	0.64	0.63	0.58	0.46	0.43	0.44	0.36	0.23	0.06
YoY Growth	-	-	2.99%	2.28%	8.30%	27.86%	5.31%	-2.26%	21.82%	57.74%	300.41%	-71.68%
Dividend Yield	-	-	1.92%	2.16%	1.51%	1.40%	0.82%	1.23%	1.59%	1.14%	1.10%	0.38%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,487.84
(-) Cash Dividends Paid (M)	580.06
(=) Cash Retained (M)	907.77

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	297.57	185.98	111.59
Cash Retained (M)	907.77	907.77	907.77
(-) Cash Required (M)	-297.57	-185.98	-111.59
(=) Excess Retained (M)	610.21	721.79	796.19
(/) Shares Outstanding (M)	859.90	859.90	859.90
(=) Excess Retained per Share	0.71	0.84	0.93
LTM Dividend per Share	0.67	0.67	0.67
(+) Excess Retained per Share	0.71	0.84	0.93
(=) Adjusted Dividend	1.38	1.51	1.60
WACC / Discount Rate	6.31%	6.31%	6.31%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$180.32	$322.47	$344.10
Upside / Downside	355.93%	715.36%	770.04%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,487.84	1,584.55	1,687.54	1,797.23	1,914.05	2,038.47	2,099.62
Payout Ratio	38.99%	49.19%	59.39%	69.59%	79.80%	90.00%	92.50%
Projected Dividends (M)	580.06	779.43	1,002.27	1,250.78	1,527.36	1,834.62	1,942.15

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)	726.29	733.17	740.05
Year 2 PV (M)	870.25	886.82	903.56
Year 3 PV (M)	1,011.97	1,041.02	1,070.62
Year 4 PV (M)	1,151.49	1,195.77	1,241.32
Year 5 PV (M)	1,288.82	1,351.07	1,415.71
PV of Terminal Value (M)	41,221.30	43,212.30	45,279.51
Equity Value (M)	46,270.12	48,420.17	50,650.77
Shares Outstanding (M)	859.90	859.90	859.90
Fair Value	$53.81	$56.31	$58.90
Upside / Downside	36.05%	42.37%	48.93%

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Angel Yeast Co., Ltd (600298.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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