DDM Analysis: 600597.SS

Valuation Snapshot

Stable Growth	$5.91 - $9.95	$7.68
Multi-Stage	$11.51 - $12.67	$12.08
Blended Fair Value	$9.88
Current Price	$8.39
Upside	17.76%
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	31.39%	3.23%	0.34	0.08	0.16	0.14	0.11	0.09	0.22	0.51	0.17	0.35
YoY Growth	-	-	334.80%	-50.00%	12.59%	23.08%	30.00%	-60.60%	-56.87%	199.53%	-51.11%	41.03%
Dividend Yield	-	-	4.11%	0.84%	1.47%	1.22%	0.62%	0.75%	2.16%	4.03%	1.32%	2.93%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	692.90
(-) Cash Dividends Paid (M)	123.19
(=) Cash Retained (M)	569.71

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	138.58	86.61	51.97
Cash Retained (M)	569.71	569.71	569.71
(-) Cash Required (M)	-138.58	-86.61	-51.97
(=) Excess Retained (M)	431.13	483.09	517.74
(/) Shares Outstanding (M)	1,399.67	1,399.67	1,399.67
(=) Excess Retained per Share	0.31	0.35	0.37
LTM Dividend per Share	0.09	0.09	0.09
(+) Excess Retained per Share	0.31	0.35	0.37
(=) Adjusted Dividend	0.40	0.43	0.46
WACC / Discount Rate	6.31%	6.31%	6.31%
Growth Rate	-0.37%	0.63%	1.63%
Fair Value	$5.91	$7.68	$9.95
Upside / Downside	-29.58%	-8.50%	18.57%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	692.90	697.27	701.68	706.11	710.57	715.06	736.51
Payout Ratio	17.78%	32.22%	46.67%	61.11%	75.56%	90.00%	92.50%
Projected Dividends (M)	123.19	224.68	327.46	431.51	536.88	643.55	681.27

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.31%	6.31%	6.31%
Growth Rate	-0.37%	0.63%	1.63%
Year 1 PV (M)	209.25	211.35	213.45
Year 2 PV (M)	284.01	289.74	295.52
Year 3 PV (M)	348.55	359.15	369.96
Year 4 PV (M)	403.86	420.32	437.28
Year 5 PV (M)	450.85	473.93	497.95
PV of Terminal Value (M)	14,420.02	15,158.36	15,926.64
Equity Value (M)	16,116.53	16,912.85	17,740.80
Shares Outstanding (M)	1,399.67	1,399.67	1,399.67
Fair Value	$11.51	$12.08	$12.67
Upside / Downside	37.24%	44.02%	51.07%

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Bright Dairy & Food Co.,Ltd (600597.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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