DDM Analysis: 603697.SS

Valuation Snapshot

Stable Growth	$7.54 - $14.27	$10.26
Multi-Stage	$12.72 - $13.96	$13.33
Blended Fair Value	$11.80
Current Price	$11.38
Upside	3.65%
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	31.86%	0.00%	0.52	0.33	0.47	0.23	0.06	0.13	0.00	0.10	0.08	0.04
YoY Growth	-	-	55.26%	-28.90%	100.87%	304.18%	-55.51%	0.00%	-100.00%	20.00%	125.00%	0.00%
Dividend Yield	-	-	5.31%	4.82%	4.47%	2.33%	0.47%	1.25%	0.00%	1.18%	0.99%	0.44%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	209.87
(-) Cash Dividends Paid (M)	132.57
(=) Cash Retained (M)	77.31

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	41.97	26.23	15.74
Cash Retained (M)	77.31	77.31	77.31
(-) Cash Required (M)	-41.97	-26.23	-15.74
(=) Excess Retained (M)	35.33	51.07	61.57
(/) Shares Outstanding (M)	423.52	423.52	423.52
(=) Excess Retained per Share	0.08	0.12	0.15
LTM Dividend per Share	0.31	0.31	0.31
(+) Excess Retained per Share	0.08	0.12	0.15
(=) Adjusted Dividend	0.40	0.43	0.46
WACC / Discount Rate	6.31%	6.31%	6.31%
Growth Rate	1.00%	2.00%	3.00%
Fair Value	$7.54	$10.26	$14.27
Upside / Downside	-33.73%	-9.81%	25.37%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	209.87	214.07	218.35	222.72	227.18	231.72	238.68
Payout Ratio	63.16%	68.53%	73.90%	79.27%	84.63%	90.00%	92.50%
Projected Dividends (M)	132.57	146.71	161.36	176.54	192.27	208.55	220.77

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.31%	6.31%	6.31%
Growth Rate	1.00%	2.00%	3.00%
Year 1 PV (M)	136.65	138.00	139.35
Year 2 PV (M)	139.99	142.78	145.59
Year 3 PV (M)	142.66	146.94	151.30
Year 4 PV (M)	144.71	150.53	156.52
Year 5 PV (M)	146.20	153.58	161.26
PV of Terminal Value (M)	4,676.27	4,912.40	5,157.97
Equity Value (M)	5,386.48	5,644.23	5,911.99
Shares Outstanding (M)	423.52	423.52	423.52
Fair Value	$12.72	$13.33	$13.96
Upside / Downside	11.76%	17.11%	22.66%

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YouYou Foods Co., Ltd. (603697.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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