DDM Analysis: 603711.SS

Valuation Snapshot

Stable Growth	$4.56 - $7.63	$5.91
Multi-Stage	$4.92 - $5.40	$5.16
Blended Fair Value	$5.53
Current Price	$13.04
Upside	-57.57%
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	7.98%	52.12%	0.40	0.20	0.23	0.44	0.31	0.27	0.11	0.27	0.01	0.00
YoY Growth	-	-	94.31%	-11.84%	-47.21%	39.01%	16.75%	154.72%	-60.16%	3,442.26%	0.00%	-100.00%
Dividend Yield	-	-	2.91%	1.21%	1.20%	3.34%	1.49%	0.96%	0.33%	1.23%	0.04%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	146.25
(-) Cash Dividends Paid (M)	9.60
(=) Cash Retained (M)	136.65

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	29.25	18.28	10.97
Cash Retained (M)	136.65	136.65	136.65
(-) Cash Required (M)	-29.25	-18.28	-10.97
(=) Excess Retained (M)	107.40	118.37	125.68
(/) Shares Outstanding (M)	388.95	388.95	388.95
(=) Excess Retained per Share	0.28	0.30	0.32
LTM Dividend per Share	0.02	0.02	0.02
(+) Excess Retained per Share	0.28	0.30	0.32
(=) Adjusted Dividend	0.30	0.33	0.35
WACC / Discount Rate	9.39%	9.39%	9.39%
Growth Rate	2.62%	3.62%	4.62%
Fair Value	$4.56	$5.91	$7.63
Upside / Downside	-65.03%	-54.68%	-41.48%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	146.25	151.54	157.03	162.71	168.60	174.70	179.94
Payout Ratio	6.57%	23.25%	39.94%	56.63%	73.31%	90.00%	92.50%
Projected Dividends (M)	9.60	35.24	62.72	92.14	123.60	157.23	166.44

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.39%	9.39%	9.39%
Growth Rate	2.62%	3.62%	4.62%
Year 1 PV (M)	31.90	32.22	32.53
Year 2 PV (M)	51.41	52.42	53.43
Year 3 PV (M)	68.38	70.39	72.45
Year 4 PV (M)	83.05	86.33	89.71
Year 5 PV (M)	95.64	100.39	105.33
PV of Terminal Value (M)	1,585.20	1,663.96	1,745.81
Equity Value (M)	1,915.57	2,005.70	2,099.27
Shares Outstanding (M)	388.95	388.95	388.95
Fair Value	$4.92	$5.16	$5.40
Upside / Downside	-62.23%	-60.45%	-58.61%

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XIANGPIAOPIAO Food Co.,Ltd (603711.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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