DDM Analysis: 603919.SS

Valuation Snapshot

Stable Growth	$84.68 - $151.11	$141.61
Multi-Stage	$24.43 - $26.72	$25.55
Blended Fair Value	$83.58
Current Price	$20.19
Upside	313.97%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	14.74%	12.09%	0.40	0.31	0.22	0.25	0.20	0.20	0.19	0.13	0.15	0.17
YoY Growth	-	-	29.41%	36.29%	-9.04%	25.76%	-1.44%	3.91%	41.99%	-10.85%	-11.44%	35.12%
Dividend Yield	-	-	2.09%	1.47%	0.82%	0.89%	0.57%	1.92%	1.50%	1.08%	0.93%	1.13%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	378.88
(-) Cash Dividends Paid (M)	248.49
(=) Cash Retained (M)	130.39

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	75.78	47.36	28.42
Cash Retained (M)	130.39	130.39	130.39
(-) Cash Required (M)	-75.78	-47.36	-28.42
(=) Excess Retained (M)	54.61	83.03	101.97
(/) Shares Outstanding (M)	498.65	498.65	498.65
(=) Excess Retained per Share	0.11	0.17	0.20
LTM Dividend per Share	0.50	0.50	0.50
(+) Excess Retained per Share	0.11	0.17	0.20
(=) Adjusted Dividend	0.61	0.66	0.70
WACC / Discount Rate	6.26%	6.26%	6.26%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$84.68	$141.61	$151.11
Upside / Downside	319.44%	601.39%	648.43%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	378.88	403.51	429.74	457.67	487.42	519.10	534.67
Payout Ratio	65.59%	70.47%	75.35%	80.23%	85.12%	90.00%	92.50%
Projected Dividends (M)	248.49	284.35	323.81	367.21	414.88	467.19	494.57

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.26%	6.26%	6.26%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	265.09	267.60	270.11
Year 2 PV (M)	281.44	286.80	292.21
Year 3 PV (M)	297.54	306.08	314.78
Year 4 PV (M)	313.40	325.45	337.85
Year 5 PV (M)	329.01	344.90	361.40
PV of Terminal Value (M)	10,692.95	11,209.42	11,745.66
Equity Value (M)	12,179.42	12,740.25	13,322.02
Shares Outstanding (M)	498.65	498.65	498.65
Fair Value	$24.43	$25.55	$26.72
Upside / Downside	20.98%	26.55%	32.32%

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JINHUI LIQUOR Co.,Ltd. (603919.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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