DDM Analysis: 605337.SS

Valuation Snapshot

Stable Growth	$48.48 - $102.36	$95.92
Multi-Stage	$16.50 - $18.03	$17.25
Blended Fair Value	$56.58
Current Price	$12.76
Upside	343.46%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	7.41%	0.00%	0.47	0.22	0.24	0.19	0.01	0.33	0.14	0.00	0.07	0.00
YoY Growth	-	-	112.39%	-7.14%	28.26%	2,928.69%	-98.13%	131.20%	5,032.63%	-95.92%	0.00%	0.00%
Dividend Yield	-	-	3.98%	1.64%	1.19%	1.10%	0.04%	2.91%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	214.48
(-) Cash Dividends Paid (M)	198.00
(=) Cash Retained (M)	16.48

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	42.90	26.81	16.09
Cash Retained (M)	16.48	16.48	16.48
(-) Cash Required (M)	-42.90	-26.81	-16.09
(=) Excess Retained (M)	-26.41	-10.33	0.40
(/) Shares Outstanding (M)	416.40	416.40	416.40
(=) Excess Retained per Share	-0.06	-0.02	0.00
LTM Dividend per Share	0.48	0.48	0.48
(+) Excess Retained per Share	-0.06	-0.02	0.00
(=) Adjusted Dividend	0.41	0.45	0.48
WACC / Discount Rate	6.31%	6.31%	6.31%
Growth Rate	5.41%	6.41%	7.41%
Fair Value	$48.48	$95.92	$102.36
Upside / Downside	279.91%	651.73%	702.16%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	214.48	228.24	242.87	258.45	275.03	292.67	301.45
Payout Ratio	92.31%	91.85%	91.39%	90.93%	90.46%	90.00%	92.50%
Projected Dividends (M)	198.00	209.64	221.96	235.00	248.80	263.40	278.84

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.31%	6.31%	6.31%
Growth Rate	5.41%	6.41%	7.41%
Year 1 PV (M)	195.34	197.20	199.05
Year 2 PV (M)	192.72	196.39	200.10
Year 3 PV (M)	190.13	195.59	201.16
Year 4 PV (M)	187.57	194.78	202.21
Year 5 PV (M)	185.03	193.98	203.27
PV of Terminal Value (M)	5,918.28	6,204.38	6,501.43
Equity Value (M)	6,869.07	7,182.32	7,507.21
Shares Outstanding (M)	416.40	416.40	416.40
Fair Value	$16.50	$17.25	$18.03
Upside / Downside	29.28%	35.18%	41.29%

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Zhe Jiang Li Zi Yuan Food Co.,Ltd. (605337.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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