DDM Analysis: 000596.SZ

Valuation Snapshot

Stable Growth	$169.52 - $362.29	$241.31
Multi-Stage	$131.61 - $143.30	$137.35
Blended Fair Value	$189.33
Current Price	$160.58
Upside	17.90%
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	25.94%	29.80%	4.53	3.00	2.21	1.44	1.43	1.43	0.95	0.57	0.10	0.19
YoY Growth	-	-	50.73%	35.76%	53.85%	0.54%	0.09%	50.00%	66.67%	500.00%	-50.00%	-42.86%
Dividend Yield	-	-	2.66%	1.12%	0.75%	0.84%	0.68%	1.25%	0.88%	0.97%	0.19%	0.52%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	4,730.96
(-) Cash Dividends Paid (M)	3,192.24
(=) Cash Retained (M)	1,538.72

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	946.19	591.37	354.82
Cash Retained (M)	1,538.72	1,538.72	1,538.72
(-) Cash Required (M)	-946.19	-591.37	-354.82
(=) Excess Retained (M)	592.53	947.35	1,183.90
(/) Shares Outstanding (M)	528.48	528.48	528.48
(=) Excess Retained per Share	1.12	1.79	2.24
LTM Dividend per Share	6.04	6.04	6.04
(+) Excess Retained per Share	1.12	1.79	2.24
(=) Adjusted Dividend	7.16	7.83	8.28
WACC / Discount Rate	9.96%	9.96%	9.96%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$169.52	$241.31	$362.29
Upside / Downside	5.57%	50.27%	125.61%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	4,730.96	5,038.47	5,365.97	5,714.76	6,086.22	6,481.83	6,676.28
Payout Ratio	67.48%	71.98%	76.49%	80.99%	85.50%	90.00%	92.50%
Projected Dividends (M)	3,192.24	3,626.71	4,104.18	4,628.40	5,203.42	5,833.64	6,175.56

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.96%	9.96%	9.96%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	3,267.33	3,298.30	3,329.27
Year 2 PV (M)	3,331.08	3,394.53	3,458.58
Year 3 PV (M)	3,384.30	3,481.45	3,580.45
Year 4 PV (M)	3,427.73	3,559.56	3,695.14
Year 5 PV (M)	3,462.09	3,629.31	3,802.93
PV of Terminal Value (M)	52,680.03	55,224.49	57,866.34
Equity Value (M)	69,552.56	72,587.64	75,732.70
Shares Outstanding (M)	528.48	528.48	528.48
Fair Value	$131.61	$137.35	$143.30
Upside / Downside	-18.04%	-14.46%	-10.76%

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Financial Statements

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Anhui Gujing Distillery Co., Ltd. (000596.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener