DDM Analysis: 603369.SS

Valuation Snapshot

Stable Growth	$46.05 - $102.98	$66.60
Multi-Stage	$36.30 - $39.47	$37.86
Blended Fair Value	$52.23
Current Price	$39.30
Upside	32.90%
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	24.67%	19.67%	1.00	0.74	0.59	0.45	0.42	0.33	0.25	0.19	0.17	0.16
YoY Growth	-	-	35.14%	25.48%	30.04%	8.63%	25.73%	31.39%	31.47%	16.53%	5.13%	-5.46%
Dividend Yield	-	-	1.89%	1.24%	0.91%	1.08%	0.85%	1.18%	0.88%	1.22%	1.25%	2.35%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	2,875.19
(-) Cash Dividends Paid (M)	2,738.18
(=) Cash Retained (M)	137.01

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	575.04	359.40	215.64
Cash Retained (M)	137.01	137.01	137.01
(-) Cash Required (M)	-575.04	-359.40	-215.64
(=) Excess Retained (M)	-438.03	-222.39	-78.63
(/) Shares Outstanding (M)	1,246.80	1,246.80	1,246.80
(=) Excess Retained per Share	-0.35	-0.18	-0.06
LTM Dividend per Share	2.20	2.20	2.20
(+) Excess Retained per Share	-0.35	-0.18	-0.06
(=) Adjusted Dividend	1.84	2.02	2.13
WACC / Discount Rate	9.73%	9.73%	9.73%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$46.05	$66.60	$102.98
Upside / Downside	17.17%	69.46%	162.04%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	2,875.19	3,062.08	3,261.11	3,473.08	3,698.83	3,939.26	4,057.44
Payout Ratio	95.23%	94.19%	93.14%	92.09%	91.05%	90.00%	92.50%
Projected Dividends (M)	2,738.18	2,884.10	3,037.43	3,198.50	3,367.68	3,545.33	3,753.13

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.73%	9.73%	9.73%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	2,603.76	2,628.44	2,653.12
Year 2 PV (M)	2,475.64	2,522.79	2,570.39
Year 3 PV (M)	2,353.52	2,421.08	2,489.92
Year 4 PV (M)	2,237.14	2,323.17	2,411.66
Year 5 PV (M)	2,126.23	2,228.93	2,335.55
PV of Terminal Value (M)	33,461.45	35,077.65	36,755.70
Equity Value (M)	45,257.73	47,202.06	49,216.36
Shares Outstanding (M)	1,246.80	1,246.80	1,246.80
Fair Value	$36.30	$37.86	$39.47
Upside / Downside	-7.64%	-3.67%	0.44%

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Jiangsu King's Luck Brewery Joint-Stock Co., Ltd. (603369.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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