DDM Analysis: 603229.SS

Valuation Snapshot

Stable Growth	$4.85 - $11.89	$7.24
Multi-Stage	$3.32 - $3.63	$3.47
Blended Fair Value	$5.35
Current Price	$10.20
Upside	-47.52%
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	57.10%	32.52%	0.10	0.06	0.04	0.02	0.01	0.01	0.01	0.00	0.01	0.01
YoY Growth	-	-	77.50%	62.05%	63.20%	49.50%	36.36%	-21.43%	277.42%	-46.12%	30.34%	-16.19%
Dividend Yield	-	-	1.22%	0.75%	0.30%	0.10%	0.13%	0.18%	0.39%	0.09%	0.27%	0.21%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	184.84
(-) Cash Dividends Paid (M)	5.56
(=) Cash Retained (M)	179.28

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	36.97	23.10	13.86
Cash Retained (M)	179.28	179.28	179.28
(-) Cash Required (M)	-36.97	-23.10	-13.86
(=) Excess Retained (M)	142.31	156.17	165.42
(/) Shares Outstanding (M)	833.80	833.80	833.80
(=) Excess Retained per Share	0.17	0.19	0.20
LTM Dividend per Share	0.01	0.01	0.01
(+) Excess Retained per Share	0.17	0.19	0.20
(=) Adjusted Dividend	0.18	0.19	0.21
WACC / Discount Rate	9.35%	9.35%	9.35%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$4.85	$7.24	$11.89
Upside / Downside	-52.41%	-29.05%	16.54%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	184.84	196.85	209.65	223.27	237.79	253.24	260.84
Payout Ratio	3.01%	20.41%	37.80%	55.20%	72.60%	90.00%	92.50%
Projected Dividends (M)	5.56	40.17	79.26	123.25	172.64	227.92	241.28

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.35%	9.35%	9.35%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	36.39	36.73	37.08
Year 2 PV (M)	65.04	66.28	67.53
Year 3 PV (M)	91.62	94.25	96.93
Year 4 PV (M)	116.25	120.72	125.32
Year 5 PV (M)	139.03	145.75	152.72
PV of Terminal Value (M)	2,316.19	2,428.06	2,544.22
Equity Value (M)	2,764.52	2,891.80	3,023.80
Shares Outstanding (M)	833.80	833.80	833.80
Fair Value	$3.32	$3.47	$3.63
Upside / Downside	-67.49%	-66.00%	-64.45%

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Sector

Zhejiang Ausun Pharmaceutical Co., Ltd. (603229.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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