DDM Analysis: 002675.SZ

Valuation Snapshot

Stable Growth	$31.31 - $36.95	$34.60
Multi-Stage	$49.77 - $55.05	$52.36
Blended Fair Value	$43.48
Current Price	$15.20
Upside	186.04%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-2.50%	23.99%	0.26	0.31	0.30	0.37	0.42	0.30	0.16	0.10	0.06	0.04
YoY Growth	-	-	-15.90%	2.82%	-16.94%	-12.98%	41.00%	85.61%	57.40%	67.23%	44.77%	37.76%
Dividend Yield	-	-	2.00%	2.26%	1.87%	2.85%	2.21%	2.21%	1.26%	0.89%	0.43%	0.32%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	166.07
(-) Cash Dividends Paid (M)	132.67
(=) Cash Retained (M)	33.40

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	33.21	20.76	12.46
Cash Retained (M)	33.40	33.40	33.40
(-) Cash Required (M)	-33.21	-20.76	-12.46
(=) Excess Retained (M)	0.19	12.65	20.95
(/) Shares Outstanding (M)	824.54	824.54	824.54
(=) Excess Retained per Share	0.00	0.02	0.03
LTM Dividend per Share	0.16	0.16	0.16
(+) Excess Retained per Share	0.00	0.02	0.03
(=) Adjusted Dividend	0.16	0.18	0.19
WACC / Discount Rate	-19.19%	-19.19%	-19.19%
Growth Rate	-2.84%	-1.84%	-0.84%
Fair Value	$31.31	$34.60	$36.95
Upside / Downside	105.99%	127.62%	143.08%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	166.07	163.02	160.01	157.07	154.17	151.33	155.87
Payout Ratio	79.89%	81.91%	83.93%	85.95%	87.98%	90.00%	92.50%
Projected Dividends (M)	132.67	133.52	134.30	135.01	135.64	136.20	144.18

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	-19.19%	-19.19%	-19.19%
Growth Rate	-2.84%	-1.84%	-0.84%
Year 1 PV (M)	163.54	165.22	166.91
Year 2 PV (M)	201.47	205.64	209.85
Year 3 PV (M)	248.06	255.80	263.70
Year 4 PV (M)	305.25	318.01	331.17
Year 5 PV (M)	375.43	395.15	415.69
PV of Terminal Value (M)	39,743.10	41,830.91	44,005.56
Equity Value (M)	41,036.86	43,170.74	45,392.88
Shares Outstanding (M)	824.54	824.54	824.54
Fair Value	$49.77	$52.36	$55.05
Upside / Downside	227.43%	244.46%	262.19%

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Yantai Dongcheng Pharmaceutical Group Co.,Ltd. (002675.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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