DDM Analysis: 300519.SZ

Valuation Snapshot

Stable Growth	$2.96 - $4.44	$3.66
Multi-Stage	$7.27 - $8.00	$7.63
Blended Fair Value	$5.64
Current Price	$15.63
Upside	-63.89%
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	5.92%	0.65%	0.40	0.49	0.59	0.59	0.44	0.30	0.25	0.25	0.00	0.37
YoY Growth	-	-	-20.00%	-16.67%	0.00%	33.33%	50.00%	20.00%	0.00%	87,616.68%	-99.92%	0.00%
Dividend Yield	-	-	2.89%	3.77%	3.36%	2.55%	3.00%	2.16%	1.54%	1.11%	0.00%	4.22%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	57.94
(-) Cash Dividends Paid (M)	48.00
(=) Cash Retained (M)	9.94

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	11.59	7.24	4.35
Cash Retained (M)	9.94	9.94	9.94
(-) Cash Required (M)	-11.59	-7.24	-4.35
(=) Excess Retained (M)	-1.64	2.70	5.60
(/) Shares Outstanding (M)	161.81	161.81	161.81
(=) Excess Retained per Share	-0.01	0.02	0.03
LTM Dividend per Share	0.30	0.30	0.30
(+) Excess Retained per Share	-0.01	0.02	0.03
(=) Adjusted Dividend	0.29	0.31	0.33
WACC / Discount Rate	6.53%	6.53%	6.53%
Growth Rate	-2.87%	-1.87%	-0.87%
Fair Value	$2.96	$3.66	$4.44
Upside / Downside	-81.07%	-76.59%	-71.62%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	57.94	56.86	55.80	54.75	53.73	52.72	54.31
Payout Ratio	82.84%	84.27%	85.70%	87.14%	88.57%	90.00%	92.50%
Projected Dividends (M)	48.00	47.92	47.82	47.71	47.59	47.45	50.23

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.53%	6.53%	6.53%
Growth Rate	-2.87%	-1.87%	-0.87%
Year 1 PV (M)	44.52	44.98	45.44
Year 2 PV (M)	41.28	42.13	43.00
Year 3 PV (M)	38.27	39.46	40.68
Year 4 PV (M)	35.46	36.94	38.47
Year 5 PV (M)	32.85	34.58	36.38
PV of Terminal Value (M)	984.49	1,036.22	1,090.10
Equity Value (M)	1,176.87	1,234.32	1,294.07
Shares Outstanding (M)	161.81	161.81	161.81
Fair Value	$7.27	$7.63	$8.00
Upside / Downside	-53.47%	-51.19%	-48.83%

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Zhejiang Xinguang Pharmaceutical Co., Ltd. (300519.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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