DDM Analysis: 600267.SS

Valuation Snapshot

Stable Growth	$3.30 - $4.76	$4.01
Multi-Stage	$8.74 - $9.63	$9.18
Blended Fair Value	$6.59
Current Price	$10.40
Upside	-36.62%
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	-21.54%	-11.52%	0.13	0.31	0.33	0.36	0.40	0.43	0.47	0.45	0.44	0.26
YoY Growth	-	-	-58.33%	-6.54%	-8.64%	-9.53%	-7.62%	-7.27%	2.70%	2.25%	67.73%	-39.42%
Dividend Yield	-	-	1.42%	3.89%	3.09%	2.48%	2.73%	3.05%	3.94%	2.91%	3.41%	1.93%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	546.80
(-) Cash Dividends Paid (M)	336.23
(=) Cash Retained (M)	210.57

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	109.36	68.35	41.01
Cash Retained (M)	210.57	210.57	210.57
(-) Cash Required (M)	-109.36	-68.35	-41.01
(=) Excess Retained (M)	101.21	142.22	169.56
(/) Shares Outstanding (M)	1,156.23	1,156.23	1,156.23
(=) Excess Retained per Share	0.09	0.12	0.15
LTM Dividend per Share	0.29	0.29	0.29
(+) Excess Retained per Share	0.09	0.12	0.15
(=) Adjusted Dividend	0.38	0.41	0.44
WACC / Discount Rate	6.53%	6.53%	6.53%
Growth Rate	-4.44%	-3.44%	-2.44%
Fair Value	$3.30	$4.01	$4.76
Upside / Downside	-68.31%	-61.47%	-54.26%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	546.80	528.01	509.86	492.33	475.41	459.07	472.84
Payout Ratio	61.49%	67.19%	72.89%	78.60%	84.30%	90.00%	92.50%
Projected Dividends (M)	336.23	354.78	371.66	386.96	400.76	413.16	437.38

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.53%	6.53%	6.53%
Growth Rate	-4.44%	-3.44%	-2.44%
Year 1 PV (M)	329.57	333.02	336.47
Year 2 PV (M)	320.72	327.46	334.28
Year 3 PV (M)	310.19	320.03	330.07
Year 4 PV (M)	298.43	311.12	324.21
Year 5 PV (M)	285.80	301.07	316.99
PV of Terminal Value (M)	8,559.62	9,016.95	9,493.61
Equity Value (M)	10,104.33	10,609.65	11,135.63
Shares Outstanding (M)	1,156.23	1,156.23	1,156.23
Fair Value	$8.74	$9.18	$9.63
Upside / Downside	-15.97%	-11.77%	-7.39%

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Zhejiang Hisun Pharmaceutical Co., Ltd. (600267.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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