DDM Analysis: 603707.SS

Valuation Snapshot

Stable Growth	$32.37 - $78.76	$73.81
Multi-Stage	$11.44 - $12.53	$11.98
Blended Fair Value	$42.89
Current Price	$10.36
Upside	314.04%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	16.20%	18.15%	0.13	0.15	0.14	0.12	0.16	0.06	0.04	0.00	0.02	0.02
YoY Growth	-	-	-14.20%	9.63%	18.20%	-26.59%	159.54%	37.68%	2,334.10%	-92.09%	20.51%	-21.73%
Dividend Yield	-	-	0.92%	1.35%	0.85%	0.48%	0.67%	0.27%	0.34%	0.02%	0.83%	0.69%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	649.83
(-) Cash Dividends Paid (M)	200.22
(=) Cash Retained (M)	449.61

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	129.97	81.23	48.74
Cash Retained (M)	449.61	449.61	449.61
(-) Cash Required (M)	-129.97	-81.23	-48.74
(=) Excess Retained (M)	319.65	368.38	400.87
(/) Shares Outstanding (M)	1,640.80	1,640.80	1,640.80
(=) Excess Retained per Share	0.19	0.22	0.24
LTM Dividend per Share	0.12	0.12	0.12
(+) Excess Retained per Share	0.19	0.22	0.24
(=) Adjusted Dividend	0.32	0.35	0.37
WACC / Discount Rate	6.53%	6.53%	6.53%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$32.37	$73.81	$78.76
Upside / Downside	212.45%	612.48%	660.26%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	649.83	692.07	737.05	784.96	835.98	890.32	917.03
Payout Ratio	30.81%	42.65%	54.49%	66.32%	78.16%	90.00%	92.50%
Projected Dividends (M)	200.22	295.16	401.59	520.62	653.42	801.29	848.25

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.53%	6.53%	6.53%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	274.46	277.06	279.66
Year 2 PV (M)	347.24	353.85	360.53
Year 3 PV (M)	418.58	430.60	442.84
Year 4 PV (M)	488.51	507.30	526.62
Year 5 PV (M)	557.04	583.95	611.88
PV of Terminal Value (M)	16,692.70	17,498.97	18,336.09
Equity Value (M)	18,778.53	19,651.72	20,557.62
Shares Outstanding (M)	1,640.80	1,640.80	1,640.80
Fair Value	$11.44	$11.98	$12.53
Upside / Downside	10.47%	15.61%	20.94%

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Nanjing King-Friend Biochemical Pharmaceutical Co., Ltd (603707.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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