DDM Analysis: 002370.SZ

Valuation Snapshot

Stable Growth	$1.98 - $3.21	$2.53
Multi-Stage	$5.73 - $6.32	$6.02
Blended Fair Value	$4.27
Current Price	$5.67
Upside	-24.63%
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	-15.00%	11.30%	0.02	0.02	0.02	0.02	0.02	0.04	0.07	0.04	0.03	0.03
YoY Growth	-	-	-27.86%	18.83%	4.06%	-11.11%	-44.05%	-50.00%	100.00%	31.49%	0.00%	400.00%
Dividend Yield	-	-	0.49%	0.63%	0.41%	0.27%	0.50%	0.75%	0.40%	0.19%	0.18%	0.22%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	134.89
(-) Cash Dividends Paid (M)	37.37
(=) Cash Retained (M)	97.52

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	26.98	16.86	10.12
Cash Retained (M)	97.52	97.52	97.52
(-) Cash Required (M)	-26.98	-16.86	-10.12
(=) Excess Retained (M)	70.54	80.66	87.41
(/) Shares Outstanding (M)	727.51	727.51	727.51
(=) Excess Retained per Share	0.10	0.11	0.12
LTM Dividend per Share	0.05	0.05	0.05
(+) Excess Retained per Share	0.10	0.11	0.12
(=) Adjusted Dividend	0.15	0.16	0.17
WACC / Discount Rate	5.34%	5.34%	5.34%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$1.98	$2.53	$3.21
Upside / Downside	-65.09%	-55.35%	-43.40%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	134.89	133.55	132.21	130.89	129.58	128.28	132.13
Payout Ratio	27.70%	40.16%	52.62%	65.08%	77.54%	90.00%	92.50%
Projected Dividends (M)	37.37	53.64	69.57	85.18	100.48	115.45	122.22

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	5.34%	5.34%	5.34%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	50.40	50.92	51.43
Year 2 PV (M)	61.43	62.69	63.97
Year 3 PV (M)	70.68	72.87	75.10
Year 4 PV (M)	78.34	81.59	84.93
Year 5 PV (M)	84.59	88.99	93.58
PV of Terminal Value (M)	3,820.43	4,019.36	4,226.50
Equity Value (M)	4,165.87	4,376.42	4,595.51
Shares Outstanding (M)	727.51	727.51	727.51
Fair Value	$5.73	$6.02	$6.32
Upside / Downside	0.99%	6.10%	11.41%

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Ticker

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Zhejiang Yatai Pharmaceutical Co., Ltd. (002370.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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