DDM Analysis: 600223.SS

Valuation Snapshot

Stable Growth	$1.11 - $1.53	$1.32
Multi-Stage	$4.78 - $5.30	$5.03
Blended Fair Value	$3.18
Current Price	$7.71
Upside	-58.78%
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	29.68%	-6.61%	0.18	0.48	0.11	0.20	0.11	0.05	0.73	0.65	0.62	0.43
YoY Growth	-	-	-62.38%	339.57%	-45.00%	83.30%	120.00%	-93.22%	12.05%	4.48%	44.26%	20.20%
Dividend Yield	-	-	2.40%	5.63%	1.03%	1.81%	0.91%	0.74%	18.17%	17.58%	11.67%	7.10%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	214.11
(-) Cash Dividends Paid (M)	56.75
(=) Cash Retained (M)	157.36

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	42.82	26.76	16.06
Cash Retained (M)	157.36	157.36	157.36
(-) Cash Required (M)	-42.82	-26.76	-16.06
(=) Excess Retained (M)	114.54	130.60	141.30
(/) Shares Outstanding (M)	1,015.51	1,015.51	1,015.51
(=) Excess Retained per Share	0.11	0.13	0.14
LTM Dividend per Share	0.06	0.06	0.06
(+) Excess Retained per Share	0.11	0.13	0.14
(=) Adjusted Dividend	0.17	0.18	0.20
WACC / Discount Rate	5.28%	5.28%	5.28%
Growth Rate	-8.61%	-7.61%	-6.61%
Fair Value	$1.11	$1.32	$1.53
Upside / Downside	-85.60%	-82.85%	-80.13%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	214.11	197.82	182.77	168.86	156.01	144.14	148.47
Payout Ratio	26.50%	39.20%	51.90%	64.60%	77.30%	90.00%	92.50%
Projected Dividends (M)	56.75	77.55	94.86	109.09	120.60	129.73	137.33

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	5.28%	5.28%	5.28%
Growth Rate	-8.61%	-7.61%	-6.61%
Year 1 PV (M)	72.87	73.66	74.46
Year 2 PV (M)	83.74	85.59	87.45
Year 3 PV (M)	90.48	93.49	96.56
Year 4 PV (M)	93.99	98.17	102.49
Year 5 PV (M)	95.00	100.31	105.85
PV of Terminal Value (M)	4,413.23	4,660.02	4,917.73
Equity Value (M)	4,849.31	5,111.24	5,384.54
Shares Outstanding (M)	1,015.51	1,015.51	1,015.51
Fair Value	$4.78	$5.03	$5.30
Upside / Downside	-38.06%	-34.72%	-31.23%

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Lushang Freda Pharmaceutical Co., Ltd. Class A (600223.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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