DDM Analysis: 605033.SS

Valuation Snapshot

Stable Growth	$1.58 - $2.29	$1.92
Multi-Stage	$2.77 - $3.03	$2.90
Blended Fair Value	$2.41
Current Price	$22.22
Upside	-89.15%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017
DPS	68.64%	0.00%	0.21	0.22	0.20	0.02	0.01	0.02	0.03	0.03	0.00	0.00
YoY Growth	-	-	-5.31%	11.84%	709.99%	370.98%	-66.24%	-42.19%	-0.52%	0.00%	0.00%	0.00%
Dividend Yield	-	-	1.19%	1.43%	1.12%	0.14%	0.03%	0.08%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	29.78
(-) Cash Dividends Paid (M)	21.55
(=) Cash Retained (M)	8.23

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	5.96	3.72	2.23
Cash Retained (M)	8.23	8.23	8.23
(-) Cash Required (M)	-5.96	-3.72	-2.23
(=) Excess Retained (M)	2.28	4.51	6.00
(/) Shares Outstanding (M)	135.67	135.67	135.67
(=) Excess Retained per Share	0.02	0.03	0.04
LTM Dividend per Share	0.16	0.16	0.16
(+) Excess Retained per Share	0.02	0.03	0.04
(=) Adjusted Dividend	0.18	0.19	0.20
WACC / Discount Rate	8.88%	8.88%	8.88%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$1.58	$1.92	$2.29
Upside / Downside	-92.88%	-91.34%	-89.71%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	29.78	29.48	29.19	28.89	28.61	28.32	29.17
Payout Ratio	72.35%	75.88%	79.41%	82.94%	86.47%	90.00%	92.50%
Projected Dividends (M)	21.55	22.37	23.18	23.97	24.74	25.49	26.98

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.88%	8.88%	8.88%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	20.34	20.55	20.75
Year 2 PV (M)	19.16	19.55	19.95
Year 3 PV (M)	18.01	18.57	19.14
Year 4 PV (M)	16.90	17.60	18.32
Year 5 PV (M)	15.83	16.66	17.52
PV of Terminal Value (M)	285.14	299.99	315.45
Equity Value (M)	375.38	392.91	411.13
Shares Outstanding (M)	135.67	135.67	135.67
Fair Value	$2.77	$2.90	$3.03
Upside / Downside	-87.55%	-86.97%	-86.36%

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Shaanxi Meibang Pharmaceutical Group Co., Ltd. (605033.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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