DDM Analysis: 002287.SZ

Valuation Snapshot

Stable Growth	$44.80 - $226.34	$92.70
Multi-Stage	$24.41 - $26.71	$25.54
Blended Fair Value	$59.12
Current Price	$26.21
Upside	125.57%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	11.16%	7.11%	0.52	0.38	0.58	0.33	0.34	0.31	0.31	0.29	0.31	0.29
YoY Growth	-	-	36.63%	-33.91%	73.65%	-2.93%	11.49%	-0.01%	5.13%	-4.88%	5.40%	11.14%
Dividend Yield	-	-	2.31%	1.75%	2.30%	1.16%	1.44%	1.54%	1.30%	1.18%	0.81%	1.12%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	612.42
(-) Cash Dividends Paid (M)	124.04
(=) Cash Retained (M)	488.39

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	122.48	76.55	45.93
Cash Retained (M)	488.39	488.39	488.39
(-) Cash Required (M)	-122.48	-76.55	-45.93
(=) Excess Retained (M)	365.90	411.83	442.46
(/) Shares Outstanding (M)	538.12	538.12	538.12
(=) Excess Retained per Share	0.68	0.77	0.82
LTM Dividend per Share	0.23	0.23	0.23
(+) Excess Retained per Share	0.68	0.77	0.82
(=) Adjusted Dividend	0.91	1.00	1.05
WACC / Discount Rate	7.64%	7.64%	7.64%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$44.80	$92.70	$226.34
Upside / Downside	70.93%	253.69%	763.55%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	612.42	652.23	694.63	739.78	787.86	839.07	864.25
Payout Ratio	20.25%	34.20%	48.15%	62.10%	76.05%	90.00%	92.50%
Projected Dividends (M)	124.04	223.08	334.48	459.41	599.18	755.17	799.43

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.64%	7.64%	7.64%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	205.29	207.24	209.19
Year 2 PV (M)	283.26	288.66	294.11
Year 3 PV (M)	358.05	368.33	378.80
Year 4 PV (M)	429.74	446.27	463.27
Year 5 PV (M)	498.43	522.51	547.50
PV of Terminal Value (M)	11,361.86	11,910.64	12,480.42
Equity Value (M)	13,136.64	13,743.64	14,373.29
Shares Outstanding (M)	538.12	538.12	538.12
Fair Value	$24.41	$25.54	$26.71
Upside / Downside	-6.86%	-2.56%	1.91%

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Tibet Cheezheng Tibetan Medicine Co., Ltd. (002287.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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