DDM Analysis: 300434.SZ

Valuation Snapshot

Stable Growth	$5.89 - $12.47	$8.36
Multi-Stage	$7.53 - $8.27	$7.89
Blended Fair Value	$8.12
Current Price	$9.45
Upside	-14.02%
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	4.24%	15.74%	0.11	0.00	0.00	0.00	0.08	0.09	0.07	0.04	0.02	0.03
YoY Growth	-	-	6,000.19%	555.46%	-65.25%	-98.94%	-16.76%	36.79%	62.08%	143.66%	-35.66%	0.80%
Dividend Yield	-	-	1.37%	0.02%	0.00%	0.01%	0.94%	1.27%	0.65%	0.32%	0.09%	0.19%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	130.40
(-) Cash Dividends Paid (M)	28.69
(=) Cash Retained (M)	101.71

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	26.08	16.30	9.78
Cash Retained (M)	101.71	101.71	101.71
(-) Cash Required (M)	-26.08	-16.30	-9.78
(=) Excess Retained (M)	75.63	85.41	91.93
(/) Shares Outstanding (M)	401.47	401.47	401.47
(=) Excess Retained per Share	0.19	0.21	0.23
LTM Dividend per Share	0.07	0.07	0.07
(+) Excess Retained per Share	0.19	0.21	0.23
(=) Adjusted Dividend	0.26	0.28	0.30
WACC / Discount Rate	6.75%	6.75%	6.75%
Growth Rate	2.24%	3.24%	4.24%
Fair Value	$5.89	$8.36	$12.47
Upside / Downside	-37.69%	-11.58%	31.97%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	130.40	134.62	138.98	143.48	148.12	152.92	157.51
Payout Ratio	22.00%	35.60%	49.20%	62.80%	76.40%	90.00%	92.50%
Projected Dividends (M)	28.69	47.92	68.38	90.10	113.17	137.63	145.69

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.75%	6.75%	6.75%
Growth Rate	2.24%	3.24%	4.24%
Year 1 PV (M)	44.46	44.89	45.33
Year 2 PV (M)	58.85	60.00	61.17
Year 3 PV (M)	71.94	74.07	76.25
Year 4 PV (M)	83.82	87.15	90.58
Year 5 PV (M)	94.57	99.29	104.19
PV of Terminal Value (M)	2,670.39	2,803.57	2,942.01
Equity Value (M)	3,024.03	3,168.98	3,319.52
Shares Outstanding (M)	401.47	401.47	401.47
Fair Value	$7.53	$7.89	$8.27
Upside / Downside	-20.29%	-16.47%	-12.50%

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Sichuan Goldstone Asia Pharmaceutical Inc. (300434.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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