DDM Analysis: 300636.SZ

Valuation Snapshot

Stable Growth	$37.99 - $44.76	$41.95
Multi-Stage	$10.46 - $11.47	$10.96
Blended Fair Value	$26.45
Current Price	$8.46
Upside	212.68%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	54.23%	10.96%	0.07	0.04	0.08	0.03	0.03	0.01	0.02	0.00	0.00	0.01
YoY Growth	-	-	84.73%	-50.91%	193.64%	0.07%	227.48%	-62.68%	2,000.20%	-70.23%	-64.33%	-61.03%
Dividend Yield	-	-	0.91%	0.49%	0.59%	0.16%	0.22%	0.08%	0.39%	0.01%	0.06%	0.18%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	94.51
(-) Cash Dividends Paid (M)	36.09
(=) Cash Retained (M)	58.42

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	18.90	11.81	7.09
Cash Retained (M)	58.42	58.42	58.42
(-) Cash Required (M)	-18.90	-11.81	-7.09
(=) Excess Retained (M)	39.52	46.61	51.34
(/) Shares Outstanding (M)	419.89	419.89	419.89
(=) Excess Retained per Share	0.09	0.11	0.12
LTM Dividend per Share	0.09	0.09	0.09
(+) Excess Retained per Share	0.09	0.11	0.12
(=) Adjusted Dividend	0.18	0.20	0.21
WACC / Discount Rate	5.24%	5.24%	5.24%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$37.99	$41.95	$44.76
Upside / Downside	349.11%	395.87%	429.13%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	94.51	100.66	107.20	114.17	121.59	129.49	133.37
Payout Ratio	38.18%	48.55%	58.91%	69.27%	79.64%	90.00%	92.50%
Projected Dividends (M)	36.09	48.86	63.15	79.09	96.83	116.54	123.37

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	5.24%	5.24%	5.24%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	45.99	46.43	46.87
Year 2 PV (M)	55.95	57.01	58.09
Year 3 PV (M)	65.95	67.85	69.77
Year 4 PV (M)	76.00	78.93	81.93
Year 5 PV (M)	86.10	90.26	94.58
PV of Terminal Value (M)	4,063.18	4,259.43	4,463.20
Equity Value (M)	4,393.18	4,599.91	4,814.44
Shares Outstanding (M)	419.89	419.89	419.89
Fair Value	$10.46	$10.96	$11.47
Upside / Downside	23.67%	29.49%	35.53%

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Jiangxi Synergy Pharmaceutical Co., Ltd. (300636.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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