DDM Analysis: 600479.SS

Valuation Snapshot

Stable Growth	$4.13 - $5.91	$5.00
Multi-Stage	$5.83 - $6.41	$6.12
Blended Fair Value	$5.56
Current Price	$10.31
Upside	-46.07%
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	-1.78%	9.67%	0.36	0.35	0.59	1.02	0.50	0.40	0.25	0.17	0.13	0.16
YoY Growth	-	-	3.33%	-40.52%	-42.11%	105.18%	25.25%	59.19%	47.06%	31.13%	-18.34%	9.79%
Dividend Yield	-	-	3.57%	3.21%	5.07%	8.16%	5.62%	4.58%	2.38%	1.28%	0.94%	1.32%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	250.04
(-) Cash Dividends Paid (M)	3.10
(=) Cash Retained (M)	246.93

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	50.01	31.25	18.75
Cash Retained (M)	246.93	246.93	246.93
(-) Cash Required (M)	-50.01	-31.25	-18.75
(=) Excess Retained (M)	196.92	215.68	228.18
(/) Shares Outstanding (M)	421.26	421.26	421.26
(=) Excess Retained per Share	0.47	0.51	0.54
LTM Dividend per Share	0.01	0.01	0.01
(+) Excess Retained per Share	0.47	0.51	0.54
(=) Adjusted Dividend	0.47	0.52	0.55
WACC / Discount Rate	9.93%	9.93%	9.93%
Growth Rate	-1.41%	-0.41%	0.59%
Fair Value	$4.13	$5.00	$5.91
Upside / Downside	-59.96%	-51.48%	-42.65%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	250.04	249.00	247.97	246.95	245.92	244.91	252.25
Payout Ratio	1.24%	18.99%	36.74%	54.50%	72.25%	90.00%	92.50%
Projected Dividends (M)	3.10	47.29	91.12	134.58	177.68	220.42	233.33

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.93%	9.93%	9.93%
Growth Rate	-1.41%	-0.41%	0.59%
Year 1 PV (M)	42.59	43.02	43.45
Year 2 PV (M)	73.90	75.40	76.93
Year 3 PV (M)	98.29	101.31	104.40
Year 4 PV (M)	116.87	121.68	126.64
Year 5 PV (M)	130.56	137.32	144.35
PV of Terminal Value (M)	1,995.50	2,098.78	2,206.29
Equity Value (M)	2,457.70	2,577.52	2,702.06
Shares Outstanding (M)	421.26	421.26	421.26
Fair Value	$5.83	$6.12	$6.41
Upside / Downside	-43.41%	-40.65%	-37.79%

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ZhuZhou QianJin Pharmaceutical Co.,Ltd (600479.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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