DDM Analysis: 600796.SS

Valuation Snapshot

Stable Growth	$5.97 - $19.05	$9.63
Multi-Stage	$3.92 - $4.29	$4.10
Blended Fair Value	$6.86
Current Price	$5.93
Upside	15.73%
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	97.79%	15.38%	0.12	0.22	0.24	0.10	0.09	0.00	0.02	0.03	0.01	0.01
YoY Growth	-	-	-43.19%	-7.73%	146.41%	12.57%	1,981.72%	-76.73%	-30.68%	163.80%	-34.04%	-50.77%
Dividend Yield	-	-	2.19%	4.32%	4.42%	1.63%	1.79%	0.07%	0.28%	0.38%	0.09%	0.15%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	182.54
(-) Cash Dividends Paid (M)	56.89
(=) Cash Retained (M)	125.65

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	36.51	22.82	13.69
Cash Retained (M)	125.65	125.65	125.65
(-) Cash Required (M)	-36.51	-22.82	-13.69
(=) Excess Retained (M)	89.14	102.83	111.96
(/) Shares Outstanding (M)	814.60	814.60	814.60
(=) Excess Retained per Share	0.11	0.13	0.14
LTM Dividend per Share	0.07	0.07	0.07
(+) Excess Retained per Share	0.11	0.13	0.14
(=) Adjusted Dividend	0.18	0.20	0.21
WACC / Discount Rate	8.67%	8.67%	8.67%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$5.97	$9.63	$19.05
Upside / Downside	0.62%	62.31%	221.30%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	182.54	194.40	207.04	220.49	234.83	250.09	257.59
Payout Ratio	31.17%	42.93%	54.70%	66.47%	78.23%	90.00%	92.50%
Projected Dividends (M)	56.89	83.46	113.25	146.56	183.71	225.08	238.27

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.67%	8.67%	8.67%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	76.08	76.80	77.52
Year 2 PV (M)	94.11	95.90	97.71
Year 3 PV (M)	111.02	114.20	117.45
Year 4 PV (M)	126.86	131.74	136.76
Year 5 PV (M)	141.68	148.53	155.63
PV of Terminal Value (M)	2,645.51	2,773.29	2,905.96
Equity Value (M)	3,195.26	3,340.46	3,491.03
Shares Outstanding (M)	814.60	814.60	814.60
Fair Value	$3.92	$4.10	$4.29
Upside / Downside	-33.85%	-30.85%	-27.73%

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Zhejiang Qianjiang Biochemical Co., Ltd (600796.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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