DDM Analysis: 000963.SZ

Valuation Snapshot

Stable Growth	$172.35 - $419.43	$393.07
Multi-Stage	$60.90 - $66.67	$63.73
Blended Fair Value	$228.40
Current Price	$41.55
Upside	449.70%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	24.43%	14.82%	0.97	0.34	0.33	0.26	0.32	0.33	0.44	0.41	0.40	0.30
YoY Growth	-	-	186.46%	3.07%	25.30%	-18.67%	-0.86%	-25.81%	5.75%	4.34%	31.66%	23.84%
Dividend Yield	-	-	2.65%	1.08%	0.71%	0.79%	0.87%	1.87%	1.55%	1.14%	1.54%	1.55%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	3,697.69
(-) Cash Dividends Paid (M)	1,101.32
(=) Cash Retained (M)	2,596.38

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	739.54	462.21	277.33
Cash Retained (M)	2,596.38	2,596.38	2,596.38
(-) Cash Required (M)	-739.54	-462.21	-277.33
(=) Excess Retained (M)	1,856.84	2,134.17	2,319.05
(/) Shares Outstanding (M)	1,753.28	1,753.28	1,753.28
(=) Excess Retained per Share	1.06	1.22	1.32
LTM Dividend per Share	0.63	0.63	0.63
(+) Excess Retained per Share	1.06	1.22	1.32
(=) Adjusted Dividend	1.69	1.85	1.95
WACC / Discount Rate	6.53%	6.53%	6.53%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$172.35	$393.07	$419.43
Upside / Downside	314.79%	846.01%	909.46%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	3,697.69	3,938.04	4,194.02	4,466.63	4,756.96	5,066.16	5,218.15
Payout Ratio	29.78%	41.83%	53.87%	65.91%	77.96%	90.00%	92.50%
Projected Dividends (M)	1,101.32	1,647.17	2,259.33	2,944.11	3,708.37	4,559.55	4,826.79

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.53%	6.53%	6.53%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	1,531.64	1,546.16	1,560.68
Year 2 PV (M)	1,953.52	1,990.73	2,028.29
Year 3 PV (M)	2,367.08	2,435.03	2,504.27
Year 4 PV (M)	2,772.43	2,879.05	2,988.72
Year 5 PV (M)	3,169.71	3,322.80	3,481.76
PV of Terminal Value (M)	94,980.72	99,568.32	104,331.51
Equity Value (M)	106,775.11	111,742.11	116,895.23
Shares Outstanding (M)	1,753.28	1,753.28	1,753.28
Fair Value	$60.90	$63.73	$66.67
Upside / Downside	46.57%	53.39%	60.46%

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Huadong Medicine Co., Ltd (000963.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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