DDM Analysis: 002940.SZ

Valuation Snapshot

Stable Growth	$8.00 - $14.93	$10.83
Multi-Stage	$20.98 - $23.11	$22.03
Blended Fair Value	$16.43
Current Price	$38.02
Upside	-56.80%
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	-2.74%	-2.42%	0.30	0.21	0.17	0.24	0.45	0.34	0.01	0.23	0.15	0.11
YoY Growth	-	-	40.81%	22.19%	-27.41%	-47.75%	33.35%	3,406.00%	-95.74%	55.50%	34.61%	-71.23%
Dividend Yield	-	-	2.15%	1.28%	0.75%	1.29%	2.53%	1.69%	0.05%	1.44%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	108.09
(-) Cash Dividends Paid (M)	40.22
(=) Cash Retained (M)	67.87

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	21.62	13.51	8.11
Cash Retained (M)	67.87	67.87	67.87
(-) Cash Required (M)	-21.62	-13.51	-8.11
(=) Excess Retained (M)	46.26	54.36	59.77
(/) Shares Outstanding (M)	198.37	198.37	198.37
(=) Excess Retained per Share	0.23	0.27	0.30
LTM Dividend per Share	0.20	0.20	0.20
(+) Excess Retained per Share	0.23	0.27	0.30
(=) Adjusted Dividend	0.44	0.48	0.50
WACC / Discount Rate	5.05%	5.05%	5.05%
Growth Rate	-0.38%	0.62%	1.62%
Fair Value	$8.00	$10.83	$14.93
Upside / Downside	-78.97%	-71.52%	-60.73%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	108.09	108.76	109.44	110.12	110.80	111.49	114.83
Payout Ratio	37.21%	47.77%	58.32%	68.88%	79.44%	90.00%	92.50%
Projected Dividends (M)	40.22	51.95	63.83	75.85	88.02	100.34	106.22

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	5.05%	5.05%	5.05%
Growth Rate	-0.38%	0.62%	1.62%
Year 1 PV (M)	48.96	49.45	49.94
Year 2 PV (M)	56.69	57.84	58.99
Year 3 PV (M)	63.50	65.43	67.40
Year 4 PV (M)	69.44	72.27	75.19
Year 5 PV (M)	74.60	78.43	82.40
PV of Terminal Value (M)	3,848.60	4,045.68	4,250.75
Equity Value (M)	4,161.79	4,369.09	4,584.67
Shares Outstanding (M)	198.37	198.37	198.37
Fair Value	$20.98	$22.03	$23.11
Upside / Downside	-44.82%	-42.07%	-39.21%

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Zhejiang AngLiKang Pharmaceutical CO.,LTD. (002940.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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