DDM Analysis: 600557.SS

Valuation Snapshot

Stable Growth	$4.67 - $7.56	$5.97
Multi-Stage	$5.15 - $5.64	$5.39
Blended Fair Value	$5.68
Current Price	$14.99
Upside	-62.12%
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	20.33%	15.66%	0.38	0.23	0.00	0.02	0.08	0.15	0.15	0.07	0.11	0.09
YoY Growth	-	-	66.20%	5,065.03%	-77.49%	-76.69%	-43.97%	-0.49%	130.01%	-38.35%	16.78%	2.99%
Dividend Yield	-	-	2.70%	1.06%	0.01%	0.14%	0.81%	1.12%	1.09%	0.48%	0.62%	0.59%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	234.36
(-) Cash Dividends Paid (M)	2.46
(=) Cash Retained (M)	231.89

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	46.87	29.29	17.58
Cash Retained (M)	231.89	231.89	231.89
(-) Cash Required (M)	-46.87	-29.29	-17.58
(=) Excess Retained (M)	185.02	202.60	214.32
(/) Shares Outstanding (M)	560.61	560.61	560.61
(=) Excess Retained per Share	0.33	0.36	0.38
LTM Dividend per Share	0.00	0.00	0.00
(+) Excess Retained per Share	0.33	0.36	0.38
(=) Adjusted Dividend	0.33	0.37	0.39
WACC / Discount Rate	9.61%	9.61%	9.61%
Growth Rate	2.28%	3.28%	4.28%
Fair Value	$4.67	$5.97	$7.56
Upside / Downside	-68.88%	-60.20%	-49.55%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	234.36	242.05	249.99	258.20	266.67	275.42	283.68
Payout Ratio	1.05%	18.84%	36.63%	54.42%	72.21%	90.00%	92.50%
Projected Dividends (M)	2.46	45.60	91.57	140.51	192.56	247.88	262.40

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.61%	9.61%	9.61%
Growth Rate	2.28%	3.28%	4.28%
Year 1 PV (M)	41.20	41.60	42.01
Year 2 PV (M)	74.75	76.22	77.70
Year 3 PV (M)	103.62	106.69	109.82
Year 4 PV (M)	128.29	133.39	138.63
Year 5 PV (M)	149.20	156.64	164.37
PV of Terminal Value (M)	2,388.23	2,507.28	2,631.03
Equity Value (M)	2,885.29	3,021.82	3,163.56
Shares Outstanding (M)	560.61	560.61	560.61
Fair Value	$5.15	$5.39	$5.64
Upside / Downside	-65.67%	-64.04%	-62.35%

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Jiangsu Kanion Pharmaceutical Co.,Ltd. (600557.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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