DDM Analysis: 603367.SS

Valuation Snapshot

Stable Growth	$27.48 - $82.63	$43.60
Multi-Stage	$28.71 - $31.47	$30.07
Blended Fair Value	$36.83
Current Price	$20.56
Upside	79.15%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	20.72%	19.04%	0.68	0.35	0.31	0.27	0.62	0.26	0.16	0.12	0.12	0.12
YoY Growth	-	-	95.07%	11.89%	15.58%	-56.88%	135.72%	65.41%	34.61%	-4.52%	1.30%	3.49%
Dividend Yield	-	-	4.94%	2.35%	2.17%	2.04%	4.75%	1.57%	0.87%	0.44%	0.74%	0.73%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	492.80
(-) Cash Dividends Paid (M)	203.28
(=) Cash Retained (M)	289.52

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	98.56	61.60	36.96
Cash Retained (M)	289.52	289.52	289.52
(-) Cash Required (M)	-98.56	-61.60	-36.96
(=) Excess Retained (M)	190.96	227.92	252.56
(/) Shares Outstanding (M)	450.35	450.35	450.35
(=) Excess Retained per Share	0.42	0.51	0.56
LTM Dividend per Share	0.45	0.45	0.45
(+) Excess Retained per Share	0.42	0.51	0.56
(=) Adjusted Dividend	0.88	0.96	1.01
WACC / Discount Rate	6.53%	6.53%	6.53%
Growth Rate	3.24%	4.24%	5.24%
Fair Value	$27.48	$43.60	$82.63
Upside / Downside	33.65%	112.06%	301.89%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	492.80	513.71	535.51	558.24	581.93	606.62	624.82
Payout Ratio	41.25%	51.00%	60.75%	70.50%	80.25%	90.00%	92.50%
Projected Dividends (M)	203.28	261.99	325.32	393.56	466.99	545.96	577.96

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.53%	6.53%	6.53%
Growth Rate	3.24%	4.24%	5.24%
Year 1 PV (M)	243.57	245.93	248.29
Year 2 PV (M)	281.17	286.65	292.17
Year 3 PV (M)	316.23	325.50	334.96
Year 4 PV (M)	348.85	362.56	376.67
Year 5 PV (M)	379.15	397.87	417.32
PV of Terminal Value (M)	11,361.29	11,922.27	12,505.19
Equity Value (M)	12,930.25	13,540.77	14,174.61
Shares Outstanding (M)	450.35	450.35	450.35
Fair Value	$28.71	$30.07	$31.47
Upside / Downside	39.65%	46.24%	53.09%

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Cisen Pharmaceutical Co., Ltd. (603367.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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