DDM Analysis: 002370.SZ

Valuation Snapshot

Stable Growth	$1.23 - $1.74	$1.48
Multi-Stage	$1.87 - $2.05	$1.96
Blended Fair Value	$1.72
Current Price	$5.67
Upside	-69.66%
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	-15.00%	11.30%	0.02	0.02	0.02	0.02	0.02	0.04	0.07	0.04	0.03	0.03
YoY Growth	-	-	-27.86%	18.83%	4.06%	-11.11%	-44.05%	-50.00%	100.00%	31.49%	0.00%	400.00%
Dividend Yield	-	-	0.49%	0.63%	0.41%	0.27%	0.50%	0.75%	0.40%	0.19%	0.18%	0.22%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	134.89
(-) Cash Dividends Paid (M)	37.37
(=) Cash Retained (M)	97.52

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	26.98	16.86	10.12
Cash Retained (M)	97.52	97.52	97.52
(-) Cash Required (M)	-26.98	-16.86	-10.12
(=) Excess Retained (M)	70.54	80.66	87.41
(/) Shares Outstanding (M)	727.51	727.51	727.51
(=) Excess Retained per Share	0.10	0.11	0.12
LTM Dividend per Share	0.05	0.05	0.05
(+) Excess Retained per Share	0.10	0.11	0.12
(=) Adjusted Dividend	0.15	0.16	0.17
WACC / Discount Rate	9.85%	9.85%	9.85%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$1.23	$1.48	$1.74
Upside / Downside	-78.37%	-73.90%	-69.30%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	134.89	133.55	132.21	130.89	129.58	128.28	132.13
Payout Ratio	27.70%	40.16%	52.62%	65.08%	77.54%	90.00%	92.50%
Projected Dividends (M)	37.37	53.64	69.57	85.18	100.48	115.45	122.22

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.85%	9.85%	9.85%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	48.33	48.83	49.32
Year 2 PV (M)	56.49	57.65	58.82
Year 3 PV (M)	62.33	64.26	66.22
Year 4 PV (M)	66.25	68.99	71.82
Year 5 PV (M)	68.59	72.17	75.88
PV of Terminal Value (M)	1,059.43	1,114.59	1,172.03
Equity Value (M)	1,361.42	1,426.48	1,494.10
Shares Outstanding (M)	727.51	727.51	727.51
Fair Value	$1.87	$1.96	$2.05
Upside / Downside	-67.00%	-65.42%	-63.78%

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Zhejiang Yatai Pharmaceutical Co., Ltd. (002370.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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