DDM Analysis: 002393.SZ

Valuation Snapshot

Stable Growth	$16.83 - $27.66	$21.65
Multi-Stage	$32.47 - $35.73	$34.07
Blended Fair Value	$27.86
Current Price	$23.32
Upside	19.46%
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	17.20%	0.82%	0.47	0.21	0.21	0.07	0.21	0.21	0.22	0.23	0.30	0.23
YoY Growth	-	-	121.11%	0.00%	200.00%	-66.86%	0.59%	-4.45%	-1.71%	-24.51%	32.34%	-47.70%
Dividend Yield	-	-	2.81%	1.19%	1.30%	0.42%	1.66%	1.23%	1.08%	1.09%	1.08%	0.84%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	386.02
(-) Cash Dividends Paid (M)	101.07
(=) Cash Retained (M)	284.94

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	77.20	48.25	28.95
Cash Retained (M)	284.94	284.94	284.94
(-) Cash Required (M)	-77.20	-48.25	-28.95
(=) Excess Retained (M)	207.74	236.69	255.99
(/) Shares Outstanding (M)	257.77	257.77	257.77
(=) Excess Retained per Share	0.81	0.92	0.99
LTM Dividend per Share	0.39	0.39	0.39
(+) Excess Retained per Share	0.81	0.92	0.99
(=) Adjusted Dividend	1.20	1.31	1.39
WACC / Discount Rate	6.53%	6.53%	6.53%
Growth Rate	-0.55%	0.45%	1.45%
Fair Value	$16.83	$21.65	$27.66
Upside / Downside	-27.85%	-7.18%	18.61%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	386.02	387.76	389.51	391.27	393.04	394.82	406.66
Payout Ratio	26.18%	38.95%	51.71%	64.47%	77.24%	90.00%	92.50%
Projected Dividends (M)	101.07	151.02	201.42	252.27	303.57	355.34	376.16

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.53%	6.53%	6.53%
Growth Rate	-0.55%	0.45%	1.45%
Year 1 PV (M)	140.35	141.76	143.17
Year 2 PV (M)	173.96	177.47	181.02
Year 3 PV (M)	202.48	208.65	214.94
Year 4 PV (M)	226.44	235.69	245.21
Year 5 PV (M)	246.32	258.96	272.11
PV of Terminal Value (M)	7,381.39	7,760.04	8,154.06
Equity Value (M)	8,370.94	8,782.56	9,210.51
Shares Outstanding (M)	257.77	257.77	257.77
Fair Value	$32.47	$34.07	$35.73
Upside / Downside	39.25%	46.10%	53.22%

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Tianjin Lisheng Pharmaceutical Co.,Ltd. (002393.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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