DDM Analysis: 002644.SZ

Valuation Snapshot

Stable Growth	$2.19 - $4.67	$3.11
Multi-Stage	$1.58 - $1.73	$1.65
Blended Fair Value	$2.38
Current Price	$8.61
Upside	-72.35%
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	19.17%	9.58%	0.03	0.05	0.01	0.12	0.06	0.01	0.01	0.01	0.01	0.01
YoY Growth	-	-	-42.90%	293.89%	-88.45%	100.51%	361.54%	0.00%	8.33%	33.17%	10.96%	-35.09%
Dividend Yield	-	-	0.39%	0.67%	0.12%	1.06%	0.84%	0.15%	0.14%	0.11%	0.08%	0.07%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	59.08
(-) Cash Dividends Paid (M)	6.45
(=) Cash Retained (M)	52.62

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	11.82	7.38	4.43
Cash Retained (M)	52.62	52.62	52.62
(-) Cash Required (M)	-11.82	-7.38	-4.43
(=) Excess Retained (M)	40.81	45.24	48.19
(/) Shares Outstanding (M)	510.29	510.29	510.29
(=) Excess Retained per Share	0.08	0.09	0.09
LTM Dividend per Share	0.01	0.01	0.01
(+) Excess Retained per Share	0.08	0.09	0.09
(=) Adjusted Dividend	0.09	0.10	0.11
WACC / Discount Rate	9.97%	9.97%	9.97%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$2.19	$3.11	$4.67
Upside / Downside	-74.60%	-63.86%	-45.81%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	59.08	62.92	67.01	71.36	76.00	80.94	83.37
Payout Ratio	10.93%	26.74%	42.56%	58.37%	74.19%	90.00%	92.50%
Projected Dividends (M)	6.45	16.82	28.52	41.66	56.38	72.85	77.12

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.97%	9.97%	9.97%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	15.16	15.30	15.44
Year 2 PV (M)	23.14	23.58	24.03
Year 3 PV (M)	30.45	31.32	32.21
Year 4 PV (M)	37.13	38.56	40.02
Year 5 PV (M)	43.21	45.30	47.47
PV of Terminal Value (M)	656.55	688.26	721.19
Equity Value (M)	805.64	842.32	880.36
Shares Outstanding (M)	510.29	510.29	510.29
Fair Value	$1.58	$1.65	$1.73
Upside / Downside	-81.66%	-80.83%	-79.96%

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LanZhou Foci Pharmaceutical Co.,Ltd. (002644.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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