DDM Analysis: 300841.SZ

Valuation Snapshot

Stable Growth	$38.12 - $127.06	$62.20
Multi-Stage	$26.03 - $28.37	$27.18
Blended Fair Value	$44.69
Current Price	$76.45
Upside	-41.54%
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	246.94%	0.00%	2.06	0.55	1.05	0.69	0.00	0.00	0.05	0.16	0.00	0.00
YoY Growth	-	-	273.88%	-47.64%	52.02%	38,896.21%	-56.69%	-91.03%	-72.07%	0.00%	0.00%	0.00%
Dividend Yield	-	-	3.36%	0.88%	1.14%	0.59%	0.00%	0.01%	0.10%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	181.86
(-) Cash Dividends Paid (M)	140.13
(=) Cash Retained (M)	41.73

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	36.37	22.73	13.64
Cash Retained (M)	41.73	41.73	41.73
(-) Cash Required (M)	-36.37	-22.73	-13.64
(=) Excess Retained (M)	5.36	19.00	28.09
(/) Shares Outstanding (M)	130.14	130.14	130.14
(=) Excess Retained per Share	0.04	0.15	0.22
LTM Dividend per Share	1.08	1.08	1.08
(+) Excess Retained per Share	0.04	0.15	0.22
(=) Adjusted Dividend	1.12	1.22	1.29
WACC / Discount Rate	8.59%	8.59%	8.59%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$38.12	$62.20	$127.06
Upside / Downside	-50.13%	-18.64%	66.20%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	181.86	193.68	206.27	219.68	233.96	249.16	256.64
Payout Ratio	77.05%	79.64%	82.23%	84.82%	87.41%	90.00%	92.50%
Projected Dividends (M)	140.13	154.25	169.62	186.33	204.50	224.25	237.39

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.59%	8.59%	8.59%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	140.71	142.05	143.38
Year 2 PV (M)	141.15	143.84	146.55
Year 3 PV (M)	141.45	145.51	149.64
Year 4 PV (M)	141.61	147.06	152.66
Year 5 PV (M)	141.65	148.49	155.60
PV of Terminal Value (M)	2,680.80	2,810.29	2,944.73
Equity Value (M)	3,387.37	3,537.23	3,692.56
Shares Outstanding (M)	130.14	130.14	130.14
Fair Value	$26.03	$27.18	$28.37
Upside / Downside	-65.95%	-64.45%	-62.89%

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Chengdu Kanghua Biological Products Co., Ltd. (300841.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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