DDM Analysis: 600529.SS

Valuation Snapshot

Stable Growth	$119.47 - $230.01	$215.55
Multi-Stage	$36.22 - $39.63	$37.90
Blended Fair Value	$126.72
Current Price	$21.46
Upside	490.51%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	29.51%	26.52%	0.70	0.30	0.27	0.27	0.27	0.19	0.15	0.09	0.16	0.07
YoY Growth	-	-	133.33%	11.54%	0.00%	0.00%	40.00%	26.58%	76.68%	-45.41%	128.06%	3.59%
Dividend Yield	-	-	3.01%	0.99%	1.03%	1.02%	0.68%	0.57%	0.81%	0.85%	1.64%	0.87%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	765.01
(-) Cash Dividends Paid (M)	411.44
(=) Cash Retained (M)	353.57

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	153.00	95.63	57.38
Cash Retained (M)	353.57	353.57	353.57
(-) Cash Required (M)	-153.00	-95.63	-57.38
(=) Excess Retained (M)	200.57	257.95	296.20
(/) Shares Outstanding (M)	661.47	661.47	661.47
(=) Excess Retained per Share	0.30	0.39	0.45
LTM Dividend per Share	0.62	0.62	0.62
(+) Excess Retained per Share	0.30	0.39	0.45
(=) Adjusted Dividend	0.93	1.01	1.07
WACC / Discount Rate	6.32%	6.32%	6.32%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$119.47	$215.55	$230.01
Upside / Downside	456.70%	904.43%	971.79%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	765.01	814.74	867.70	924.10	984.16	1,048.14	1,079.58
Payout Ratio	53.78%	61.03%	68.27%	75.51%	82.76%	90.00%	92.50%
Projected Dividends (M)	411.44	497.20	592.37	697.81	814.46	943.32	998.61

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.32%	6.32%	6.32%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	463.27	467.66	472.05
Year 2 PV (M)	514.27	524.07	533.96
Year 3 PV (M)	564.47	580.67	597.18
Year 4 PV (M)	613.86	637.47	661.75
Year 5 PV (M)	662.46	694.46	727.68
PV of Terminal Value (M)	21,141.83	22,162.99	23,223.23
Equity Value (M)	23,960.16	25,067.31	26,215.85
Shares Outstanding (M)	661.47	661.47	661.47
Fair Value	$36.22	$37.90	$39.63
Upside / Downside	68.79%	76.59%	84.68%

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Shandong Pharmaceutical Glass Co., Ltd (600529.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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