DDM Analysis: 600062.SS

Valuation Snapshot

Stable Growth	$124.64 - $303.33	$284.26
Multi-Stage	$43.95 - $48.12	$45.99
Blended Fair Value	$165.13
Current Price	$18.68
Upside	783.99%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	37.67%	8.21%	1.43	0.30	0.77	0.29	0.31	0.29	0.09	0.19	0.18	0.00
YoY Growth	-	-	383.60%	-61.85%	164.97%	-5.24%	6.74%	228.34%	-52.97%	4.89%	5,403.38%	-99.50%
Dividend Yield	-	-	7.55%	1.43%	4.49%	1.72%	2.63%	2.28%	0.62%	0.94%	1.09%	0.03%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,580.19
(-) Cash Dividends Paid (M)	420.48
(=) Cash Retained (M)	1,159.71

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	316.04	197.52	118.51
Cash Retained (M)	1,159.71	1,159.71	1,159.71
(-) Cash Required (M)	-316.04	-197.52	-118.51
(=) Excess Retained (M)	843.67	962.18	1,041.19
(/) Shares Outstanding (M)	1,036.04	1,036.04	1,036.04
(=) Excess Retained per Share	0.81	0.93	1.00
LTM Dividend per Share	0.41	0.41	0.41
(+) Excess Retained per Share	0.81	0.93	1.00
(=) Adjusted Dividend	1.22	1.33	1.41
WACC / Discount Rate	6.53%	6.53%	6.53%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$124.64	$284.26	$303.33
Upside / Downside	567.23%	1,421.75%	1,523.81%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,580.19	1,682.90	1,792.29	1,908.79	2,032.86	2,164.99	2,229.94
Payout Ratio	26.61%	39.29%	51.97%	64.64%	77.32%	90.00%	92.50%
Projected Dividends (M)	420.48	661.17	931.37	1,233.91	1,571.84	1,948.49	2,062.70

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.53%	6.53%	6.53%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	614.80	620.63	626.45
Year 2 PV (M)	805.31	820.65	836.13
Year 3 PV (M)	992.07	1,020.55	1,049.57
Year 4 PV (M)	1,175.13	1,220.33	1,266.81
Year 5 PV (M)	1,354.55	1,419.98	1,487.91
PV of Terminal Value (M)	40,589.42	42,549.91	44,585.43
Equity Value (M)	45,531.29	47,652.04	49,852.30
Shares Outstanding (M)	1,036.04	1,036.04	1,036.04
Fair Value	$43.95	$45.99	$48.12
Upside / Downside	135.26%	146.22%	157.59%

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China Resources Double-Crane Pharmaceutical Co.,Ltd. (600062.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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