DDM Analysis: 600216.SS

Valuation Snapshot

Stable Growth	$18.16 - $32.19	$24.09
Multi-Stage	$16.62 - $18.20	$17.40
Blended Fair Value	$20.75
Current Price	$14.17
Upside	46.41%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	0.27%	1.95%	0.18	0.20	0.37	0.27	1.06	0.18	0.10	0.17	0.07	0.08
YoY Growth	-	-	-11.26%	-45.34%	35.00%	-74.15%	498.96%	71.32%	-38.53%	141.14%	-16.40%	-43.65%
Dividend Yield	-	-	1.33%	2.16%	2.98%	1.75%	7.53%	0.94%	0.93%	1.10%	0.59%	0.62%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,244.01
(-) Cash Dividends Paid (M)	16.23
(=) Cash Retained (M)	1,227.78

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	248.80	155.50	93.30
Cash Retained (M)	1,227.78	1,227.78	1,227.78
(-) Cash Required (M)	-248.80	-155.50	-93.30
(=) Excess Retained (M)	978.98	1,072.28	1,134.48
(/) Shares Outstanding (M)	953.56	953.56	953.56
(=) Excess Retained per Share	1.03	1.12	1.19
LTM Dividend per Share	0.02	0.02	0.02
(+) Excess Retained per Share	1.03	1.12	1.19
(=) Adjusted Dividend	1.04	1.14	1.21
WACC / Discount Rate	9.85%	9.85%	9.85%
Growth Rate	3.88%	4.88%	5.88%
Fair Value	$18.16	$24.09	$32.19
Upside / Downside	28.19%	70.04%	127.19%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,244.01	1,304.77	1,368.51	1,435.36	1,505.47	1,579.01	1,626.38
Payout Ratio	1.30%	19.04%	36.78%	54.52%	72.26%	90.00%	92.50%
Projected Dividends (M)	16.23	248.48	503.37	782.58	1,087.86	1,421.11	1,504.40

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.85%	9.85%	9.85%
Growth Rate	3.88%	4.88%	5.88%
Year 1 PV (M)	224.03	226.19	228.34
Year 2 PV (M)	409.20	417.12	425.11
Year 3 PV (M)	573.59	590.32	607.36
Year 4 PV (M)	718.91	746.99	775.89
Year 5 PV (M)	846.74	888.28	931.45
PV of Terminal Value (M)	13,078.50	13,720.21	14,386.86
Equity Value (M)	15,850.97	16,589.11	17,355.01
Shares Outstanding (M)	953.56	953.56	953.56
Fair Value	$16.62	$17.40	$18.20
Upside / Downside	17.31%	22.77%	28.44%

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Zhejiang Medicine Co., Ltd. (600216.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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