DDM Analysis: 600976.SS

Valuation Snapshot

Stable Growth	$174.89 - $425.60	$398.85
Multi-Stage	$62.35 - $68.23	$65.24
Blended Fair Value	$232.04
Current Price	$40.36
Upside	474.93%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	43.12%	11.73%	1.23	1.02	0.81	0.38	0.20	0.21	0.20	0.13	0.22	0.41
YoY Growth	-	-	20.18%	25.96%	111.59%	88.23%	-0.41%	0.32%	57.84%	-42.00%	-45.10%	0.18%
Dividend Yield	-	-	2.73%	1.72%	1.06%	0.63%	0.77%	1.32%	1.14%	0.55%	0.72%	1.51%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	326.30
(-) Cash Dividends Paid (M)	140.60
(=) Cash Retained (M)	185.70

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	65.26	40.79	24.47
Cash Retained (M)	185.70	185.70	185.70
(-) Cash Required (M)	-65.26	-40.79	-24.47
(=) Excess Retained (M)	120.44	144.91	161.23
(/) Shares Outstanding (M)	152.48	152.48	152.48
(=) Excess Retained per Share	0.79	0.95	1.06
LTM Dividend per Share	0.92	0.92	0.92
(+) Excess Retained per Share	0.79	0.95	1.06
(=) Adjusted Dividend	1.71	1.87	1.98
WACC / Discount Rate	6.53%	6.53%	6.53%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$174.89	$398.85	$425.60
Upside / Downside	333.32%	888.22%	954.50%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	326.30	347.51	370.10	394.15	419.77	447.06	460.47
Payout Ratio	43.09%	52.47%	61.85%	71.24%	80.62%	90.00%	92.50%
Projected Dividends (M)	140.60	182.34	228.92	280.78	338.41	402.35	425.94

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)	169.55	171.16	172.77
Year 2 PV (M)	197.93	201.70	205.51
Year 3 PV (M)	225.75	232.23	238.83
Year 4 PV (M)	253.00	262.73	272.74
Year 5 PV (M)	279.71	293.22	307.25
PV of Terminal Value (M)	8,381.61	8,786.45	9,206.78
Equity Value (M)	9,507.56	9,947.49	10,403.87
Shares Outstanding (M)	152.48	152.48	152.48
Fair Value	$62.35	$65.24	$68.23
Upside / Downside	54.50%	61.65%	69.06%

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Jianmin Pharmaceutical Group Co.,Ltd. (600976.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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