DDM Analysis: 603998.SS

Valuation Snapshot

Stable Growth	$54.79 - $133.32	$124.94
Multi-Stage	$19.59 - $21.44	$20.50
Blended Fair Value	$72.72
Current Price	$11.97
Upside	507.53%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	38.13%	0.00%	0.29	0.40	0.28	0.11	0.16	0.06	0.02	0.02	0.07	0.03
YoY Growth	-	-	-25.75%	41.01%	164.16%	-31.70%	166.14%	167.68%	8.65%	-69.12%	119.23%	0.00%
Dividend Yield	-	-	3.06%	3.54%	2.30%	1.54%	2.97%	0.88%	0.30%	0.21%	0.40%	0.19%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	295.36
(-) Cash Dividends Paid (M)	140.65
(=) Cash Retained (M)	154.71

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	59.07	36.92	22.15
Cash Retained (M)	154.71	154.71	154.71
(-) Cash Required (M)	-59.07	-36.92	-22.15
(=) Excess Retained (M)	95.64	117.79	132.56
(/) Shares Outstanding (M)	440.58	440.58	440.58
(=) Excess Retained per Share	0.22	0.27	0.30
LTM Dividend per Share	0.32	0.32	0.32
(+) Excess Retained per Share	0.22	0.27	0.30
(=) Adjusted Dividend	0.54	0.59	0.62
WACC / Discount Rate	6.53%	6.53%	6.53%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$54.79	$124.94	$133.32
Upside / Downside	357.69%	943.81%	1,013.82%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	295.36	314.56	335.01	356.78	379.97	404.67	416.81
Payout Ratio	47.62%	56.10%	64.57%	73.05%	81.52%	90.00%	92.50%
Projected Dividends (M)	140.65	176.46	216.32	260.62	309.77	364.20	385.55

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)	164.08	165.64	167.19
Year 2 PV (M)	187.04	190.60	194.20
Year 3 PV (M)	209.54	215.56	221.69
Year 4 PV (M)	231.59	240.49	249.66
Year 5 PV (M)	253.19	265.42	278.11
PV of Terminal Value (M)	7,586.88	7,953.33	8,333.81
Equity Value (M)	8,632.32	9,031.04	9,444.65
Shares Outstanding (M)	440.58	440.58	440.58
Fair Value	$19.59	$20.50	$21.44
Upside / Downside	63.68%	71.25%	79.09%

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Hunan Fangsheng Pharmaceutical Co., Ltd. (603998.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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