DDM Analysis: 603233.SS

Valuation Snapshot

Stable Growth	$33.33 - $189.08	$60.95
Multi-Stage	$20.47 - $22.34	$21.39
Blended Fair Value	$41.17
Current Price	$16.49
Upside	149.66%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	22.67%	8.15%	0.62	0.53	0.37	0.47	0.29	0.22	0.23	0.02	0.14	0.02
YoY Growth	-	-	16.41%	43.83%	-21.34%	60.32%	31.53%	-3.56%	1,179.78%	-87.19%	651.77%	-93.37%
Dividend Yield	-	-	3.76%	2.45%	1.19%	2.25%	0.60%	0.73%	1.23%	0.08%	1.06%	0.14%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,137.63
(-) Cash Dividends Paid (M)	719.04
(=) Cash Retained (M)	418.58

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	227.53	142.20	85.32
Cash Retained (M)	418.58	418.58	418.58
(-) Cash Required (M)	-227.53	-142.20	-85.32
(=) Excess Retained (M)	191.06	276.38	333.26
(/) Shares Outstanding (M)	1,141.06	1,141.06	1,141.06
(=) Excess Retained per Share	0.17	0.24	0.29
LTM Dividend per Share	0.63	0.63	0.63
(+) Excess Retained per Share	0.17	0.24	0.29
(=) Adjusted Dividend	0.80	0.87	0.92
WACC / Discount Rate	8.02%	8.02%	8.02%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$33.33	$60.95	$189.08
Upside / Downside	102.15%	269.62%	1,046.62%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,137.63	1,211.57	1,290.33	1,374.20	1,463.52	1,558.65	1,605.41
Payout Ratio	63.21%	68.56%	73.92%	79.28%	84.64%	90.00%	92.50%
Projected Dividends (M)	719.04	830.71	953.85	1,089.49	1,238.74	1,402.78	1,485.00

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.02%	8.02%	8.02%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	761.78	769.00	776.22
Year 2 PV (M)	802.13	817.41	832.83
Year 3 PV (M)	840.17	864.29	888.87
Year 4 PV (M)	876.00	909.69	944.34
Year 5 PV (M)	909.70	953.64	999.26
PV of Terminal Value (M)	19,167.08	20,092.86	21,054.07
Equity Value (M)	23,356.87	24,406.89	25,495.59
Shares Outstanding (M)	1,141.06	1,141.06	1,141.06
Fair Value	$20.47	$21.39	$22.34
Upside / Downside	24.13%	29.71%	35.50%

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DaShenLin Pharmaceutical Group Co., Ltd. (603233.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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