DDM Analysis: 603707.SS

Valuation Snapshot

Stable Growth	$66.85 - $78.76	$73.81
Multi-Stage	$18.35 - $20.11	$19.22
Blended Fair Value	$46.51
Current Price	$10.36
Upside	348.98%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	16.20%	18.15%	0.13	0.15	0.14	0.12	0.16	0.06	0.04	0.00	0.02	0.02
YoY Growth	-	-	-14.20%	9.63%	18.20%	-26.59%	159.54%	37.68%	2,334.10%	-92.09%	20.51%	-21.73%
Dividend Yield	-	-	0.92%	1.35%	0.85%	0.48%	0.67%	0.27%	0.34%	0.02%	0.83%	0.69%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	649.83
(-) Cash Dividends Paid (M)	200.22
(=) Cash Retained (M)	449.61

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	129.97	81.23	48.74
Cash Retained (M)	449.61	449.61	449.61
(-) Cash Required (M)	-129.97	-81.23	-48.74
(=) Excess Retained (M)	319.65	368.38	400.87
(/) Shares Outstanding (M)	1,640.80	1,640.80	1,640.80
(=) Excess Retained per Share	0.19	0.22	0.24
LTM Dividend per Share	0.12	0.12	0.12
(+) Excess Retained per Share	0.19	0.22	0.24
(=) Adjusted Dividend	0.32	0.35	0.37
WACC / Discount Rate	5.24%	5.24%	5.24%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$66.85	$73.81	$78.76
Upside / Downside	545.29%	612.48%	660.26%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	649.83	692.07	737.05	784.96	835.98	890.32	917.03
Payout Ratio	30.81%	42.65%	54.49%	66.32%	78.16%	90.00%	92.50%
Projected Dividends (M)	200.22	295.16	401.59	520.62	653.42	801.29	848.25

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	5.24%	5.24%	5.24%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	277.82	280.45	283.08
Year 2 PV (M)	355.80	362.57	369.41
Year 3 PV (M)	434.15	446.62	459.32
Year 4 PV (M)	512.89	532.62	552.90
Year 5 PV (M)	592.01	620.61	650.29
PV of Terminal Value (M)	27,936.76	29,286.12	30,687.12
Equity Value (M)	30,109.44	31,528.99	33,002.14
Shares Outstanding (M)	1,640.80	1,640.80	1,640.80
Fair Value	$18.35	$19.22	$20.11
Upside / Downside	77.13%	85.48%	94.15%

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Nanjing King-Friend Biochemical Pharmaceutical Co., Ltd (603707.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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