DDM Analysis: 002262.SZ

Valuation Snapshot

Stable Growth	$205.70 - $242.35	$227.11
Multi-Stage	$53.15 - $58.25	$55.66
Blended Fair Value	$141.39
Current Price	$27.20
Upside	419.80%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	33.23%	33.49%	0.32	0.20	0.20	0.10	0.10	0.08	0.06	0.05	0.04	0.02
YoY Growth	-	-	60.67%	0.00%	100.00%	-1.13%	32.13%	20.56%	37.82%	13.92%	72.75%	30.91%
Dividend Yield	-	-	1.44%	0.90%	0.76%	0.80%	0.68%	0.67%	0.48%	0.31%	0.29%	0.22%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,229.50
(-) Cash Dividends Paid (M)	367.26
(=) Cash Retained (M)	862.25

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	245.90	153.69	92.21
Cash Retained (M)	862.25	862.25	862.25
(-) Cash Required (M)	-245.90	-153.69	-92.21
(=) Excess Retained (M)	616.35	708.56	770.03
(/) Shares Outstanding (M)	1,008.96	1,008.96	1,008.96
(=) Excess Retained per Share	0.61	0.70	0.76
LTM Dividend per Share	0.36	0.36	0.36
(+) Excess Retained per Share	0.61	0.70	0.76
(=) Adjusted Dividend	0.97	1.07	1.13
WACC / Discount Rate	5.38%	5.38%	5.38%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$205.70	$227.11	$242.35
Upside / Downside	656.24%	734.98%	790.98%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,229.50	1,309.42	1,394.53	1,485.18	1,581.72	1,684.53	1,735.06
Payout Ratio	29.87%	41.90%	53.92%	65.95%	77.97%	90.00%	92.50%
Projected Dividends (M)	367.26	548.60	751.96	979.45	1,233.33	1,516.08	1,604.93

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	5.38%	5.38%	5.38%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	515.72	520.60	525.49
Year 2 PV (M)	664.52	677.18	689.95
Year 3 PV (M)	813.67	837.03	860.83
Year 4 PV (M)	963.16	1,000.20	1,038.30
Year 5 PV (M)	1,113.01	1,166.76	1,222.58
PV of Terminal Value (M)	49,559.60	51,953.35	54,438.71
Equity Value (M)	53,629.67	56,155.12	58,775.86
Shares Outstanding (M)	1,008.96	1,008.96	1,008.96
Fair Value	$53.15	$55.66	$58.25
Upside / Downside	95.42%	104.62%	114.17%

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Financial Statements

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Jiangsu Nhwa Pharmaceutical Co., Ltd. (002262.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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