DDM Analysis: 600285.SS

Valuation Snapshot

Stable Growth	$115.01 - $280.38	$262.76
Multi-Stage	$41.64 - $45.53	$43.55
Blended Fair Value	$153.15
Current Price	$21.92
Upside	598.69%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	35.64%	20.53%	0.80	0.61	0.51	0.39	0.32	0.17	0.19	0.17	0.16	0.06
YoY Growth	-	-	31.10%	19.20%	29.05%	24.96%	82.19%	-6.69%	6.62%	11.22%	176.61%	-53.94%
Dividend Yield	-	-	3.78%	2.87%	3.28%	2.98%	3.58%	2.09%	2.06%	1.78%	1.33%	0.55%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	799.61
(-) Cash Dividends Paid (M)	512.65
(=) Cash Retained (M)	286.96

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	159.92	99.95	59.97
Cash Retained (M)	286.96	286.96	286.96
(-) Cash Required (M)	-159.92	-99.95	-59.97
(=) Excess Retained (M)	127.04	187.01	226.99
(/) Shares Outstanding (M)	567.17	567.17	567.17
(=) Excess Retained per Share	0.22	0.33	0.40
LTM Dividend per Share	0.90	0.90	0.90
(+) Excess Retained per Share	0.22	0.33	0.40
(=) Adjusted Dividend	1.13	1.23	1.30
WACC / Discount Rate	6.53%	6.53%	6.53%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$115.01	$262.76	$280.38
Upside / Downside	424.66%	1,098.71%	1,179.11%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	799.61	851.58	906.94	965.89	1,028.67	1,095.54	1,128.40
Payout Ratio	64.11%	69.29%	74.47%	79.65%	84.82%	90.00%	92.50%
Projected Dividends (M)	512.65	590.06	675.37	769.28	872.55	985.98	1,043.77

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)	548.67	553.87	559.07
Year 2 PV (M)	583.94	595.06	606.29
Year 3 PV (M)	618.47	636.23	654.32
Year 4 PV (M)	652.28	677.37	703.17
Year 5 PV (M)	685.38	718.48	752.85
PV of Terminal Value (M)	20,526.71	21,518.15	22,547.55
Equity Value (M)	23,615.45	24,699.16	25,823.25
Shares Outstanding (M)	567.17	567.17	567.17
Fair Value	$41.64	$43.55	$45.53
Upside / Downside	89.95%	98.67%	107.71%

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Henan Lingrui Pharmaceutical Co., Ltd. (600285.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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