DDM Analysis: 600796.SS

Valuation Snapshot

Stable Growth	$11.50 - $44.56	$32.41
Multi-Stage	$5.48 - $5.99	$5.73
Blended Fair Value	$19.07
Current Price	$5.93
Upside	221.60%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	97.79%	15.38%	0.12	0.22	0.24	0.10	0.09	0.00	0.02	0.03	0.01	0.01
YoY Growth	-	-	-43.19%	-7.73%	146.41%	12.57%	1,981.72%	-76.73%	-30.68%	163.80%	-34.04%	-50.77%
Dividend Yield	-	-	2.19%	4.32%	4.42%	1.63%	1.79%	0.07%	0.28%	0.38%	0.09%	0.15%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	182.54
(-) Cash Dividends Paid (M)	56.89
(=) Cash Retained (M)	125.65

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	36.51	22.82	13.69
Cash Retained (M)	125.65	125.65	125.65
(-) Cash Required (M)	-36.51	-22.82	-13.69
(=) Excess Retained (M)	89.14	102.83	111.96
(/) Shares Outstanding (M)	814.60	814.60	814.60
(=) Excess Retained per Share	0.11	0.13	0.14
LTM Dividend per Share	0.07	0.07	0.07
(+) Excess Retained per Share	0.11	0.13	0.14
(=) Adjusted Dividend	0.18	0.20	0.21
WACC / Discount Rate	7.14%	7.14%	7.14%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$11.50	$32.41	$44.56
Upside / Downside	93.97%	446.60%	651.50%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	182.54	194.40	207.04	220.49	234.83	250.09	257.59
Payout Ratio	31.17%	42.93%	54.70%	66.47%	78.23%	90.00%	92.50%
Projected Dividends (M)	56.89	83.46	113.25	146.56	183.71	225.08	238.27

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.14%	7.14%	7.14%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	77.17	77.90	78.63
Year 2 PV (M)	96.81	98.65	100.51
Year 3 PV (M)	115.83	119.15	122.54
Year 4 PV (M)	134.24	139.40	144.71
Year 5 PV (M)	152.06	159.40	167.03
PV of Terminal Value (M)	3,884.22	4,071.83	4,266.62
Equity Value (M)	4,460.31	4,666.33	4,880.04
Shares Outstanding (M)	814.60	814.60	814.60
Fair Value	$5.48	$5.73	$5.99
Upside / Downside	-7.67%	-3.40%	1.02%

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Zhejiang Qianjiang Biochemical Co., Ltd (600796.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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