DDM Analysis: 688621.SS

Valuation Snapshot

Stable Growth	$35.74 - $140.84	$60.76
Multi-Stage	$22.34 - $24.42	$23.36
Blended Fair Value	$42.06
Current Price	$66.04
Upside	-36.31%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017
DPS	162.48%	0.00%	0.35	0.50	0.25	0.01	0.01	0.00	0.01	0.00	0.00	0.00
YoY Growth	-	-	-31.27%	105.76%	2,062.44%	16.46%	249.85%	-71.10%	108.80%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.78%	0.82%	0.31%	0.01%	0.01%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	133.01
(-) Cash Dividends Paid (M)	32.63
(=) Cash Retained (M)	100.38

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	26.60	16.63	9.98
Cash Retained (M)	100.38	100.38	100.38
(-) Cash Required (M)	-26.60	-16.63	-9.98
(=) Excess Retained (M)	73.78	83.75	90.40
(/) Shares Outstanding (M)	110.09	110.09	110.09
(=) Excess Retained per Share	0.67	0.76	0.82
LTM Dividend per Share	0.30	0.30	0.30
(+) Excess Retained per Share	0.67	0.76	0.82
(=) Adjusted Dividend	0.97	1.06	1.12
WACC / Discount Rate	8.35%	8.35%	8.35%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$35.74	$60.76	$140.84
Upside / Downside	-45.88%	-8.00%	113.26%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	133.01	141.65	150.86	160.67	171.11	182.23	187.70
Payout Ratio	24.53%	37.63%	50.72%	63.81%	76.91%	90.00%	92.50%
Projected Dividends (M)	32.63	53.30	76.52	102.53	131.59	164.01	173.62

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.35%	8.35%	8.35%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	48.73	49.19	49.65
Year 2 PV (M)	63.95	65.17	66.40
Year 3 PV (M)	78.35	80.60	82.89
Year 4 PV (M)	91.94	95.47	99.11
Year 5 PV (M)	104.76	109.82	115.07
PV of Terminal Value (M)	2,071.65	2,171.71	2,275.60
Equity Value (M)	2,459.37	2,571.95	2,688.72
Shares Outstanding (M)	110.09	110.09	110.09
Fair Value	$22.34	$23.36	$24.42
Upside / Downside	-66.17%	-64.63%	-63.02%

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Beijing Sun-Novo Pharmaceutical Research Co., Ltd. (688621.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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