DDM Analysis: 000756.SZ

Valuation Snapshot

Stable Growth	$14.31 - $44.72	$22.95
Multi-Stage	$9.22 - $10.09	$9.65
Blended Fair Value	$16.30
Current Price	$15.52
Upside	5.00%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	29.43%	37.80%	0.32	0.19	0.14	0.13	0.11	0.09	0.03	0.08	0.01	0.01
YoY Growth	-	-	67.37%	34.34%	6.74%	26.11%	20.00%	160.00%	-56.04%	494.93%	0.00%	0.00%
Dividend Yield	-	-	2.16%	1.12%	0.59%	1.36%	1.25%	0.72%	0.43%	0.81%	0.12%	0.15%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	382.16
(-) Cash Dividends Paid (M)	32.86
(=) Cash Retained (M)	349.30

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	76.43	47.77	28.66
Cash Retained (M)	349.30	349.30	349.30
(-) Cash Required (M)	-76.43	-47.77	-28.66
(=) Excess Retained (M)	272.87	301.53	320.64
(/) Shares Outstanding (M)	702.32	702.32	702.32
(=) Excess Retained per Share	0.39	0.43	0.46
LTM Dividend per Share	0.05	0.05	0.05
(+) Excess Retained per Share	0.39	0.43	0.46
(=) Adjusted Dividend	0.44	0.48	0.50
WACC / Discount Rate	8.71%	8.71%	8.71%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$14.31	$22.95	$44.72
Upside / Downside	-7.81%	47.84%	188.14%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	382.16	407.01	433.46	461.64	491.64	523.60	539.31
Payout Ratio	8.60%	24.88%	41.16%	57.44%	73.72%	90.00%	92.50%
Projected Dividends (M)	32.86	101.26	178.41	265.16	362.44	471.24	498.86

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.71%	8.71%	8.71%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	92.27	93.15	94.02
Year 2 PV (M)	148.14	150.97	153.81
Year 3 PV (M)	200.64	206.40	212.27
Year 4 PV (M)	249.90	259.51	269.40
Year 5 PV (M)	296.08	310.38	325.23
PV of Terminal Value (M)	5,489.22	5,754.35	6,029.63
Equity Value (M)	6,476.26	6,774.75	7,084.36
Shares Outstanding (M)	702.32	702.32	702.32
Fair Value	$9.22	$9.65	$10.09
Upside / Downside	-40.58%	-37.85%	-35.01%

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Shandong Xinhua Pharmaceutical Company Limited (000756.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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