DDM Analysis: 600223.SS

Valuation Snapshot

Stable Growth	$1.11 - $1.53	$1.32
Multi-Stage	$4.78 - $5.30	$5.03
Blended Fair Value	$3.18
Current Price	$7.71
Upside	-58.78%
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	29.68%	-6.61%	0.18	0.48	0.11	0.20	0.11	0.05	0.73	0.65	0.62	0.43
YoY Growth	-	-	-62.38%	339.57%	-45.00%	83.30%	120.00%	-93.22%	12.05%	4.48%	44.26%	20.20%
Dividend Yield	-	-	2.40%	5.63%	1.03%	1.81%	0.91%	0.74%	18.17%	17.58%	11.67%	7.10%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	214.11
(-) Cash Dividends Paid (M)	56.75
(=) Cash Retained (M)	157.36

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	42.82	26.76	16.06
Cash Retained (M)	157.36	157.36	157.36
(-) Cash Required (M)	-42.82	-26.76	-16.06
(=) Excess Retained (M)	114.54	130.60	141.30
(/) Shares Outstanding (M)	1,015.51	1,015.51	1,015.51
(=) Excess Retained per Share	0.11	0.13	0.14
LTM Dividend per Share	0.06	0.06	0.06
(+) Excess Retained per Share	0.11	0.13	0.14
(=) Adjusted Dividend	0.17	0.18	0.20
WACC / Discount Rate	5.28%	5.28%	5.28%
Growth Rate	-8.61%	-7.61%	-6.61%
Fair Value	$1.11	$1.32	$1.53
Upside / Downside	-85.60%	-82.85%	-80.13%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	214.11	197.82	182.77	168.86	156.01	144.14	148.47
Payout Ratio	26.50%	39.20%	51.90%	64.60%	77.30%	90.00%	92.50%
Projected Dividends (M)	56.75	77.55	94.86	109.09	120.60	129.73	137.33

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	5.28%	5.28%	5.28%
Growth Rate	-8.61%	-7.61%	-6.61%
Year 1 PV (M)	72.87	73.66	74.46
Year 2 PV (M)	83.74	85.59	87.45
Year 3 PV (M)	90.48	93.49	96.56
Year 4 PV (M)	93.99	98.17	102.49
Year 5 PV (M)	95.00	100.31	105.85
PV of Terminal Value (M)	4,413.23	4,660.02	4,917.73
Equity Value (M)	4,849.31	5,111.24	5,384.54
Shares Outstanding (M)	1,015.51	1,015.51	1,015.51
Fair Value	$4.78	$5.03	$5.30
Upside / Downside	-38.06%	-34.72%	-31.23%

High-Yield Dividend Screener

US Stocks Global Stocks

« Prev Page 24 of 30 Next »

Ticker ⇵	Company ⇵	Dividend Yield % ▼	Dividend Per Share ⇵	Payout Ratio % ⇵
EXPD	Expeditors International of Washington, Inc.	0.99%	$1.50	24.32%
LISOX	Lazard International Strategic Equity Ptf Open Shares	0.99%	$0.13	36.87%
MXC	Mexco Energy Corporation	0.99%	$0.10	12.25%
NIC	Nicolet Bankshares, Inc.	0.99%	$1.19	12.58%
PAYC	Paycom Software, Inc.	0.99%	$1.51	18.80%
RRC	Range Resources Corporation	0.99%	$0.35	14.60%
WLFC	Willis Lease Finance Corporation	0.99%	$1.32	7.58%
WOR	Worthington Industries, Inc.	0.99%	$0.52	23.95%
CNXN	PC Connection, Inc.	0.98%	$0.56	16.89%
CAT	Caterpillar Inc.	0.97%	$5.78	29.40%
CNK	Cinemark Holdings, Inc.	0.97%	$0.23	18.28%
ECL	Ecolab Inc.	0.97%	$2.54	36.57%
EVR	Evercore Inc.	0.97%	$3.41	27.02%
LSBK	Lake Shore Bancorp, Inc.	0.96%	$0.14	24.34%
0ITL.L	Arthur J. Gallagher & Co.	0.95%	$2.42	39.43%
0IZI.L	W.W. Grainger, Inc.	0.95%	$9.52	26.47%
0L5V.L	The Sherwin-Williams Company	0.95%	$3.11	30.09%
0R2S.L	Stryker Corporation	0.95%	$3.28	43.09%
RRX	Regal Rexnord Corporation	0.95%	$1.39	36.07%
WT	WisdomTree, Inc.	0.95%	$0.12	18.12%
J	Jacobs Solutions Inc.	0.94%	$1.27	53.80%
ORCL	Oracle Corporation	0.94%	$1.84	34.81%
TCBS	Texas Community Bancshares, Inc.	0.94%	$0.17	19.22%
IMKTA	Ingles Markets, Incorporated	0.93%	$0.65	14.68%
ODC	Oil-Dri Corporation of America	0.93%	$0.45	12.28%
PENG	Penguin Solutions, Inc.	0.93%	$0.19	40.17%
SSBK	Southern States Bancshares, Inc.	0.93%	$0.34	9.19%
DAL	Delta Air Lines, Inc.	0.92%	$0.63	8.94%
HIFS	Hingham Institution for Savings	0.92%	$2.49	12.15%
RL	Ralph Lauren Corporation	0.92%	$3.34	24.37%
OPY	Oppenheimer Holdings Inc.	0.91%	$0.66	8.90%
BGC	BGC Group, Inc	0.90%	$0.08	23.56%
CDRE	Cadre Holdings, Inc.	0.90%	$0.37	33.35%
MBNKP	Medallion Bank	0.90%	$0.23	12.50%
JBHT	J.B. Hunt Transport Services, Inc.	0.89%	$1.75	30.14%
NYT	The New York Times Company	0.89%	$0.62	30.32%
RMD	ResMed Inc.	0.89%	$2.18	22.31%
VBFC	Village Bank and Trust Financial Corp.	0.89%	$0.72	15.35%
0I14.L	Cognex Corporation	0.88%	$0.32	49.16%
AR	Antero Resources Corporation	0.88%	$0.30	17.15%
LDOS	Leidos Holdings, Inc.	0.88%	$1.61	14.88%
LMAT	LeMaitre Vascular, Inc.	0.88%	$0.70	32.20%
NNI	Nelnet, Inc.	0.88%	$1.14	9.52%
PFSI	PennyMac Financial Services, Inc.	0.88%	$1.16	12.49%
SMBK	SmartFinancial, Inc.	0.88%	$0.32	11.76%
BYD	Boyd Gaming Corporation	0.87%	$0.75	3.22%
ROST	Ross Stores, Inc.	0.87%	$1.59	24.85%
BBSI	Barrett Business Services, Inc.	0.86%	$0.31	15.02%
BCO	The Brink's Company	0.86%	$1.00	24.81%
HXL	Hexcel Corporation	0.86%	$0.66	77.18%

Financial Statements

Fundamentals

Valuations

Miscellaneous

Mode

Ticker

Industry

Sector

Lushang Freda Pharmaceutical Co., Ltd. Class A (600223.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener