DDM Analysis: 600535.SS

Valuation Snapshot

Stable Growth	$4.47 - $6.30	$5.38
Multi-Stage	$12.84 - $14.15	$13.48
Blended Fair Value	$9.43
Current Price	$15.80
Upside	-40.32%
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	18.17%	5.61%	0.70	0.38	0.37	0.41	0.54	0.30	0.58	0.62	0.41	0.43
YoY Growth	-	-	85.09%	1.67%	-9.26%	-23.62%	76.69%	-47.41%	-7.50%	50.90%	-3.04%	5.21%
Dividend Yield	-	-	4.62%	2.31%	2.46%	2.67%	3.98%	2.19%	2.41%	1.92%	1.44%	1.53%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,097.76
(-) Cash Dividends Paid (M)	827.30
(=) Cash Retained (M)	270.46

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	219.55	137.22	82.33
Cash Retained (M)	270.46	270.46	270.46
(-) Cash Required (M)	-219.55	-137.22	-82.33
(=) Excess Retained (M)	50.91	133.24	188.13
(/) Shares Outstanding (M)	1,493.74	1,493.74	1,493.74
(=) Excess Retained per Share	0.03	0.09	0.13
LTM Dividend per Share	0.55	0.55	0.55
(+) Excess Retained per Share	0.03	0.09	0.13
(=) Adjusted Dividend	0.59	0.64	0.68
WACC / Discount Rate	6.53%	6.53%	6.53%
Growth Rate	-5.84%	-4.84%	-3.84%
Fair Value	$4.47	$5.38	$6.30
Upside / Downside	-71.69%	-65.96%	-60.14%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,097.76	1,044.57	993.96	945.81	899.98	856.38	882.07
Payout Ratio	75.36%	78.29%	81.22%	84.14%	87.07%	90.00%	92.50%
Projected Dividends (M)	827.30	817.79	807.27	795.85	783.64	770.74	815.92

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.53%	6.53%	6.53%
Growth Rate	-5.84%	-4.84%	-3.84%
Year 1 PV (M)	759.58	767.65	775.71
Year 2 PV (M)	696.43	711.30	726.33
Year 3 PV (M)	637.70	658.24	679.21
Year 4 PV (M)	583.22	608.39	634.37
Year 5 PV (M)	532.79	561.69	591.83
PV of Terminal Value (M)	15,965.17	16,831.18	17,734.37
Equity Value (M)	19,174.88	20,138.44	21,141.82
Shares Outstanding (M)	1,493.74	1,493.74	1,493.74
Fair Value	$12.84	$13.48	$14.15
Upside / Downside	-18.75%	-14.67%	-10.42%

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Tasly Pharmaceutical Group Co., Ltd (600535.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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