DDM Analysis: 300841.SZ

Valuation Snapshot

Stable Growth	$35.27 - $103.37	$55.55
Multi-Stage	$24.88 - $27.11	$25.98
Blended Fair Value	$40.76
Current Price	$76.45
Upside	-46.68%
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	246.94%	0.00%	2.06	0.55	1.05	0.69	0.00	0.00	0.05	0.16	0.00	0.00
YoY Growth	-	-	273.88%	-47.64%	52.02%	38,896.21%	-56.69%	-91.03%	-72.07%	0.00%	0.00%	0.00%
Dividend Yield	-	-	3.36%	0.88%	1.14%	0.59%	0.00%	0.01%	0.10%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	181.86
(-) Cash Dividends Paid (M)	140.13
(=) Cash Retained (M)	41.73

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	36.37	22.73	13.64
Cash Retained (M)	41.73	41.73	41.73
(-) Cash Required (M)	-36.37	-22.73	-13.64
(=) Excess Retained (M)	5.36	19.00	28.09
(/) Shares Outstanding (M)	130.14	130.14	130.14
(=) Excess Retained per Share	0.04	0.15	0.22
LTM Dividend per Share	1.08	1.08	1.08
(+) Excess Retained per Share	0.04	0.15	0.22
(=) Adjusted Dividend	1.12	1.22	1.29
WACC / Discount Rate	8.84%	8.84%	8.84%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$35.27	$55.55	$103.37
Upside / Downside	-53.87%	-27.34%	35.21%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	181.86	193.68	206.27	219.68	233.96	249.16	256.64
Payout Ratio	77.05%	79.64%	82.23%	84.82%	87.41%	90.00%	92.50%
Projected Dividends (M)	140.13	154.25	169.62	186.33	204.50	224.25	237.39

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.84%	8.84%	8.84%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	140.39	141.72	143.05
Year 2 PV (M)	140.50	143.17	145.88
Year 3 PV (M)	140.47	144.50	148.61
Year 4 PV (M)	140.31	145.71	151.26
Year 5 PV (M)	140.03	146.79	153.81
PV of Terminal Value (M)	2,536.43	2,658.94	2,786.14
Equity Value (M)	3,238.12	3,380.83	3,528.74
Shares Outstanding (M)	130.14	130.14	130.14
Fair Value	$24.88	$25.98	$27.11
Upside / Downside	-67.45%	-66.02%	-64.53%

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Chengdu Kanghua Biological Products Co., Ltd. (300841.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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