DDM Analysis: 300434.SZ

Valuation Snapshot

Stable Growth	$5.50 - $11.06	$7.66
Multi-Stage	$6.91 - $7.58	$7.24
Blended Fair Value	$7.45
Current Price	$9.45
Upside	-21.18%
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	4.24%	15.74%	0.11	0.00	0.00	0.00	0.08	0.09	0.07	0.04	0.02	0.03
YoY Growth	-	-	6,000.19%	555.46%	-65.25%	-98.94%	-16.76%	36.79%	62.08%	143.66%	-35.66%	0.80%
Dividend Yield	-	-	1.37%	0.02%	0.00%	0.01%	0.94%	1.27%	0.65%	0.32%	0.09%	0.19%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	130.40
(-) Cash Dividends Paid (M)	28.69
(=) Cash Retained (M)	101.71

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	26.08	16.30	9.78
Cash Retained (M)	101.71	101.71	101.71
(-) Cash Required (M)	-26.08	-16.30	-9.78
(=) Excess Retained (M)	75.63	85.41	91.93
(/) Shares Outstanding (M)	401.47	401.47	401.47
(=) Excess Retained per Share	0.19	0.21	0.23
LTM Dividend per Share	0.07	0.07	0.07
(+) Excess Retained per Share	0.19	0.21	0.23
(=) Adjusted Dividend	0.26	0.28	0.30
WACC / Discount Rate	7.07%	7.07%	7.07%
Growth Rate	2.24%	3.24%	4.24%
Fair Value	$5.50	$7.66	$11.06
Upside / Downside	-41.81%	-18.96%	17.05%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	130.40	134.62	138.98	143.48	148.12	152.92	157.51
Payout Ratio	22.00%	35.60%	49.20%	62.80%	76.40%	90.00%	92.50%
Projected Dividends (M)	28.69	47.92	68.38	90.10	113.17	137.63	145.69

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.07%	7.07%	7.07%
Growth Rate	2.24%	3.24%	4.24%
Year 1 PV (M)	44.33	44.76	45.19
Year 2 PV (M)	58.50	59.65	60.81
Year 3 PV (M)	71.30	73.41	75.56
Year 4 PV (M)	82.82	86.11	89.50
Year 5 PV (M)	93.16	97.81	102.64
PV of Terminal Value (M)	2,423.81	2,544.69	2,670.34
Equity Value (M)	2,773.92	2,906.43	3,044.04
Shares Outstanding (M)	401.47	401.47	401.47
Fair Value	$6.91	$7.24	$7.58
Upside / Downside	-26.88%	-23.39%	-19.76%

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Sichuan Goldstone Asia Pharmaceutical Inc. (300434.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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