DDM Analysis: 600976.SS

Valuation Snapshot

Stable Growth	$174.88 - $425.60	$398.85
Multi-Stage	$62.35 - $68.23	$65.24
Blended Fair Value	$232.04
Current Price	$40.36
Upside	474.93%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	43.12%	11.73%	1.23	1.02	0.81	0.38	0.20	0.21	0.20	0.13	0.22	0.41
YoY Growth	-	-	20.18%	25.96%	111.59%	88.23%	-0.41%	0.32%	57.84%	-42.00%	-45.10%	0.18%
Dividend Yield	-	-	2.73%	1.72%	1.06%	0.63%	0.77%	1.32%	1.14%	0.55%	0.72%	1.51%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	326.30
(-) Cash Dividends Paid (M)	140.60
(=) Cash Retained (M)	185.70

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	65.26	40.79	24.47
Cash Retained (M)	185.70	185.70	185.70
(-) Cash Required (M)	-65.26	-40.79	-24.47
(=) Excess Retained (M)	120.44	144.91	161.23
(/) Shares Outstanding (M)	152.48	152.48	152.48
(=) Excess Retained per Share	0.79	0.95	1.06
LTM Dividend per Share	0.92	0.92	0.92
(+) Excess Retained per Share	0.79	0.95	1.06
(=) Adjusted Dividend	1.71	1.87	1.98
WACC / Discount Rate	6.53%	6.53%	6.53%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$174.88	$398.85	$425.60
Upside / Downside	333.30%	888.22%	954.50%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	326.30	347.51	370.10	394.15	419.77	447.06	460.47
Payout Ratio	43.09%	52.47%	61.85%	71.24%	80.62%	90.00%	92.50%
Projected Dividends (M)	140.60	182.34	228.92	280.78	338.41	402.35	425.94

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.53%	6.53%	6.53%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	169.55	171.16	172.77
Year 2 PV (M)	197.93	201.70	205.51
Year 3 PV (M)	225.75	232.23	238.83
Year 4 PV (M)	253.00	262.73	272.74
Year 5 PV (M)	279.71	293.22	307.25
PV of Terminal Value (M)	8,381.50	8,786.33	9,206.66
Equity Value (M)	9,507.45	9,947.38	10,403.75
Shares Outstanding (M)	152.48	152.48	152.48
Fair Value	$62.35	$65.24	$68.23
Upside / Downside	54.49%	61.64%	69.06%

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Ticker ⇵	Company ⇵	Dividend Yield % ▼	Dividend Per Share ⇵	Payout Ratio % ⇵
LZOEX	Lazard Emerging Markets Equity Portfolio	0.09%	$0.02	36.87%
PWR	Quanta Services, Inc.	0.09%	$0.39	5.78%
AAMI	Acadian Asset Management	0.08%	$0.04	1.59%
PDLB	Ponce Financial Group, Inc.	0.08%	$0.01	1.31%
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0JYM.L	Markel Corporation	0.07%	$1.41	0.87%
CHCI	Comstock Holding Companies, Inc.	0.06%	$0.01	0.56%
MTVC	Motive Capital Corp II	0.06%	$0.01	2.21%
ENJ	Entergy New Orleans, LLC First Mortgage Bonds, 5.0% Series due December 1, 2052	0.05%	$0.01	0.31%
ENO	Entergy New Orleans, LLC First Mortgage Bonds, 5.50% Series due April 1, 2066	0.05%	$0.01	0.31%
AJRD	Aerojet Rocketdyne Holdings, Inc.	0.04%	$0.02	2.70%
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NBN	Northeast Bank	0.04%	$0.04	0.38%
ARHS	Arhaus, Inc.	0.03%	$0.00	0.61%
BSIG	BrightSphere Investment Group Inc.	0.03%	$0.01	0.34%
EWCZ	European Wax Center, Inc.	0.03%	$0.00	0.37%
WIRE	Encore Wire Corporation	0.03%	$0.08	0.42%
ACFN	Acorn Energy, Inc.	0.02%	$0.00	0.09%
ACMR	ACM Research, Inc.	0.02%	$0.01	0.62%
CFB	CrossFirst Bankshares, Inc.	0.02%	$0.00	0.21%
FDSB	Fifth District Savings Bank	0.02%	$0.00	0.35%
GRDN	Guardian Pharmacy Services, Inc.	0.02%	$0.00	0.75%
NVDA	NVIDIA Corporation	0.02%	$0.04	0.98%
AMG	Affiliated Managers Group, Inc.	0.01%	$0.04	0.23%
BSX-PA	Boston Scientific Corporation	0.01%	$0.02	0.82%
FIGR	Figure Technology Solutions, Inc. Class A Common Stock	0.01%	$0.00	2.22%
GNRC	Generac Holdings Inc.	0.01%	$0.01	0.18%
LAUR	Laureate Education, Inc.	0.01%	$0.00	0.22%
PLNT	Planet Fitness, Inc.	0.01%	$0.01	0.57%
SUM	Summit Materials, Inc.	0.01%	$0.00	0.32%
BE	Bloom Energy Corporation	0.00%	$0.00	6.20%
BJRI	BJ's Restaurants, Inc.	0.00%	$0.00	0.01%
CXW	CoreCivic, Inc.	0.00%	$0.00	0.04%
INFA	Informatica Inc.	0.00%	$0.00	0.10%
MMMB	MamaMancini's Holdings, Inc.	0.00%	$0.00	0.04%
PMO	Putnam Municipal Opportunities Trust	0.00%	$0.00	0.05%
SENEA	Seneca Foods Corporation	0.00%	$0.00	0.04%
SLCA	U.S. Silica Holdings, Inc.	0.00%	$0.00	0.02%
UNIT	Uniti Group Inc.	0.00%	$0.00	0.00%

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Jianmin Pharmaceutical Group Co.,Ltd. (600976.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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