DDM Analysis: 600511.SS

Valuation Snapshot

Stable Growth	$449.94 - $530.11	$496.79
Multi-Stage	$119.03 - $130.45	$124.63
Blended Fair Value	$310.71
Current Price	$28.60
Upside	986.40%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	8.31%	14.64%	0.90	0.94	0.81	0.85	0.81	0.61	0.68	0.34	0.26	0.11
YoY Growth	-	-	-3.83%	15.95%	-4.05%	4.03%	33.89%	-11.28%	99.09%	32.95%	131.58%	-51.62%
Dividend Yield	-	-	3.03%	2.84%	2.18%	2.88%	2.40%	2.15%	2.51%	1.12%	0.77%	0.41%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	2,011.12
(-) Cash Dividends Paid (M)	661.16
(=) Cash Retained (M)	1,349.96

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	402.22	251.39	150.83
Cash Retained (M)	1,349.96	1,349.96	1,349.96
(-) Cash Required (M)	-402.22	-251.39	-150.83
(=) Excess Retained (M)	947.73	1,098.57	1,199.12
(/) Shares Outstanding (M)	754.49	754.49	754.49
(=) Excess Retained per Share	1.26	1.46	1.59
LTM Dividend per Share	0.88	0.88	0.88
(+) Excess Retained per Share	1.26	1.46	1.59
(=) Adjusted Dividend	2.13	2.33	2.47
WACC / Discount Rate	5.33%	5.33%	5.33%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$449.94	$496.79	$530.11
Upside / Downside	1,473.22%	1,637.02%	1,753.52%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	2,011.12	2,141.84	2,281.06	2,429.33	2,587.24	2,755.41	2,838.07
Payout Ratio	32.88%	44.30%	55.73%	67.15%	78.58%	90.00%	92.50%
Projected Dividends (M)	661.16	948.84	1,271.13	1,631.30	2,032.92	2,479.87	2,625.22

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	5.33%	5.33%	5.33%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	892.39	900.85	909.31
Year 2 PV (M)	1,124.38	1,145.80	1,167.42
Year 3 PV (M)	1,357.13	1,396.09	1,435.79
Year 4 PV (M)	1,590.64	1,651.81	1,714.73
Year 5 PV (M)	1,824.92	1,913.06	2,004.58
PV of Terminal Value (M)	83,017.83	87,027.62	91,190.88
Equity Value (M)	89,807.30	94,035.24	98,422.71
Shares Outstanding (M)	754.49	754.49	754.49
Fair Value	$119.03	$124.63	$130.45
Upside / Downside	316.19%	335.78%	356.11%

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China National Medicines Corporation Ltd. (600511.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener