DDM Analysis: 300138.SZ

Valuation Snapshot

Stable Growth	$86.51 - $135.61	$127.09
Multi-Stage	$22.28 - $24.39	$23.32
Blended Fair Value	$75.21
Current Price	$13.11
Upside	473.65%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	11.19%	23.37%	0.35	0.00	0.29	0.22	0.19	0.21	0.16	0.09	0.05	0.03
YoY Growth	-	-	0.00%	-100.00%	31.17%	16.93%	-8.35%	31.23%	85.39%	61.11%	55.79%	-21.30%
Dividend Yield	-	-	3.79%	0.00%	1.59%	1.27%	1.30%	2.38%	2.01%	1.05%	0.55%	0.42%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	335.27
(-) Cash Dividends Paid (M)	147.85
(=) Cash Retained (M)	187.42

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	67.05	41.91	25.15
Cash Retained (M)	187.42	187.42	187.42
(-) Cash Required (M)	-67.05	-41.91	-25.15
(=) Excess Retained (M)	120.36	145.51	162.27
(/) Shares Outstanding (M)	491.67	491.67	491.67
(=) Excess Retained per Share	0.24	0.30	0.33
LTM Dividend per Share	0.30	0.30	0.30
(+) Excess Retained per Share	0.24	0.30	0.33
(=) Adjusted Dividend	0.55	0.60	0.63
WACC / Discount Rate	6.17%	6.17%	6.17%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$86.51	$127.09	$135.61
Upside / Downside	559.92%	869.42%	934.44%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	335.27	357.07	380.27	404.99	431.32	459.35	473.13
Payout Ratio	44.10%	53.28%	62.46%	71.64%	80.82%	90.00%	92.50%
Projected Dividends (M)	147.85	190.24	237.52	290.14	348.59	413.42	437.65

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.17%	6.17%	6.17%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	177.51	179.20	180.88
Year 2 PV (M)	206.79	210.73	214.71
Year 3 PV (M)	235.70	242.47	249.36
Year 4 PV (M)	264.24	274.40	284.85
Year 5 PV (M)	292.41	306.53	321.20
PV of Terminal Value (M)	9,779.60	10,251.96	10,742.40
Equity Value (M)	10,956.26	11,465.29	11,993.40
Shares Outstanding (M)	491.67	491.67	491.67
Fair Value	$22.28	$23.32	$24.39
Upside / Downside	69.98%	77.87%	86.07%

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Financial Statements

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ChenGuang Biotech Group Co., Ltd. (300138.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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