DDM Analysis: 600998.SS

Valuation Snapshot

Stable Growth	$27.29 - $110.26	$72.26
Multi-Stage	$13.47 - $14.73	$14.09
Blended Fair Value	$43.17
Current Price	$4.85
Upside	790.18%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	6.39%	11.39%	0.31	0.33	0.28	0.33	0.15	0.23	0.19	0.14	0.14	0.09
YoY Growth	-	-	-4.97%	17.77%	-17.46%	127.96%	-35.28%	17.86%	36.11%	-1.72%	57.42%	-13.04%
Dividend Yield	-	-	6.13%	5.20%	4.98%	6.77%	2.19%	3.59%	3.25%	1.96%	1.98%	1.47%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	2,786.65
(-) Cash Dividends Paid (M)	1,291.91
(=) Cash Retained (M)	1,494.75

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	557.33	348.33	209.00
Cash Retained (M)	1,494.75	1,494.75	1,494.75
(-) Cash Required (M)	-557.33	-348.33	-209.00
(=) Excess Retained (M)	937.41	1,146.41	1,285.75
(/) Shares Outstanding (M)	5,026.15	5,026.15	5,026.15
(=) Excess Retained per Share	0.19	0.23	0.26
LTM Dividend per Share	0.26	0.26	0.26
(+) Excess Retained per Share	0.19	0.23	0.26
(=) Adjusted Dividend	0.44	0.49	0.51
WACC / Discount Rate	7.22%	7.22%	7.22%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$27.29	$72.26	$110.26
Upside / Downside	462.58%	1,389.89%	2,173.45%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	2,786.65	2,967.79	3,160.69	3,366.14	3,584.94	3,817.96	3,932.50
Payout Ratio	46.36%	55.09%	63.82%	72.54%	81.27%	90.00%	92.50%
Projected Dividends (M)	1,291.91	1,634.91	2,017.04	2,441.94	2,913.55	3,436.16	3,637.56

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.22%	7.22%	7.22%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	1,510.57	1,524.89	1,539.21
Year 2 PV (M)	1,721.90	1,754.70	1,787.81
Year 3 PV (M)	1,926.09	1,981.38	2,037.72
Year 4 PV (M)	2,123.30	2,204.96	2,288.95
Year 5 PV (M)	2,313.72	2,425.47	2,541.50
PV of Terminal Value (M)	58,109.65	60,916.37	63,830.50
Equity Value (M)	67,705.23	70,807.77	74,025.69
Shares Outstanding (M)	5,026.15	5,026.15	5,026.15
Fair Value	$13.47	$14.09	$14.73
Upside / Downside	177.74%	190.47%	203.67%

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Jointown Pharmaceutical Group Co., Ltd (600998.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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