DDM Analysis: 603896.SS

Valuation Snapshot

Stable Growth	$15.08 - $38.57	$22.80
Multi-Stage	$10.66 - $11.63	$11.14
Blended Fair Value	$16.97
Current Price	$20.43
Upside	-16.95%
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	19.93%	5.66%	0.42	0.46	0.31	0.24	0.25	0.17	0.14	0.09	0.10	0.13
YoY Growth	-	-	-10.54%	51.80%	28.65%	-4.18%	48.19%	16.71%	52.12%	-3.38%	-24.97%	-45.70%
Dividend Yield	-	-	2.09%	1.82%	0.61%	0.53%	0.91%	0.79%	0.44%	0.27%	0.76%	1.02%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	132.39
(-) Cash Dividends Paid (M)	55.93
(=) Cash Retained (M)	76.46

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	26.48	16.55	9.93
Cash Retained (M)	76.46	76.46	76.46
(-) Cash Required (M)	-26.48	-16.55	-9.93
(=) Excess Retained (M)	49.98	59.91	66.53
(/) Shares Outstanding (M)	199.77	199.77	199.77
(=) Excess Retained per Share	0.25	0.30	0.33
LTM Dividend per Share	0.28	0.28	0.28
(+) Excess Retained per Share	0.25	0.30	0.33
(=) Adjusted Dividend	0.53	0.58	0.61
WACC / Discount Rate	9.21%	9.21%	9.21%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$15.08	$22.80	$38.57
Upside / Downside	-26.18%	11.61%	88.80%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	132.39	140.99	150.16	159.92	170.31	181.38	186.82
Payout Ratio	42.25%	51.80%	61.35%	70.90%	80.45%	90.00%	92.50%
Projected Dividends (M)	55.93	73.03	92.12	113.38	137.01	163.24	172.81

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.21%	9.21%	9.21%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	66.24	66.87	67.50
Year 2 PV (M)	75.79	77.24	78.69
Year 3 PV (M)	84.62	87.05	89.52
Year 4 PV (M)	92.76	96.32	99.99
Year 5 PV (M)	100.25	105.09	110.11
PV of Terminal Value (M)	1,709.30	1,791.86	1,877.58
Equity Value (M)	2,128.96	2,224.43	2,323.40
Shares Outstanding (M)	199.77	199.77	199.77
Fair Value	$10.66	$11.14	$11.63
Upside / Downside	-47.84%	-45.50%	-43.07%

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Zhejiang Shouxiangu Pharmaceutical Co., Ltd. (603896.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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