DDM Analysis: 603998.SS

Valuation Snapshot

Stable Growth	$113.16 - $133.32	$124.94
Multi-Stage	$36.01 - $39.47	$37.71
Blended Fair Value	$81.33
Current Price	$11.97
Upside	579.42%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	38.13%	0.00%	0.29	0.40	0.28	0.11	0.16	0.06	0.02	0.02	0.07	0.03
YoY Growth	-	-	-25.75%	41.01%	164.16%	-31.70%	166.14%	167.68%	8.65%	-69.12%	119.23%	0.00%
Dividend Yield	-	-	3.06%	3.54%	2.30%	1.54%	2.97%	0.88%	0.30%	0.21%	0.40%	0.19%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	295.36
(-) Cash Dividends Paid (M)	140.65
(=) Cash Retained (M)	154.71

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	59.07	36.92	22.15
Cash Retained (M)	154.71	154.71	154.71
(-) Cash Required (M)	-59.07	-36.92	-22.15
(=) Excess Retained (M)	95.64	117.79	132.56
(/) Shares Outstanding (M)	440.58	440.58	440.58
(=) Excess Retained per Share	0.22	0.27	0.30
LTM Dividend per Share	0.32	0.32	0.32
(+) Excess Retained per Share	0.22	0.27	0.30
(=) Adjusted Dividend	0.54	0.59	0.62
WACC / Discount Rate	4.96%	4.96%	4.96%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$113.16	$124.94	$133.32
Upside / Downside	845.38%	943.81%	1,013.82%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	295.36	314.56	335.01	356.78	379.97	404.67	416.81
Payout Ratio	47.62%	56.10%	64.57%	73.05%	81.52%	90.00%	92.50%
Projected Dividends (M)	140.65	176.46	216.32	260.62	309.77	364.20	385.55

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	4.96%	4.96%	4.96%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	166.55	168.13	169.70
Year 2 PV (M)	192.71	196.38	200.08
Year 3 PV (M)	219.13	225.42	231.83
Year 4 PV (M)	245.83	255.28	265.01
Year 5 PV (M)	272.80	285.97	299.65
PV of Terminal Value (M)	14,769.49	15,482.86	16,223.53
Equity Value (M)	15,866.50	16,614.04	17,389.81
Shares Outstanding (M)	440.58	440.58	440.58
Fair Value	$36.01	$37.71	$39.47
Upside / Downside	200.86%	215.03%	229.74%

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Hunan Fangsheng Pharmaceutical Co., Ltd. (603998.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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