DDM Analysis: 603939.SS

Valuation Snapshot

Stable Growth	$28.34 - $69.75	$42.32
Multi-Stage	$20.46 - $22.32	$21.37
Blended Fair Value	$31.85
Current Price	$24.65
Upside	29.20%
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	39.99%	33.24%	0.66	0.25	0.18	0.17	0.13	0.12	0.14	0.04	0.00	0.06
YoY Growth	-	-	163.00%	36.96%	10.91%	29.17%	4.16%	-14.21%	239.49%	0.00%	-100.00%	66.67%
Dividend Yield	-	-	2.67%	0.76%	0.54%	0.70%	0.32%	0.41%	0.74%	0.22%	0.00%	0.64%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,642.63
(-) Cash Dividends Paid (M)	824.30
(=) Cash Retained (M)	818.33

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	328.53	205.33	123.20
Cash Retained (M)	818.33	818.33	818.33
(-) Cash Required (M)	-328.53	-205.33	-123.20
(=) Excess Retained (M)	489.81	613.00	695.14
(/) Shares Outstanding (M)	1,275.13	1,275.13	1,275.13
(=) Excess Retained per Share	0.38	0.48	0.55
LTM Dividend per Share	0.65	0.65	0.65
(+) Excess Retained per Share	0.38	0.48	0.55
(=) Adjusted Dividend	1.03	1.13	1.19
WACC / Discount Rate	9.34%	9.34%	9.34%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$28.34	$42.32	$69.75
Upside / Downside	14.97%	71.70%	182.98%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,642.63	1,749.40	1,863.11	1,984.22	2,113.19	2,250.55	2,318.06
Payout Ratio	50.18%	58.15%	66.11%	74.07%	82.04%	90.00%	92.50%
Projected Dividends (M)	824.30	1,017.19	1,231.68	1,469.76	1,733.58	2,025.49	2,144.21

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.34%	9.34%	9.34%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	921.60	930.33	939.07
Year 2 PV (M)	1,011.06	1,030.32	1,049.75
Year 3 PV (M)	1,093.10	1,124.48	1,156.46
Year 4 PV (M)	1,168.15	1,213.07	1,259.28
Year 5 PV (M)	1,236.58	1,296.30	1,358.32
PV of Terminal Value (M)	20,659.29	21,657.14	22,693.18
Equity Value (M)	26,089.77	27,251.65	28,456.06
Shares Outstanding (M)	1,275.13	1,275.13	1,275.13
Fair Value	$20.46	$21.37	$22.32
Upside / Downside	-17.00%	-13.30%	-9.47%

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Financial Statements

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Yifeng Pharmacy Chain Co., Ltd. (603939.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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