DDM Analysis: 000403.SZ

Valuation Snapshot

Stable Growth	$54.04 - $131.75	$123.47
Multi-Stage	$19.60 - $21.43	$20.49
Blended Fair Value	$71.98
Current Price	$16.18
Upside	344.89%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	12.85%	38.65%	0.31	0.08	0.06	0.01	0.21	0.17	0.03	0.01	0.00	0.01
YoY Growth	-	-	296.23%	34.48%	312.09%	-93.26%	23.68%	521.38%	364.90%	0.00%	-100.00%	-20.83%
Dividend Yield	-	-	1.89%	0.35%	0.32%	0.09%	0.75%	1.48%	0.31%	0.06%	0.00%	0.11%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	559.77
(-) Cash Dividends Paid (M)	371.96
(=) Cash Retained (M)	187.81

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	111.95	69.97	41.98
Cash Retained (M)	187.81	187.81	187.81
(-) Cash Required (M)	-111.95	-69.97	-41.98
(=) Excess Retained (M)	75.85	117.84	145.83
(/) Shares Outstanding (M)	844.94	844.94	844.94
(=) Excess Retained per Share	0.09	0.14	0.17
LTM Dividend per Share	0.44	0.44	0.44
(+) Excess Retained per Share	0.09	0.14	0.17
(=) Adjusted Dividend	0.53	0.58	0.61
WACC / Discount Rate	6.53%	6.53%	6.53%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$54.04	$123.47	$131.75
Upside / Downside	234.01%	663.12%	714.30%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	559.77	596.15	634.90	676.17	720.12	766.93	789.94
Payout Ratio	66.45%	71.16%	75.87%	80.58%	85.29%	90.00%	92.50%
Projected Dividends (M)	371.96	424.22	481.70	544.86	614.19	690.24	730.69

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.53%	6.53%	6.53%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	394.46	398.20	401.94
Year 2 PV (M)	416.48	424.42	432.42
Year 3 PV (M)	438.04	450.62	463.43
Year 4 PV (M)	459.15	476.81	494.97
Year 5 PV (M)	479.80	502.97	527.03
PV of Terminal Value (M)	14,369.77	15,063.83	15,784.46
Equity Value (M)	16,557.70	17,316.84	18,104.26
Shares Outstanding (M)	844.94	844.94	844.94
Fair Value	$19.60	$20.49	$21.43
Upside / Downside	21.11%	26.67%	32.43%

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Pacific Shuanglin Bio-pharmacy Co., Ltd. (000403.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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