DDM Analysis: 000597.SZ

Valuation Snapshot

Stable Growth	$7.46 - $28.48	$12.58
Multi-Stage	$7.01 - $7.68	$7.34
Blended Fair Value	$9.96
Current Price	$5.33
Upside	86.88%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	8.74%	0.32%	0.14	0.15	0.08	0.11	0.09	0.09	0.12	0.11	0.11	0.13
YoY Growth	-	-	-6.21%	100.79%	-33.87%	32.46%	-7.84%	-18.59%	4.57%	1.82%	-15.09%	-7.72%
Dividend Yield	-	-	2.83%	3.15%	1.28%	1.80%	1.89%	1.88%	1.91%	2.42%	1.85%	2.76%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	374.58
(-) Cash Dividends Paid (M)	202.88
(=) Cash Retained (M)	171.71

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	74.92	46.82	28.09
Cash Retained (M)	171.71	171.71	171.71
(-) Cash Required (M)	-74.92	-46.82	-28.09
(=) Excess Retained (M)	96.79	124.88	143.61
(/) Shares Outstanding (M)	1,440.48	1,440.48	1,440.48
(=) Excess Retained per Share	0.07	0.09	0.10
LTM Dividend per Share	0.14	0.14	0.14
(+) Excess Retained per Share	0.07	0.09	0.10
(=) Adjusted Dividend	0.21	0.23	0.24
WACC / Discount Rate	6.53%	6.53%	6.53%
Growth Rate	3.64%	4.64%	5.64%
Fair Value	$7.46	$12.58	$28.48
Upside / Downside	39.87%	136.09%	434.41%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	374.58	391.97	410.17	429.21	449.14	469.99	484.09
Payout Ratio	54.16%	61.33%	68.50%	75.66%	82.83%	90.00%	92.50%
Projected Dividends (M)	202.88	240.39	280.95	324.76	372.03	422.99	447.78

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.53%	6.53%	6.53%
Growth Rate	3.64%	4.64%	5.64%
Year 1 PV (M)	223.49	225.65	227.80
Year 2 PV (M)	242.83	247.54	252.30
Year 3 PV (M)	260.96	268.59	276.36
Year 4 PV (M)	277.93	288.81	300.01
Year 5 PV (M)	293.78	308.23	323.24
PV of Terminal Value (M)	8,798.67	9,231.41	9,681.01
Equity Value (M)	10,097.67	10,570.23	11,060.73
Shares Outstanding (M)	1,440.48	1,440.48	1,440.48
Fair Value	$7.01	$7.34	$7.68
Upside / Downside	31.52%	37.67%	44.06%

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Northeast Pharmaceutical Group Co., Ltd. (000597.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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