DDM Analysis: 002287.SZ

Valuation Snapshot

Stable Growth	$31.05 - $103.48	$50.66
Multi-Stage	$19.98 - $21.84	$20.89
Blended Fair Value	$35.77
Current Price	$26.21
Upside	36.49%
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	11.16%	7.11%	0.52	0.38	0.58	0.33	0.34	0.31	0.31	0.29	0.31	0.29
YoY Growth	-	-	36.63%	-33.91%	73.65%	-2.93%	11.49%	-0.01%	5.13%	-4.88%	5.40%	11.14%
Dividend Yield	-	-	2.31%	1.75%	2.30%	1.16%	1.44%	1.54%	1.30%	1.18%	0.81%	1.12%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	612.42
(-) Cash Dividends Paid (M)	124.04
(=) Cash Retained (M)	488.39

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	122.48	76.55	45.93
Cash Retained (M)	488.39	488.39	488.39
(-) Cash Required (M)	-122.48	-76.55	-45.93
(=) Excess Retained (M)	365.90	411.83	442.46
(/) Shares Outstanding (M)	538.12	538.12	538.12
(=) Excess Retained per Share	0.68	0.77	0.82
LTM Dividend per Share	0.23	0.23	0.23
(+) Excess Retained per Share	0.68	0.77	0.82
(=) Adjusted Dividend	0.91	1.00	1.05
WACC / Discount Rate	8.59%	8.59%	8.59%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$31.05	$50.66	$103.48
Upside / Downside	18.46%	93.27%	294.81%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	612.42	652.23	694.63	739.78	787.86	839.07	864.25
Payout Ratio	20.25%	34.20%	48.15%	62.10%	76.05%	90.00%	92.50%
Projected Dividends (M)	124.04	223.08	334.48	459.41	599.18	755.17	799.43

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.59%	8.59%	8.59%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	203.50	205.43	207.36
Year 2 PV (M)	278.33	283.63	288.99
Year 3 PV (M)	348.74	358.75	368.95
Year 4 PV (M)	414.90	430.86	447.27
Year 5 PV (M)	477.02	500.06	523.98
PV of Terminal Value (M)	9,027.74	9,463.79	9,916.52
Equity Value (M)	10,750.24	11,242.52	11,753.06
Shares Outstanding (M)	538.12	538.12	538.12
Fair Value	$19.98	$20.89	$21.84
Upside / Downside	-23.78%	-20.29%	-16.67%

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Tibet Cheezheng Tibetan Medicine Co., Ltd. (002287.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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