DDM Analysis: 300406.SZ

Valuation Snapshot

Stable Growth	$32.41 - $144.95	$75.62
Multi-Stage	$17.09 - $18.67	$17.86
Blended Fair Value	$46.74
Current Price	$13.36
Upside	249.89%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	10.71%	0.00%	0.21	0.11	0.15	0.13	0.14	0.13	0.13	0.25	0.13	0.11
YoY Growth	-	-	92.08%	-28.67%	15.31%	-4.64%	10.41%	-0.81%	-49.90%	100.46%	20.47%	0.00%
Dividend Yield	-	-	1.34%	0.58%	0.73%	0.73%	0.72%	0.74%	0.74%	1.48%	0.69%	0.48%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	431.71
(-) Cash Dividends Paid (M)	245.79
(=) Cash Retained (M)	185.92

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	86.34	53.96	32.38
Cash Retained (M)	185.92	185.92	185.92
(-) Cash Required (M)	-86.34	-53.96	-32.38
(=) Excess Retained (M)	99.58	131.96	153.54
(/) Shares Outstanding (M)	592.30	592.30	592.30
(=) Excess Retained per Share	0.17	0.22	0.26
LTM Dividend per Share	0.41	0.41	0.41
(+) Excess Retained per Share	0.17	0.22	0.26
(=) Adjusted Dividend	0.58	0.64	0.67
WACC / Discount Rate	7.40%	7.40%	7.40%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$32.41	$75.62	$144.95
Upside / Downside	142.58%	466.05%	984.99%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	431.71	459.77	489.66	521.49	555.38	591.48	609.23
Payout Ratio	56.93%	63.55%	70.16%	76.77%	83.39%	90.00%	92.50%
Projected Dividends (M)	245.79	292.17	343.55	400.36	463.12	532.33	563.54

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.40%	7.40%	7.40%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	269.49	272.05	274.60
Year 2 PV (M)	292.28	297.85	303.46
Year 3 PV (M)	314.18	323.19	332.38
Year 4 PV (M)	335.21	348.10	361.36
Year 5 PV (M)	355.40	372.56	390.39
PV of Terminal Value (M)	8,554.26	8,967.43	9,396.42
Equity Value (M)	10,120.81	10,581.18	11,058.61
Shares Outstanding (M)	592.30	592.30	592.30
Fair Value	$17.09	$17.86	$18.67
Upside / Downside	27.90%	33.72%	39.75%

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Beijing Strong Biotechnologies, Inc. (300406.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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