DDM Analysis: 300558.SZ

Valuation Snapshot

Stable Growth	$121.80 - $143.51	$134.49
Multi-Stage	$33.78 - $37.01	$35.37
Blended Fair Value	$84.93
Current Price	$66.81
Upside	27.12%
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	27.88%	12.86%	0.36	0.26	0.33	0.33	0.28	0.10	0.20	0.18	0.00	0.00
YoY Growth	-	-	36.81%	-20.96%	1.36%	14.99%	171.37%	-46.58%	7.54%	0.00%	-100.00%	-96.92%
Dividend Yield	-	-	0.70%	0.63%	0.56%	0.59%	0.27%	0.15%	0.43%	0.27%	0.00%	0.01%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	303.28
(-) Cash Dividends Paid (M)	166.52
(=) Cash Retained (M)	136.75

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	60.66	37.91	22.75
Cash Retained (M)	136.75	136.75	136.75
(-) Cash Required (M)	-60.66	-37.91	-22.75
(=) Excess Retained (M)	76.10	98.84	114.01
(/) Shares Outstanding (M)	420.29	420.29	420.29
(=) Excess Retained per Share	0.18	0.24	0.27
LTM Dividend per Share	0.40	0.40	0.40
(+) Excess Retained per Share	0.18	0.24	0.27
(=) Adjusted Dividend	0.58	0.63	0.67
WACC / Discount Rate	5.24%	5.24%	5.24%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$121.80	$134.49	$143.51
Upside / Downside	82.31%	101.30%	114.80%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	303.28	322.99	343.98	366.34	390.15	415.51	427.98
Payout Ratio	54.91%	61.93%	68.94%	75.96%	82.98%	90.00%	92.50%
Projected Dividends (M)	166.52	200.01	237.16	278.28	323.76	373.96	395.88

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	5.24%	5.24%	5.24%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	188.27	190.05	191.83
Year 2 PV (M)	210.11	214.12	218.16
Year 3 PV (M)	232.07	238.73	245.52
Year 4 PV (M)	254.13	263.90	273.95
Year 5 PV (M)	276.29	289.64	303.49
PV of Terminal Value (M)	13,038.14	13,667.89	14,321.73
Equity Value (M)	14,199.01	14,864.32	15,554.69
Shares Outstanding (M)	420.29	420.29	420.29
Fair Value	$33.78	$35.37	$37.01
Upside / Downside	-49.43%	-47.06%	-44.60%

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Betta Pharmaceuticals Co., Ltd. (300558.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener