DDM Analysis: 600176.SS

Valuation Snapshot

Stable Growth	$32.19 - $170.57	$64.02
Multi-Stage	$25.19 - $27.61	$26.38
Blended Fair Value	$45.20
Current Price	$17.34
Upside	160.67%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	1.66%	5.47%	0.36	0.63	0.57	0.29	0.28	0.33	0.29	0.29	0.20	0.21
YoY Growth	-	-	-43.14%	9.29%	96.84%	3.23%	-14.01%	11.63%	0.12%	48.48%	-4.21%	-1.29%
Dividend Yield	-	-	2.75%	5.58%	3.91%	1.91%	1.68%	4.74%	2.97%	2.58%	3.07%	3.46%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	3,479.80
(-) Cash Dividends Paid (M)	1,206.17
(=) Cash Retained (M)	2,273.63

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	695.96	434.98	260.99
Cash Retained (M)	2,273.63	2,273.63	2,273.63
(-) Cash Required (M)	-695.96	-434.98	-260.99
(=) Excess Retained (M)	1,577.67	1,838.66	2,012.65
(/) Shares Outstanding (M)	4,003.18	4,003.18	4,003.18
(=) Excess Retained per Share	0.39	0.46	0.50
LTM Dividend per Share	0.30	0.30	0.30
(+) Excess Retained per Share	0.39	0.46	0.50
(=) Adjusted Dividend	0.70	0.76	0.80
WACC / Discount Rate	6.32%	6.32%	6.32%
Growth Rate	4.07%	5.07%	6.07%
Fair Value	$32.19	$64.02	$170.57
Upside / Downside	85.64%	269.22%	883.69%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	3,479.80	3,656.16	3,841.45	4,036.14	4,240.69	4,455.61	4,589.28
Payout Ratio	34.66%	45.73%	56.80%	67.86%	78.93%	90.00%	92.50%
Projected Dividends (M)	1,206.17	1,671.95	2,181.84	2,739.12	3,347.28	4,010.05	4,245.08

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.32%	6.32%	6.32%
Growth Rate	4.07%	5.07%	6.07%
Year 1 PV (M)	1,557.65	1,572.61	1,587.58
Year 2 PV (M)	1,893.72	1,930.29	1,967.21
Year 3 PV (M)	2,214.89	2,279.35	2,345.06
Year 4 PV (M)	2,521.62	2,619.95	2,721.13
Year 5 PV (M)	2,814.39	2,952.24	3,095.43
PV of Terminal Value (M)	89,840.60	94,240.79	98,811.72
Equity Value (M)	100,842.87	105,595.23	110,528.13
Shares Outstanding (M)	4,003.18	4,003.18	4,003.18
Fair Value	$25.19	$26.38	$27.61
Upside / Downside	45.28%	52.12%	59.23%

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China Jushi Co., Ltd. (600176.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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