DDM Analysis: 600420.SS

Valuation Snapshot

Stable Growth	$16.28 - $45.06	$25.22
Multi-Stage	$22.40 - $24.62	$23.49
Blended Fair Value	$24.35
Current Price	$10.64
Upside	128.89%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-1.51%	13.09%	0.22	0.14	0.14	0.16	0.16	0.24	0.19	0.34	0.35	0.48
YoY Growth	-	-	58.79%	2.52%	-13.06%	1.02%	-35.19%	24.10%	-42.37%	-3.01%	-27.23%	631.70%
Dividend Yield	-	-	2.12%	1.58%	1.26%	1.43%	1.75%	2.46%	1.86%	2.82%	2.13%	2.98%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	930.27
(-) Cash Dividends Paid (M)	49.56
(=) Cash Retained (M)	880.71

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	186.05	116.28	69.77
Cash Retained (M)	880.71	880.71	880.71
(-) Cash Required (M)	-186.05	-116.28	-69.77
(=) Excess Retained (M)	694.66	764.43	810.94
(/) Shares Outstanding (M)	1,341.11	1,341.11	1,341.11
(=) Excess Retained per Share	0.52	0.57	0.60
LTM Dividend per Share	0.04	0.04	0.04
(+) Excess Retained per Share	0.52	0.57	0.60
(=) Adjusted Dividend	0.55	0.61	0.64
WACC / Discount Rate	5.70%	5.70%	5.70%
Growth Rate	2.22%	3.22%	4.22%
Fair Value	$16.28	$25.22	$45.06
Upside / Downside	53.01%	137.03%	323.46%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	930.27	960.22	991.14	1,023.05	1,055.99	1,089.99	1,122.69
Payout Ratio	5.33%	22.26%	39.20%	56.13%	73.07%	90.00%	92.50%
Projected Dividends (M)	49.56	213.76	388.49	574.25	771.57	981.00	1,038.49

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	5.70%	5.70%	5.70%
Growth Rate	2.22%	3.22%	4.22%
Year 1 PV (M)	200.27	202.23	204.19
Year 2 PV (M)	340.99	347.69	354.46
Year 3 PV (M)	472.22	486.21	500.48
Year 4 PV (M)	594.42	618.03	642.33
Year 5 PV (M)	708.06	743.38	780.09
PV of Terminal Value (M)	27,720.38	29,103.08	30,540.43
Equity Value (M)	30,036.33	31,500.62	33,021.97
Shares Outstanding (M)	1,341.11	1,341.11	1,341.11
Fair Value	$22.40	$23.49	$24.62
Upside / Downside	110.49%	120.76%	131.42%

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Shanghai Shyndec Pharmaceutical Co., Ltd. (600420.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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