DDM Analysis: 600829.SS

Valuation Snapshot

Stable Growth	$2.57 - $4.36	$3.35
Multi-Stage	$3.07 - $3.36	$3.21
Blended Fair Value	$3.28
Current Price	$7.89
Upside	-58.44%
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	62.49%	4.06%	0.28	0.04	0.05	0.06	0.01	0.02	0.52	0.50	0.01	0.02
YoY Growth	-	-	551.53%	-19.24%	-14.48%	736.81%	-69.92%	-95.26%	3.13%	5,514.48%	-62.89%	-87.09%
Dividend Yield	-	-	3.55%	0.63%	0.77%	0.82%	0.12%	0.35%	6.61%	4.66%	0.06%	0.18%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	119.14
(-) Cash Dividends Paid (M)	19.66
(=) Cash Retained (M)	99.48

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	23.83	14.89	8.94
Cash Retained (M)	99.48	99.48	99.48
(-) Cash Required (M)	-23.83	-14.89	-8.94
(=) Excess Retained (M)	75.65	84.59	90.55
(/) Shares Outstanding (M)	579.70	579.70	579.70
(=) Excess Retained per Share	0.13	0.15	0.16
LTM Dividend per Share	0.03	0.03	0.03
(+) Excess Retained per Share	0.13	0.15	0.16
(=) Adjusted Dividend	0.16	0.18	0.19
WACC / Discount Rate	8.60%	8.60%	8.60%
Growth Rate	2.06%	3.06%	4.06%
Fair Value	$2.57	$3.35	$4.36
Upside / Downside	-67.48%	-57.59%	-44.77%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	119.14	122.79	126.54	130.41	134.40	138.51	142.67
Payout Ratio	16.50%	31.20%	45.90%	60.60%	75.30%	90.00%	92.50%
Projected Dividends (M)	19.66	38.31	58.09	79.03	101.20	124.66	131.97

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.60%	8.60%	8.60%
Growth Rate	2.06%	3.06%	4.06%
Year 1 PV (M)	34.94	35.28	35.62
Year 2 PV (M)	48.30	49.25	50.21
Year 3 PV (M)	59.93	61.71	63.52
Year 4 PV (M)	69.98	72.76	75.63
Year 5 PV (M)	78.61	82.53	86.62
PV of Terminal Value (M)	1,486.65	1,560.92	1,638.14
Equity Value (M)	1,778.40	1,862.46	1,949.74
Shares Outstanding (M)	579.70	579.70	579.70
Fair Value	$3.07	$3.21	$3.36
Upside / Downside	-61.12%	-59.28%	-57.37%

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HPGC Renmintongtai Pharmaceutical Corporation (600829.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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