DDM Analysis: 603811.SS

Valuation Snapshot

Stable Growth	$56.82 - $138.52	$129.81
Multi-Stage	$20.20 - $22.11	$21.14
Blended Fair Value	$75.47
Current Price	$12.95
Upside	482.82%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	16.44%	14.61%	0.24	0.23	0.21	0.19	0.16	0.11	0.11	0.11	0.15	0.14
YoY Growth	-	-	3.71%	7.52%	9.41%	20.02%	46.17%	-0.19%	1.57%	-27.41%	4.61%	137.24%
Dividend Yield	-	-	2.75%	2.80%	1.57%	1.56%	1.24%	1.24%	1.56%	1.40%	0.99%	2.42%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	226.35
(-) Cash Dividends Paid (M)	84.09
(=) Cash Retained (M)	142.26

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	45.27	28.29	16.98
Cash Retained (M)	142.26	142.26	142.26
(-) Cash Required (M)	-45.27	-28.29	-16.98
(=) Excess Retained (M)	96.99	113.96	125.28
(/) Shares Outstanding (M)	324.98	324.98	324.98
(=) Excess Retained per Share	0.30	0.35	0.39
LTM Dividend per Share	0.26	0.26	0.26
(+) Excess Retained per Share	0.30	0.35	0.39
(=) Adjusted Dividend	0.56	0.61	0.64
WACC / Discount Rate	6.53%	6.53%	6.53%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$56.82	$129.81	$138.52
Upside / Downside	338.74%	902.40%	969.63%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	226.35	241.06	256.73	273.42	291.19	310.12	319.42
Payout Ratio	37.15%	47.72%	58.29%	68.86%	79.43%	90.00%	92.50%
Projected Dividends (M)	84.09	115.04	149.65	188.28	231.30	279.11	295.47

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.53%	6.53%	6.53%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	106.97	107.98	109.00
Year 2 PV (M)	129.39	131.86	134.34
Year 3 PV (M)	151.37	155.71	160.14
Year 4 PV (M)	172.91	179.56	186.40
Year 5 PV (M)	194.01	203.38	213.11
PV of Terminal Value (M)	5,810.62	6,091.28	6,382.68
Equity Value (M)	6,565.28	6,869.78	7,185.67
Shares Outstanding (M)	324.98	324.98	324.98
Fair Value	$20.20	$21.14	$22.11
Upside / Downside	56.00%	63.23%	70.74%

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Zhejiang Cheng Yi Pharmaceutical Co., Ltd. (603811.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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