DDM Analysis: 688136.SS

Valuation Snapshot

Stable Growth	$5.33 - $8.01	$6.60
Multi-Stage	$10.54 - $11.60	$11.06
Blended Fair Value	$8.83
Current Price	$39.02
Upside	-77.37%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017
DPS	44.13%	0.00%	0.22	0.23	0.10	0.08	0.05	0.04	0.05	0.24	0.00	0.00
YoY Growth	-	-	-3.92%	128.55%	25.00%	46.27%	54.93%	-27.63%	-79.94%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.89%	1.37%	0.46%	0.26%	0.17%	0.09%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	125.57
(-) Cash Dividends Paid (M)	46.58
(=) Cash Retained (M)	78.98

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	25.11	15.70	9.42
Cash Retained (M)	78.98	78.98	78.98
(-) Cash Required (M)	-25.11	-15.70	-9.42
(=) Excess Retained (M)	53.87	63.29	69.57
(/) Shares Outstanding (M)	199.05	199.05	199.05
(=) Excess Retained per Share	0.27	0.32	0.35
LTM Dividend per Share	0.23	0.23	0.23
(+) Excess Retained per Share	0.27	0.32	0.35
(=) Adjusted Dividend	0.50	0.55	0.58
WACC / Discount Rate	7.28%	7.28%	7.28%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$5.33	$6.60	$8.01
Upside / Downside	-86.35%	-83.09%	-79.47%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	125.57	124.31	123.07	121.84	120.62	119.41	122.99
Payout Ratio	37.10%	47.68%	58.26%	68.84%	79.42%	90.00%	92.50%
Projected Dividends (M)	46.58	59.27	71.70	83.87	95.79	107.47	113.77

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.28%	7.28%	7.28%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	54.69	55.24	55.80
Year 2 PV (M)	61.04	62.29	63.56
Year 3 PV (M)	65.88	67.92	70.00
Year 4 PV (M)	69.43	72.31	75.28
Year 5 PV (M)	71.87	75.62	79.51
PV of Terminal Value (M)	1,775.97	1,868.45	1,964.74
Equity Value (M)	2,098.88	2,201.83	2,308.89
Shares Outstanding (M)	199.05	199.05	199.05
Fair Value	$10.54	$11.06	$11.60
Upside / Downside	-72.98%	-71.65%	-70.27%

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Kexing Biopharm Co., Ltd. (688136.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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