DDM Analysis: 688621.SS

Valuation Snapshot

Stable Growth	$203.93 - $240.26	$225.16
Multi-Stage	$62.99 - $69.07	$65.97
Blended Fair Value	$145.57
Current Price	$66.04
Upside	120.42%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017
DPS	162.48%	0.00%	0.35	0.50	0.25	0.01	0.01	0.00	0.01	0.00	0.00	0.00
YoY Growth	-	-	-31.27%	105.76%	2,062.44%	16.46%	249.85%	-71.10%	108.80%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.78%	0.82%	0.31%	0.01%	0.01%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	133.01
(-) Cash Dividends Paid (M)	32.63
(=) Cash Retained (M)	100.38

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	26.60	16.63	9.98
Cash Retained (M)	100.38	100.38	100.38
(-) Cash Required (M)	-26.60	-16.63	-9.98
(=) Excess Retained (M)	73.78	83.75	90.40
(/) Shares Outstanding (M)	110.09	110.09	110.09
(=) Excess Retained per Share	0.67	0.76	0.82
LTM Dividend per Share	0.30	0.30	0.30
(+) Excess Retained per Share	0.67	0.76	0.82
(=) Adjusted Dividend	0.97	1.06	1.12
WACC / Discount Rate	5.00%	5.00%	5.00%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$203.93	$225.16	$240.26
Upside / Downside	208.80%	240.95%	263.82%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	133.01	141.65	150.86	160.67	171.11	182.23	187.70
Payout Ratio	24.53%	37.63%	50.72%	63.81%	76.91%	90.00%	92.50%
Projected Dividends (M)	32.63	53.30	76.52	102.53	131.59	164.01	173.62

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	5.00%	5.00%	5.00%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	50.29	50.76	51.24
Year 2 PV (M)	68.11	69.41	70.72
Year 3 PV (M)	86.10	88.58	91.09
Year 4 PV (M)	104.27	108.28	112.40
Year 5 PV (M)	122.61	128.53	134.68
PV of Terminal Value (M)	6,503.34	6,817.46	7,143.59
Equity Value (M)	6,934.72	7,263.01	7,603.73
Shares Outstanding (M)	110.09	110.09	110.09
Fair Value	$62.99	$65.97	$69.07
Upside / Downside	-4.62%	-0.11%	4.58%

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Beijing Sun-Novo Pharmaceutical Research Co., Ltd. (688621.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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