DDM Analysis: 000908.SZ

Valuation Snapshot

Stable Growth	$0.52 - $0.67	$0.60
Multi-Stage	$1.64 - $1.84	$1.74
Blended Fair Value	$1.17
Current Price	$5.93
Upside	-80.28%
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	-31.14%	-7.34%	0.02	0.03	0.04	0.10	0.10	0.10	0.01	0.10	0.09	0.06
YoY Growth	-	-	-43.24%	-40.42%	-56.68%	2.51%	3.11%	883.84%	-90.38%	14.32%	54.52%	80.14%
Dividend Yield	-	-	0.34%	1.18%	1.49%	2.39%	2.32%	2.78%	0.17%	1.82%	0.93%	0.47%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	156.56
(-) Cash Dividends Paid (M)	10.06
(=) Cash Retained (M)	146.50

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	31.31	19.57	11.74
Cash Retained (M)	146.50	146.50	146.50
(-) Cash Required (M)	-31.31	-19.57	-11.74
(=) Excess Retained (M)	115.19	126.93	134.76
(/) Shares Outstanding (M)	880.83	880.83	880.83
(=) Excess Retained per Share	0.13	0.14	0.15
LTM Dividend per Share	0.01	0.01	0.01
(+) Excess Retained per Share	0.13	0.14	0.15
(=) Adjusted Dividend	0.14	0.16	0.16
WACC / Discount Rate	6.56%	6.56%	6.56%
Growth Rate	-16.35%	-15.35%	-14.35%
Fair Value	$0.52	$0.60	$0.67
Upside / Downside	-91.24%	-89.86%	-88.64%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	156.56	132.53	112.19	94.97	80.40	68.06	70.10
Payout Ratio	6.42%	23.14%	39.85%	56.57%	73.28%	90.00%	92.50%
Projected Dividends (M)	10.06	30.67	44.71	53.73	58.92	61.25	64.84

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.56%	6.56%	6.56%
Growth Rate	-16.35%	-15.35%	-14.35%
Year 1 PV (M)	28.44	28.78	29.12
Year 2 PV (M)	38.46	39.38	40.32
Year 3 PV (M)	42.85	44.41	46.00
Year 4 PV (M)	43.58	45.71	47.90
Year 5 PV (M)	42.02	44.59	47.29
PV of Terminal Value (M)	1,251.17	1,327.77	1,408.06
Equity Value (M)	1,446.53	1,530.63	1,618.69
Shares Outstanding (M)	880.83	880.83	880.83
Fair Value	$1.64	$1.74	$1.84
Upside / Downside	-72.31%	-70.70%	-69.01%

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Hunan Jingfeng Pharmaceutical Co.,Ltd. (000908.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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