DDM Analysis: 000919.SZ

Valuation Snapshot

Stable Growth	$0.30 - $0.41	$0.36
Multi-Stage	$0.52 - $0.58	$0.55
Blended Fair Value	$0.45
Current Price	$6.85
Upside	-93.38%
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	-5.97%	-3.38%	0.10	0.08	0.08	0.08	0.15	0.14	0.21	0.14	0.15	0.15
YoY Growth	-	-	23.63%	-0.02%	0.99%	-43.88%	4.93%	-32.99%	43.46%	-1.63%	-1.27%	3.28%
Dividend Yield	-	-	1.53%	1.19%	1.06%	0.96%	2.38%	1.96%	2.56%	1.70%	1.13%	1.17%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	37.50
(-) Cash Dividends Paid (M)	7.52
(=) Cash Retained (M)	29.98

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	7.50	4.69	2.81
Cash Retained (M)	29.98	29.98	29.98
(-) Cash Required (M)	-7.50	-4.69	-2.81
(=) Excess Retained (M)	22.48	25.29	27.16
(/) Shares Outstanding (M)	621.53	621.53	621.53
(=) Excess Retained per Share	0.04	0.04	0.04
LTM Dividend per Share	0.01	0.01	0.01
(+) Excess Retained per Share	0.04	0.04	0.04
(=) Adjusted Dividend	0.05	0.05	0.06
WACC / Discount Rate	9.72%	9.72%	9.72%
Growth Rate	-5.38%	-4.38%	-3.38%
Fair Value	$0.30	$0.36	$0.41
Upside / Downside	-95.59%	-94.77%	-93.99%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	37.50	35.86	34.28	32.78	31.35	29.97	30.87
Payout Ratio	20.06%	34.05%	48.04%	62.02%	76.01%	90.00%	92.50%
Projected Dividends (M)	7.52	12.21	16.47	20.33	23.83	26.97	28.56

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.72%	9.72%	9.72%
Growth Rate	-5.38%	-4.38%	-3.38%
Year 1 PV (M)	11.01	11.13	11.24
Year 2 PV (M)	13.40	13.68	13.97
Year 3 PV (M)	14.92	15.39	15.88
Year 4 PV (M)	15.76	16.44	17.14
Year 5 PV (M)	16.10	16.96	17.87
PV of Terminal Value (M)	253.62	267.31	281.58
Equity Value (M)	324.80	340.91	357.68
Shares Outstanding (M)	621.53	621.53	621.53
Fair Value	$0.52	$0.55	$0.58
Upside / Downside	-92.37%	-91.99%	-91.60%

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Jinling Pharmaceutical Company Limited (000919.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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