DDM Analysis: 002399.SZ

Valuation Snapshot

Stable Growth	$5.12 - $10.87	$7.27
Multi-Stage	$11.17 - $12.30	$11.72
Blended Fair Value	$9.50
Current Price	$11.96
Upside	-20.58%
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	5.10%	-3.98%	0.11	0.10	0.03	0.15	0.15	0.08	0.04	0.21	0.32	0.16
YoY Growth	-	-	8.98%	185.71%	-76.67%	-1.96%	80.00%	122.22%	-82.00%	-33.33%	94.83%	0.00%
Dividend Yield	-	-	0.98%	1.15%	0.25%	1.02%	0.89%	0.41%	0.14%	1.25%	1.53%	0.86%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	420.20
(-) Cash Dividends Paid (M)	73.08
(=) Cash Retained (M)	347.13

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	84.04	52.53	31.52
Cash Retained (M)	347.13	347.13	347.13
(-) Cash Required (M)	-84.04	-52.53	-31.52
(=) Excess Retained (M)	263.09	294.60	315.61
(/) Shares Outstanding (M)	1,467.30	1,467.30	1,467.30
(=) Excess Retained per Share	0.18	0.20	0.22
LTM Dividend per Share	0.05	0.05	0.05
(+) Excess Retained per Share	0.18	0.20	0.22
(=) Adjusted Dividend	0.23	0.25	0.26
WACC / Discount Rate	5.10%	5.10%	5.10%
Growth Rate	0.60%	1.60%	2.60%
Fair Value	$5.12	$7.27	$10.87
Upside / Downside	-57.18%	-39.18%	-9.11%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	420.20	426.94	433.79	440.75	447.82	455.00	468.65
Payout Ratio	17.39%	31.91%	46.43%	60.96%	75.48%	90.00%	92.50%
Projected Dividends (M)	73.08	136.25	201.43	268.66	338.00	409.50	433.50

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	5.10%	5.10%	5.10%
Growth Rate	0.60%	1.60%	2.60%
Year 1 PV (M)	128.36	129.63	130.91
Year 2 PV (M)	178.77	182.34	185.95
Year 3 PV (M)	224.63	231.39	238.29
Year 4 PV (M)	266.23	276.98	288.04
Year 5 PV (M)	303.86	319.27	335.29
PV of Terminal Value (M)	15,287.61	16,062.65	16,868.82
Equity Value (M)	16,389.45	17,202.26	18,047.30
Shares Outstanding (M)	1,467.30	1,467.30	1,467.30
Fair Value	$11.17	$11.72	$12.30
Upside / Downside	-6.61%	-1.98%	2.84%

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Shenzhen Hepalink Pharmaceutical Group Co., Ltd. (002399.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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