DDM Analysis: 300294.SZ

Valuation Snapshot

Stable Growth	$21.77 - $123.49	$39.80
Multi-Stage	$13.19 - $14.41	$13.79
Blended Fair Value	$26.80
Current Price	$24.66
Upside	8.66%
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	19.70%	19.88%	0.46	0.27	0.17	0.09	0.18	0.19	0.20	0.08	0.11	0.09
YoY Growth	-	-	72.28%	62.16%	80.74%	-48.17%	-6.10%	-7.00%	157.09%	-28.16%	16.86%	24.33%
Dividend Yield	-	-	1.72%	0.93%	0.47%	0.31%	0.63%	0.60%	0.66%	0.23%	0.26%	0.30%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	327.25
(-) Cash Dividends Paid (M)	161.81
(=) Cash Retained (M)	165.44

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	65.45	40.91	24.54
Cash Retained (M)	165.44	165.44	165.44
(-) Cash Required (M)	-65.45	-40.91	-24.54
(=) Excess Retained (M)	99.99	124.53	140.89
(/) Shares Outstanding (M)	502.73	502.73	502.73
(=) Excess Retained per Share	0.20	0.25	0.28
LTM Dividend per Share	0.32	0.32	0.32
(+) Excess Retained per Share	0.20	0.25	0.28
(=) Adjusted Dividend	0.52	0.57	0.60
WACC / Discount Rate	8.02%	8.02%	8.02%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$21.77	$39.80	$123.49
Upside / Downside	-11.74%	61.39%	400.77%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	327.25	348.52	371.17	395.30	421.00	448.36	461.81
Payout Ratio	49.45%	57.56%	65.67%	73.78%	81.89%	90.00%	92.50%
Projected Dividends (M)	161.81	200.60	243.74	291.65	344.75	403.52	427.18

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.02%	8.02%	8.02%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	183.96	185.70	187.44
Year 2 PV (M)	204.97	208.88	212.82
Year 3 PV (M)	224.91	231.36	237.94
Year 4 PV (M)	243.80	253.18	262.82
Year 5 PV (M)	261.69	274.32	287.45
PV of Terminal Value (M)	5,513.81	5,780.13	6,056.64
Equity Value (M)	6,633.13	6,933.57	7,245.11
Shares Outstanding (M)	502.73	502.73	502.73
Fair Value	$13.19	$13.79	$14.41
Upside / Downside	-46.50%	-44.07%	-41.56%

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China Resources Boya Bio-pharmaceutical Group Co., Ltd. (300294.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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