DDM Analysis: 300401.SZ

Valuation Snapshot

Stable Growth	$43.45 - $105.71	$99.06
Multi-Stage	$15.34 - $16.79	$16.05
Blended Fair Value	$57.56
Current Price	$14.13
Upside	307.33%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	1.58%	82.11%	0.12	0.18	0.22	0.12	0.02	0.11	0.05	0.02	0.00	0.02
YoY Growth	-	-	-34.62%	-16.01%	86.01%	554.76%	-83.83%	116.42%	217.42%	233.33%	-70.00%	5,298.81%
Dividend Yield	-	-	0.86%	1.82%	1.60%	0.80%	0.14%	0.69%	0.35%	0.08%	0.04%	0.11%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	301.80
(-) Cash Dividends Paid (M)	86.16
(=) Cash Retained (M)	215.64

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	60.36	37.73	22.64
Cash Retained (M)	215.64	215.64	215.64
(-) Cash Required (M)	-60.36	-37.73	-22.64
(=) Excess Retained (M)	155.28	177.91	193.00
(/) Shares Outstanding (M)	567.81	567.81	567.81
(=) Excess Retained per Share	0.27	0.31	0.34
LTM Dividend per Share	0.15	0.15	0.15
(+) Excess Retained per Share	0.27	0.31	0.34
(=) Adjusted Dividend	0.43	0.47	0.49
WACC / Discount Rate	6.53%	6.53%	6.53%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$43.45	$99.06	$105.71
Upside / Downside	207.48%	601.07%	648.09%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	301.80	321.42	342.31	364.56	388.26	413.50	425.90
Payout Ratio	28.55%	40.84%	53.13%	65.42%	77.71%	90.00%	92.50%
Projected Dividends (M)	86.16	131.27	181.87	238.50	301.72	372.15	393.96

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.53%	6.53%	6.53%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	122.06	123.22	124.37
Year 2 PV (M)	157.25	160.25	163.27
Year 3 PV (M)	191.75	197.26	202.87
Year 4 PV (M)	225.57	234.24	243.17
Year 5 PV (M)	258.71	271.21	284.18
PV of Terminal Value (M)	7,752.95	8,127.42	8,516.23
Equity Value (M)	8,708.30	9,113.60	9,534.09
Shares Outstanding (M)	567.81	567.81	567.81
Fair Value	$15.34	$16.05	$16.79
Upside / Downside	8.54%	13.59%	18.83%

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Zhejiang Garden Bio-chemical High-tech Co., Ltd. (300401.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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