DDM Analysis: 300584.SZ

Valuation Snapshot

Stable Growth	$1.45 - $1.92	$1.70
Multi-Stage	$2.82 - $3.11	$2.96
Blended Fair Value	$2.33
Current Price	$56.09
Upside	-95.85%
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	-14.30%	20.14%	0.12	0.05	0.30	0.18	0.31	0.25	0.20	0.21	0.05	0.06
YoY Growth	-	-	114.24%	-81.79%	61.25%	-40.48%	23.45%	23.96%	-3.76%	297.98%	-17.56%	246.16%
Dividend Yield	-	-	0.57%	0.30%	1.20%	0.33%	1.65%	1.03%	0.68%	0.59%	0.17%	0.60%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	44.78
(-) Cash Dividends Paid (M)	17.83
(=) Cash Retained (M)	26.95

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	8.96	5.60	3.36
Cash Retained (M)	26.95	26.95	26.95
(-) Cash Required (M)	-8.96	-5.60	-3.36
(=) Excess Retained (M)	17.99	21.35	23.59
(/) Shares Outstanding (M)	120.00	120.00	120.00
(=) Excess Retained per Share	0.15	0.18	0.20
LTM Dividend per Share	0.15	0.15	0.15
(+) Excess Retained per Share	0.15	0.18	0.20
(=) Adjusted Dividend	0.30	0.33	0.35
WACC / Discount Rate	9.70%	9.70%	9.70%
Growth Rate	-8.99%	-7.99%	-6.99%
Fair Value	$1.45	$1.70	$1.92
Upside / Downside	-97.41%	-96.97%	-96.57%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	44.78	41.20	37.91	34.88	32.10	29.53	30.42
Payout Ratio	39.82%	49.86%	59.89%	69.93%	79.96%	90.00%	92.50%
Projected Dividends (M)	17.83	20.54	22.71	24.39	25.67	26.58	28.14

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.70%	9.70%	9.70%
Growth Rate	-8.99%	-7.99%	-6.99%
Year 1 PV (M)	18.52	18.73	18.93
Year 2 PV (M)	18.46	18.87	19.28
Year 3 PV (M)	17.88	18.48	19.09
Year 4 PV (M)	16.97	17.72	18.51
Year 5 PV (M)	15.84	16.73	17.66
PV of Terminal Value (M)	250.44	264.50	279.19
Equity Value (M)	338.11	355.03	372.66
Shares Outstanding (M)	120.00	120.00	120.00
Fair Value	$2.82	$2.96	$3.11
Upside / Downside	-94.98%	-94.73%	-94.46%

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Nanjing Hicin Pharmaceutical Co., Ltd. (300584.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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