DDM Analysis: 300705.SZ

Valuation Snapshot

Stable Growth	$30.95 - $175.61	$56.60
Multi-Stage	$18.49 - $20.21	$19.33
Blended Fair Value	$37.96
Current Price	$16.45
Upside	130.79%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	49.51%	40.48%	0.23	0.19	0.14	0.03	0.02	0.03	0.03	0.00	0.02	0.00
YoY Growth	-	-	22.29%	36.53%	361.64%	77.69%	-45.46%	-0.27%	2,195.40%	-94.51%	1,234.93%	-76.12%
Dividend Yield	-	-	1.29%	0.70%	0.68%	0.23%	0.12%	0.53%	0.41%	0.01%	0.46%	0.03%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	469.00
(-) Cash Dividends Paid (M)	158.03
(=) Cash Retained (M)	310.98

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	93.80	58.63	35.18
Cash Retained (M)	310.98	310.98	310.98
(-) Cash Required (M)	-93.80	-58.63	-35.18
(=) Excess Retained (M)	217.18	252.35	275.80
(/) Shares Outstanding (M)	506.64	506.64	506.64
(=) Excess Retained per Share	0.43	0.50	0.54
LTM Dividend per Share	0.31	0.31	0.31
(+) Excess Retained per Share	0.43	0.50	0.54
(=) Adjusted Dividend	0.74	0.81	0.86
WACC / Discount Rate	8.02%	8.02%	8.02%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$30.95	$56.60	$175.61
Upside / Downside	88.17%	244.06%	967.56%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	469.00	499.49	531.96	566.53	603.36	642.58	661.85
Payout Ratio	33.69%	44.96%	56.22%	67.48%	78.74%	90.00%	92.50%
Projected Dividends (M)	158.03	224.55	299.05	382.28	475.08	578.32	612.22

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)	205.91	207.87	209.82
Year 2 PV (M)	251.48	256.27	261.10
Year 3 PV (M)	294.80	303.27	311.89
Year 4 PV (M)	335.96	348.88	362.17
Year 5 PV (M)	375.04	393.15	411.96
PV of Terminal Value (M)	7,902.23	8,283.91	8,680.20
Equity Value (M)	9,365.43	9,793.35	10,237.14
Shares Outstanding (M)	506.64	506.64	506.64
Fair Value	$18.49	$19.33	$20.21
Upside / Downside	12.37%	17.51%	22.83%

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Hunan Jiudian Pharmaceutical Co., Ltd. (300705.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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