DDM Analysis: 600222.SS

Valuation Snapshot

Stable Growth	$1.22 - $2.24	$1.64
Multi-Stage	$2.09 - $2.29	$2.19
Blended Fair Value	$1.91
Current Price	$6.49
Upside	-70.50%
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	2.67%	2.90%	0.13	0.09	0.12	0.15	0.12	0.11	0.12	0.10	0.00	0.13
YoY Growth	-	-	37.67%	-21.01%	-24.89%	29.16%	8.15%	-9.65%	20.49%	0.00%	-100.00%	33.67%
Dividend Yield	-	-	2.39%	1.70%	1.97%	1.92%	2.11%	1.89%	2.05%	2.08%	0.00%	1.45%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	46.95
(-) Cash Dividends Paid (M)	43.90
(=) Cash Retained (M)	3.06

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	9.39	5.87	3.52
Cash Retained (M)	3.06	3.06	3.06
(-) Cash Required (M)	-9.39	-5.87	-3.52
(=) Excess Retained (M)	-6.34	-2.81	-0.47
(/) Shares Outstanding (M)	550.10	550.10	550.10
(=) Excess Retained per Share	-0.01	-0.01	0.00
LTM Dividend per Share	0.08	0.08	0.08
(+) Excess Retained per Share	-0.01	-0.01	0.00
(=) Adjusted Dividend	0.07	0.07	0.08
WACC / Discount Rate	6.53%	6.53%	6.53%
Growth Rate	0.90%	1.90%	2.90%
Fair Value	$1.22	$1.64	$2.24
Upside / Downside	-81.14%	-74.67%	-65.52%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	46.95	47.85	48.76	49.69	50.63	51.59	53.14
Payout Ratio	93.49%	92.79%	92.10%	91.40%	90.70%	90.00%	92.50%
Projected Dividends (M)	43.90	44.40	44.90	45.41	45.92	46.43	49.16

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.53%	6.53%	6.53%
Growth Rate	0.90%	1.90%	2.90%
Year 1 PV (M)	41.27	41.68	42.09
Year 2 PV (M)	38.79	39.57	40.35
Year 3 PV (M)	36.46	37.56	38.68
Year 4 PV (M)	34.27	35.65	37.07
Year 5 PV (M)	32.21	33.84	35.53
PV of Terminal Value (M)	965.26	1,014.05	1,064.79
Equity Value (M)	1,148.27	1,202.34	1,258.50
Shares Outstanding (M)	550.10	550.10	550.10
Fair Value	$2.09	$2.19	$2.29
Upside / Downside	-67.84%	-66.32%	-64.75%

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Henan Taloph Pharmaceutical Stock Co.,Ltd (600222.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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