DDM Analysis: 600436.SS

Valuation Snapshot

Stable Growth	$677.57 - $798.30	$748.12
Multi-Stage	$159.03 - $174.25	$166.50
Blended Fair Value	$457.31
Current Price	$196.79
Upside	132.38%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	40.21%	27.08%	3.53	1.30	1.26	0.94	0.87	0.65	0.47	0.33	0.28	0.27
YoY Growth	-	-	171.11%	3.16%	33.63%	8.97%	33.04%	38.13%	44.20%	18.38%	3.60%	-16.97%
Dividend Yield	-	-	1.74%	0.56%	0.44%	0.30%	0.30%	0.52%	0.40%	0.39%	0.55%	0.73%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	2,419.67
(-) Cash Dividends Paid (M)	716.71
(=) Cash Retained (M)	1,702.96

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	483.93	302.46	181.47
Cash Retained (M)	1,702.96	1,702.96	1,702.96
(-) Cash Required (M)	-483.93	-302.46	-181.47
(=) Excess Retained (M)	1,219.02	1,400.50	1,521.48
(/) Shares Outstanding (M)	602.80	602.80	602.80
(=) Excess Retained per Share	2.02	2.32	2.52
LTM Dividend per Share	1.19	1.19	1.19
(+) Excess Retained per Share	2.02	2.32	2.52
(=) Adjusted Dividend	3.21	3.51	3.71
WACC / Discount Rate	5.61%	5.61%	5.61%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$677.57	$748.12	$798.30
Upside / Downside	244.31%	280.16%	305.66%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	2,419.67	2,576.94	2,744.45	2,922.83	3,112.82	3,315.15	3,414.61
Payout Ratio	29.62%	41.70%	53.77%	65.85%	77.92%	90.00%	92.50%
Projected Dividends (M)	716.71	1,074.48	1,475.74	1,924.63	2,425.63	2,983.64	3,158.51

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	5.61%	5.61%	5.61%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	1,007.87	1,017.42	1,026.98
Year 2 PV (M)	1,298.43	1,323.16	1,348.13
Year 3 PV (M)	1,588.40	1,633.99	1,680.45
Year 4 PV (M)	1,877.76	1,949.98	2,024.25
Year 5 PV (M)	2,166.53	2,271.18	2,379.83
PV of Terminal Value (M)	87,923.80	92,170.55	96,579.83
Equity Value (M)	95,862.79	100,366.28	105,039.47
Shares Outstanding (M)	602.80	602.80	602.80
Fair Value	$159.03	$166.50	$174.25
Upside / Downside	-19.19%	-15.39%	-11.45%

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Zhangzhou Pientzehuang Pharmaceutical., Ltd (600436.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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