DDM Analysis: 600521.SS

Valuation Snapshot

Stable Growth	$54.13 - $63.78	$59.77
Multi-Stage	$18.84 - $20.66	$19.73
Blended Fair Value	$39.75
Current Price	$21.19
Upside	87.59%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	17.88%	11.71%	0.33	0.38	0.10	0.20	0.27	0.14	0.14	0.13	0.11	0.08
YoY Growth	-	-	-14.50%	277.51%	-49.37%	-25.94%	88.07%	0.22%	11.13%	18.24%	34.56%	-24.94%
Dividend Yield	-	-	2.09%	2.89%	0.50%	0.95%	1.05%	0.61%	0.99%	0.52%	0.65%	0.53%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	468.07
(-) Cash Dividends Paid (M)	131.28
(=) Cash Retained (M)	336.79

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	93.61	58.51	35.11
Cash Retained (M)	336.79	336.79	336.79
(-) Cash Required (M)	-93.61	-58.51	-35.11
(=) Excess Retained (M)	243.18	278.28	301.69
(/) Shares Outstanding (M)	1,459.60	1,459.60	1,459.60
(=) Excess Retained per Share	0.17	0.19	0.21
LTM Dividend per Share	0.09	0.09	0.09
(+) Excess Retained per Share	0.17	0.19	0.21
(=) Adjusted Dividend	0.26	0.28	0.30
WACC / Discount Rate	4.78%	4.78%	4.78%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$54.13	$59.77	$63.78
Upside / Downside	155.46%	182.05%	200.97%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	468.07	498.49	530.90	565.40	602.16	641.30	660.53
Payout Ratio	28.05%	40.44%	52.83%	65.22%	77.61%	90.00%	92.50%
Projected Dividends (M)	131.28	201.58	280.46	368.75	467.33	577.17	610.99

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	4.78%	4.78%	4.78%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	190.58	192.38	194.19
Year 2 PV (M)	250.68	255.46	260.28
Year 3 PV (M)	311.61	320.56	329.67
Year 4 PV (M)	373.36	387.72	402.49
Year 5 PV (M)	435.95	457.01	478.87
PV of Terminal Value (M)	25,937.67	27,190.47	28,491.22
Equity Value (M)	27,499.86	28,803.60	30,156.72
Shares Outstanding (M)	1,459.60	1,459.60	1,459.60
Fair Value	$18.84	$19.73	$20.66
Upside / Downside	-11.09%	-6.87%	-2.50%

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Zhejiang Huahai Pharmaceutical Co., Ltd. (600521.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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