DDM Analysis: 600671.SS

Valuation Snapshot

Stable Growth	$5.28 - $12.08	$7.70
Multi-Stage	$15.43 - $17.00	$16.20
Blended Fair Value	$11.95
Current Price	$18.26
Upside	-34.55%
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	7.14%	2.31%	0.07	0.05	0.04	0.06	0.06	0.05	0.08	0.07	0.06	0.06
YoY Growth	-	-	28.79%	39.48%	-28.73%	-4.29%	15.22%	-34.26%	5.43%	25.05%	4.52%	-1.72%
Dividend Yield	-	-	0.61%	0.60%	0.46%	0.58%	0.68%	0.46%	0.27%	0.38%	0.18%	0.20%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	33.15
(-) Cash Dividends Paid (M)	7.87
(=) Cash Retained (M)	25.28

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	6.63	4.14	2.49
Cash Retained (M)	25.28	25.28	25.28
(-) Cash Required (M)	-6.63	-4.14	-2.49
(=) Excess Retained (M)	18.65	21.14	22.79
(/) Shares Outstanding (M)	121.83	121.83	121.83
(=) Excess Retained per Share	0.15	0.17	0.19
LTM Dividend per Share	0.06	0.06	0.06
(+) Excess Retained per Share	0.15	0.17	0.19
(=) Adjusted Dividend	0.22	0.24	0.25
WACC / Discount Rate	4.44%	4.44%	4.44%
Growth Rate	0.31%	1.31%	2.31%
Fair Value	$5.28	$7.70	$12.08
Upside / Downside	-71.06%	-57.82%	-33.86%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	33.15	33.58	34.03	34.47	34.92	35.38	36.44
Payout Ratio	23.74%	36.99%	50.24%	63.49%	76.75%	90.00%	92.50%
Projected Dividends (M)	7.87	12.42	17.10	21.89	26.80	31.84	33.71

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	4.44%	4.44%	4.44%
Growth Rate	0.31%	1.31%	2.31%
Year 1 PV (M)	11.78	11.89	12.01
Year 2 PV (M)	15.36	15.67	15.98
Year 3 PV (M)	18.65	19.21	19.79
Year 4 PV (M)	21.65	22.52	23.43
Year 5 PV (M)	24.38	25.62	26.91
PV of Terminal Value (M)	1,787.84	1,878.75	1,973.32
Equity Value (M)	1,879.66	1,973.67	2,071.44
Shares Outstanding (M)	121.83	121.83	121.83
Fair Value	$15.43	$16.20	$17.00
Upside / Downside	-15.50%	-11.28%	-6.88%

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Hangzhou TianMuShan Pharmaceutical Enterprise Co.,Ltd (600671.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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