DDM Analysis: 603456.SS

Valuation Snapshot

Stable Growth	$66.47 - $161.75	$151.59
Multi-Stage	$23.64 - $25.87	$24.73
Blended Fair Value	$88.16
Current Price	$19.45
Upside	353.26%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	23.94%	29.38%	0.53	0.40	0.23	0.19	0.18	0.18	0.10	0.05	0.07	0.05
YoY Growth	-	-	31.41%	71.95%	25.44%	3.50%	-0.32%	79.95%	102.12%	-33.33%	59.96%	15.86%
Dividend Yield	-	-	3.83%	2.23%	0.71%	0.39%	0.47%	0.88%	1.07%	0.52%	0.75%	0.28%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	722.87
(-) Cash Dividends Paid (M)	283.09
(=) Cash Retained (M)	439.78

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	144.57	90.36	54.22
Cash Retained (M)	439.78	439.78	439.78
(-) Cash Required (M)	-144.57	-90.36	-54.22
(=) Excess Retained (M)	295.21	349.42	385.57
(/) Shares Outstanding (M)	888.78	888.78	888.78
(=) Excess Retained per Share	0.33	0.39	0.43
LTM Dividend per Share	0.32	0.32	0.32
(+) Excess Retained per Share	0.33	0.39	0.43
(=) Adjusted Dividend	0.65	0.71	0.75
WACC / Discount Rate	6.53%	6.53%	6.53%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$66.47	$151.59	$161.75
Upside / Downside	241.73%	679.36%	731.63%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	722.87	769.86	819.90	873.19	929.95	990.40	1,020.11
Payout Ratio	39.16%	49.33%	59.50%	69.66%	79.83%	90.00%	92.50%
Projected Dividends (M)	283.09	379.77	487.82	608.31	742.40	891.36	943.60

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.53%	6.53%	6.53%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	353.13	356.48	359.83
Year 2 PV (M)	421.79	429.82	437.93
Year 3 PV (M)	489.08	503.12	517.43
Year 4 PV (M)	555.03	576.38	598.33
Year 5 PV (M)	619.66	649.59	680.66
PV of Terminal Value (M)	18,568.29	19,465.14	20,396.32
Equity Value (M)	21,006.98	21,980.53	22,990.50
Shares Outstanding (M)	888.78	888.78	888.78
Fair Value	$23.64	$24.73	$25.87
Upside / Downside	21.52%	27.15%	33.00%

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Zhejiang Jiuzhou Pharmaceutical Co., Ltd (603456.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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