DDM Analysis: 600332.SS

Valuation Snapshot

Stable Growth	$52.56 - $192.39	$87.81
Multi-Stage	$34.22 - $37.36	$35.76
Blended Fair Value	$61.78
Current Price	$25.55
Upside	141.81%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	16.57%	18.57%	1.38	0.97	0.92	0.78	0.79	0.64	0.54	0.29	0.32	0.25
YoY Growth	-	-	41.98%	6.35%	17.73%	-1.85%	23.36%	20.12%	87.77%	-9.53%	27.72%	-2.10%
Dividend Yield	-	-	5.23%	3.34%	2.77%	2.48%	2.85%	2.04%	1.35%	0.94%	1.11%	1.08%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	2,986.57
(-) Cash Dividends Paid (M)	1,509.03
(=) Cash Retained (M)	1,477.54

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	597.31	373.32	223.99
Cash Retained (M)	1,477.54	1,477.54	1,477.54
(-) Cash Required (M)	-597.31	-373.32	-223.99
(=) Excess Retained (M)	880.22	1,104.22	1,253.55
(/) Shares Outstanding (M)	1,626.00	1,626.00	1,626.00
(=) Excess Retained per Share	0.54	0.68	0.77
LTM Dividend per Share	0.93	0.93	0.93
(+) Excess Retained per Share	0.54	0.68	0.77
(=) Adjusted Dividend	1.47	1.61	1.70
WACC / Discount Rate	8.45%	8.45%	8.45%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$52.56	$87.81	$192.39
Upside / Downside	105.72%	243.66%	652.99%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	2,986.57	3,180.70	3,387.44	3,607.63	3,842.12	4,091.86	4,214.62
Payout Ratio	50.53%	58.42%	66.32%	74.21%	82.11%	90.00%	92.50%
Projected Dividends (M)	1,509.03	1,858.22	2,246.43	2,677.25	3,154.59	3,682.68	3,898.52

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.45%	8.45%	8.45%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	1,697.36	1,713.45	1,729.54
Year 2 PV (M)	1,874.32	1,910.02	1,946.06
Year 3 PV (M)	2,040.41	2,098.98	2,158.67
Year 4 PV (M)	2,196.07	2,280.53	2,367.40
Year 5 PV (M)	2,341.76	2,454.87	2,572.31
PV of Terminal Value (M)	45,492.11	47,689.39	49,970.77
Equity Value (M)	55,642.03	58,147.25	60,744.74
Shares Outstanding (M)	1,626.00	1,626.00	1,626.00
Fair Value	$34.22	$35.76	$37.36
Upside / Downside	33.93%	39.96%	46.22%

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Guangzhou Baiyunshan Pharmaceutical Holdings Company Limited (600332.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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