DDM Analysis: 600351.SS

Valuation Snapshot

Stable Growth	$2.55 - $3.77	$3.13
Multi-Stage	$3.81 - $4.16	$3.98
Blended Fair Value	$3.56
Current Price	$6.54
Upside	-45.59%
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	-13.96%	2.04%	0.16	0.07	0.11	0.08	0.07	0.34	0.16	0.08	0.16	0.24
YoY Growth	-	-	121.53%	-37.18%	35.11%	22.03%	-79.44%	112.80%	91.74%	-47.68%	-33.31%	82.27%
Dividend Yield	-	-	2.60%	1.13%	1.62%	1.01%	1.41%	6.79%	1.91%	1.09%	1.82%	2.10%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	222.85
(-) Cash Dividends Paid (M)	210.34
(=) Cash Retained (M)	12.51

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	44.57	27.86	16.71
Cash Retained (M)	12.51	12.51	12.51
(-) Cash Required (M)	-44.57	-27.86	-16.71
(=) Excess Retained (M)	-32.06	-15.35	-4.21
(/) Shares Outstanding (M)	714.52	714.52	714.52
(=) Excess Retained per Share	-0.04	-0.02	-0.01
LTM Dividend per Share	0.29	0.29	0.29
(+) Excess Retained per Share	-0.04	-0.02	-0.01
(=) Adjusted Dividend	0.25	0.27	0.29
WACC / Discount Rate	9.84%	9.84%	9.84%
Growth Rate	0.04%	1.04%	2.04%
Fair Value	$2.55	$3.13	$3.77
Upside / Downside	-61.06%	-52.10%	-42.30%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	222.85	225.17	227.51	229.88	232.27	234.68	241.72
Payout Ratio	94.39%	93.51%	92.63%	91.75%	90.88%	90.00%	92.50%
Projected Dividends (M)	210.34	210.55	210.75	210.92	211.08	211.22	223.59

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.84%	9.84%	9.84%
Growth Rate	0.04%	1.04%	2.04%
Year 1 PV (M)	189.79	191.69	193.59
Year 2 PV (M)	171.23	174.67	178.15
Year 3 PV (M)	154.48	159.16	163.93
Year 4 PV (M)	139.35	145.00	150.83
Year 5 PV (M)	125.69	132.10	138.76
PV of Terminal Value (M)	1,944.75	2,043.91	2,147.07
Equity Value (M)	2,725.28	2,846.52	2,972.33
Shares Outstanding (M)	714.52	714.52	714.52
Fair Value	$3.81	$3.98	$4.16
Upside / Downside	-41.68%	-39.08%	-36.39%

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Yabao Pharmaceutical Group Co., Ltd (600351.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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