DDM Analysis: 002007.SZ

Valuation Snapshot

Stable Growth	$6.64 - $11.43	$8.71
Multi-Stage	$8.71 - $9.55	$9.13
Blended Fair Value	$8.92
Current Price	$15.92
Upside	-43.99%
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	3.67%	7.25%	0.26	0.31	0.22	0.31	0.31	0.21	0.15	0.22	0.13	0.19
YoY Growth	-	-	-17.00%	41.10%	-29.19%	-1.29%	46.30%	41.92%	-30.67%	70.75%	-33.33%	50.10%
Dividend Yield	-	-	1.65%	1.55%	1.00%	1.52%	0.79%	0.58%	0.65%	1.41%	0.69%	1.34%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	948.62
(-) Cash Dividends Paid (M)	332.41
(=) Cash Retained (M)	616.21

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	189.72	118.58	71.15
Cash Retained (M)	616.21	616.21	616.21
(-) Cash Required (M)	-189.72	-118.58	-71.15
(=) Excess Retained (M)	426.48	497.63	545.06
(/) Shares Outstanding (M)	1,827.92	1,827.92	1,827.92
(=) Excess Retained per Share	0.23	0.27	0.30
LTM Dividend per Share	0.18	0.18	0.18
(+) Excess Retained per Share	0.23	0.27	0.30
(=) Adjusted Dividend	0.42	0.45	0.48
WACC / Discount Rate	8.03%	8.03%	8.03%
Growth Rate	1.67%	2.67%	3.67%
Fair Value	$6.64	$8.71	$11.43
Upside / Downside	-58.27%	-45.30%	-28.20%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	948.62	973.96	999.99	1,026.70	1,054.14	1,082.30	1,114.77
Payout Ratio	35.04%	46.03%	57.02%	68.02%	79.01%	90.00%	92.50%
Projected Dividends (M)	332.41	448.35	570.24	698.33	832.86	974.07	1,031.16

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.03%	8.03%	8.03%
Growth Rate	1.67%	2.67%	3.67%
Year 1 PV (M)	411.00	415.04	419.08
Year 2 PV (M)	479.19	488.66	498.23
Year 3 PV (M)	537.94	553.97	570.31
Year 4 PV (M)	588.12	611.60	635.78
Year 5 PV (M)	630.53	662.16	695.04
PV of Terminal Value (M)	13,282.21	13,948.38	14,641.01
Equity Value (M)	15,928.98	16,679.80	17,459.44
Shares Outstanding (M)	1,827.92	1,827.92	1,827.92
Fair Value	$8.71	$9.13	$9.55
Upside / Downside	-45.26%	-42.68%	-40.00%

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Hualan Biological Engineering Inc. (002007.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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