DDM Analysis: 300622.SZ

Valuation Snapshot

Stable Growth	$13.87 - $38.62	$21.52
Multi-Stage	$9.69 - $10.58	$10.13
Blended Fair Value	$15.82
Current Price	$32.14
Upside	-50.77%
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	27.59%	27.58%	0.78	0.28	0.45	0.32	0.19	0.23	0.09	0.09	0.14	0.21
YoY Growth	-	-	179.62%	-38.98%	44.10%	63.33%	-15.81%	153.53%	0.00%	-33.33%	-35.65%	210.68%
Dividend Yield	-	-	1.73%	1.64%	2.11%	1.74%	1.14%	1.89%	0.85%	0.76%	0.60%	2.92%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	107.98
(-) Cash Dividends Paid (M)	59.60
(=) Cash Retained (M)	48.38

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	21.60	13.50	8.10
Cash Retained (M)	48.38	48.38	48.38
(-) Cash Required (M)	-21.60	-13.50	-8.10
(=) Excess Retained (M)	26.78	34.88	40.28
(/) Shares Outstanding (M)	189.55	189.55	189.55
(=) Excess Retained per Share	0.14	0.18	0.21
LTM Dividend per Share	0.31	0.31	0.31
(+) Excess Retained per Share	0.14	0.18	0.21
(=) Adjusted Dividend	0.46	0.50	0.53
WACC / Discount Rate	8.97%	8.97%	8.97%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$13.87	$21.52	$38.62
Upside / Downside	-56.85%	-33.05%	20.15%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	107.98	114.99	122.47	130.43	138.91	147.94	152.37
Payout Ratio	55.20%	62.16%	69.12%	76.08%	83.04%	90.00%	92.50%
Projected Dividends (M)	59.60	71.48	84.65	99.23	115.35	133.14	140.95

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.97%	8.97%	8.97%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	64.98	65.60	66.21
Year 2 PV (M)	69.96	71.29	72.64
Year 3 PV (M)	74.55	76.69	78.87
Year 4 PV (M)	78.78	81.81	84.93
Year 5 PV (M)	82.67	86.66	90.81
PV of Terminal Value (M)	1,466.71	1,537.55	1,611.11
Equity Value (M)	1,837.66	1,919.61	2,004.57
Shares Outstanding (M)	189.55	189.55	189.55
Fair Value	$9.69	$10.13	$10.58
Upside / Downside	-69.84%	-68.49%	-67.10%

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Doctorglasses Chain Co.,Ltd. (300622.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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