DDM Analysis: 688319.SS

Valuation Snapshot

Stable Growth	$4.21 - $13.46	$6.80
Multi-Stage	$2.73 - $2.98	$2.85
Blended Fair Value	$4.83
Current Price	$27.20
Upside	-82.26%
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	126.85%	23.19%	0.07	0.01	0.01	0.00	0.00	0.00	0.00	0.00	0.00	0.01
YoY Growth	-	-	395.62%	40.81%	313.18%	36.38%	52.76%	23.43%	312.52%	0.00%	-100.00%	-26.12%
Dividend Yield	-	-	0.49%	0.16%	0.05%	0.01%	0.00%	0.00%	0.00%	0.00%	0.00%	0.02%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	64.21
(-) Cash Dividends Paid (M)	11.20
(=) Cash Retained (M)	53.01

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	12.84	8.03	4.82
Cash Retained (M)	53.01	53.01	53.01
(-) Cash Required (M)	-12.84	-8.03	-4.82
(=) Excess Retained (M)	40.17	44.99	48.20
(/) Shares Outstanding (M)	405.92	405.92	405.92
(=) Excess Retained per Share	0.10	0.11	0.12
LTM Dividend per Share	0.03	0.03	0.03
(+) Excess Retained per Share	0.10	0.11	0.12
(=) Adjusted Dividend	0.13	0.14	0.15
WACC / Discount Rate	8.67%	8.67%	8.67%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$4.21	$6.80	$13.46
Upside / Downside	-84.51%	-75.01%	-50.51%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	64.21	68.39	72.83	77.56	82.61	87.98	90.61
Payout Ratio	17.44%	31.95%	46.46%	60.98%	75.49%	90.00%	92.50%
Projected Dividends (M)	11.20	21.85	33.84	47.30	62.36	79.18	83.82

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.67%	8.67%	8.67%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	19.92	20.11	20.30
Year 2 PV (M)	28.12	28.66	29.20
Year 3 PV (M)	35.83	36.86	37.90
Year 4 PV (M)	43.06	44.72	46.42
Year 5 PV (M)	49.84	52.25	54.75
PV of Terminal Value (M)	930.80	975.76	1,022.43
Equity Value (M)	1,107.57	1,158.34	1,211.00
Shares Outstanding (M)	405.92	405.92	405.92
Fair Value	$2.73	$2.85	$2.98
Upside / Downside	-89.97%	-89.51%	-89.03%

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Chengdu Olymvax Biopharmaceuticals Inc. (688319.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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