DDM Analysis: 301009.SZ

Valuation Snapshot

Stable Growth	$0.89 - $1.25	$1.07
Multi-Stage	$1.71 - $1.88	$1.79
Blended Fair Value	$1.43
Current Price	$13.35
Upside	-89.29%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017
DPS	-35.51%	0.00%	0.08	0.00	0.07	0.00	0.09	0.68	0.01	0.18	0.00	0.00
YoY Growth	-	-	0.00%	-100.00%	2,055.96%	-96.26%	-86.91%	11,734.02%	-96.73%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.69%	0.00%	0.58%	0.02%	0.34%	2.63%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	37.09
(-) Cash Dividends Paid (M)	18.70
(=) Cash Retained (M)	18.39

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	7.42	4.64	2.78
Cash Retained (M)	18.39	18.39	18.39
(-) Cash Required (M)	-7.42	-4.64	-2.78
(=) Excess Retained (M)	10.97	13.75	15.61
(/) Shares Outstanding (M)	265.56	265.56	265.56
(=) Excess Retained per Share	0.04	0.05	0.06
LTM Dividend per Share	0.07	0.07	0.07
(+) Excess Retained per Share	0.04	0.05	0.06
(=) Adjusted Dividend	0.11	0.12	0.13
WACC / Discount Rate	8.45%	8.45%	8.45%
Growth Rate	-3.68%	-2.68%	-1.68%
Fair Value	$0.89	$1.07	$1.25
Upside / Downside	-93.35%	-91.99%	-90.60%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	37.09	36.09	35.13	34.19	33.27	32.38	33.35
Payout Ratio	50.41%	58.33%	66.25%	74.17%	82.08%	90.00%	92.50%
Projected Dividends (M)	18.70	21.05	23.27	25.35	27.31	29.14	30.85

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.45%	8.45%	8.45%
Growth Rate	-3.68%	-2.68%	-1.68%
Year 1 PV (M)	19.21	19.41	19.61
Year 2 PV (M)	19.38	19.79	20.20
Year 3 PV (M)	19.27	19.88	20.50
Year 4 PV (M)	18.94	19.74	20.57
Year 5 PV (M)	18.45	19.43	20.45
PV of Terminal Value (M)	358.47	377.47	397.27
Equity Value (M)	453.74	475.72	498.59
Shares Outstanding (M)	265.56	265.56	265.56
Fair Value	$1.71	$1.79	$1.88
Upside / Downside	-87.20%	-86.58%	-85.94%

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Hangzhou Coco Healthcare Products Co.,Ltd. (301009.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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