DDM Analysis: 688065.SS

Valuation Snapshot

Stable Growth	$7.08 - $10.39	$8.67
Multi-Stage	$10.42 - $11.46	$10.93
Blended Fair Value	$9.80
Current Price	$52.04
Upside	-81.17%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	3.02%	0.00%	0.22	0.21	0.32	0.52	0.01	0.19	0.27	0.00	0.00	0.00
YoY Growth	-	-	2.24%	-33.41%	-39.09%	8,672.41%	-96.81%	-32.15%	188,135.24%	0.00%	0.00%	0.00%
Dividend Yield	-	-	0.43%	0.48%	0.51%	0.67%	0.01%	0.17%	0.24%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	594.46
(-) Cash Dividends Paid (M)	26.51
(=) Cash Retained (M)	567.95

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	118.89	74.31	44.58
Cash Retained (M)	567.95	567.95	567.95
(-) Cash Required (M)	-118.89	-74.31	-44.58
(=) Excess Retained (M)	449.05	493.64	523.36
(/) Shares Outstanding (M)	653.86	653.86	653.86
(=) Excess Retained per Share	0.69	0.75	0.80
LTM Dividend per Share	0.04	0.04	0.04
(+) Excess Retained per Share	0.69	0.75	0.80
(=) Adjusted Dividend	0.73	0.80	0.84
WACC / Discount Rate	9.16%	9.16%	9.16%
Growth Rate	-1.01%	-0.01%	0.99%
Fair Value	$7.08	$8.67	$10.39
Upside / Downside	-86.40%	-83.33%	-80.03%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	594.46	594.39	594.32	594.24	594.17	594.10	611.92
Payout Ratio	4.46%	21.57%	38.68%	55.78%	72.89%	90.00%	92.50%
Projected Dividends (M)	26.51	128.20	229.86	331.49	433.10	534.69	566.03

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.16%	9.16%	9.16%
Growth Rate	-1.01%	-0.01%	0.99%
Year 1 PV (M)	116.27	117.44	118.62
Year 2 PV (M)	189.07	192.91	196.78
Year 3 PV (M)	247.29	254.86	262.59
Year 4 PV (M)	293.03	305.05	317.44
Year 5 PV (M)	328.09	345.00	362.60
PV of Terminal Value (M)	5,640.11	5,930.81	6,233.38
Equity Value (M)	6,813.85	7,146.07	7,491.41
Shares Outstanding (M)	653.86	653.86	653.86
Fair Value	$10.42	$10.93	$11.46
Upside / Downside	-79.98%	-79.00%	-77.98%

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Cathay Biotech Inc. (688065.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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