DDM Analysis: 688315.SS

Valuation Snapshot

Stable Growth	$7.37 - $14.83	$10.26
Multi-Stage	$6.10 - $6.67	$6.38
Blended Fair Value	$8.32
Current Price	$15.83
Upside	-47.43%
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	52.81%	0.00%	0.05	0.05	0.06	0.01	0.02	0.01	0.00	0.00	0.01	0.00
YoY Growth	-	-	-0.36%	-19.79%	878.68%	-73.24%	298.13%	317.79%	-69.96%	-44.89%	156.34%	0.00%
Dividend Yield	-	-	0.31%	0.32%	0.20%	0.02%	0.08%	0.02%	0.00%	0.02%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	175.21
(-) Cash Dividends Paid (M)	20.25
(=) Cash Retained (M)	154.96

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	35.04	21.90	13.14
Cash Retained (M)	154.96	154.96	154.96
(-) Cash Required (M)	-35.04	-21.90	-13.14
(=) Excess Retained (M)	119.92	133.06	141.82
(/) Shares Outstanding (M)	412.57	412.57	412.57
(=) Excess Retained per Share	0.29	0.32	0.34
LTM Dividend per Share	0.05	0.05	0.05
(+) Excess Retained per Share	0.29	0.32	0.34
(=) Adjusted Dividend	0.34	0.37	0.39
WACC / Discount Rate	9.41%	9.41%	9.41%
Growth Rate	4.59%	5.59%	6.59%
Fair Value	$7.37	$10.26	$14.83
Upside / Downside	-53.47%	-35.18%	-6.33%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	175.21	185.00	195.33	206.24	217.76	229.93	236.82
Payout Ratio	11.56%	27.25%	42.94%	58.62%	74.31%	90.00%	92.50%
Projected Dividends (M)	20.25	50.41	83.87	120.91	161.82	206.93	219.06

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.41%	9.41%	9.41%
Growth Rate	4.59%	5.59%	6.59%
Year 1 PV (M)	45.64	46.07	46.51
Year 2 PV (M)	68.74	70.06	71.39
Year 3 PV (M)	89.72	92.32	94.97
Year 4 PV (M)	108.72	112.93	117.27
Year 5 PV (M)	125.86	132.00	138.37
PV of Terminal Value (M)	2,078.83	2,180.14	2,285.35
Equity Value (M)	2,517.51	2,633.52	2,753.86
Shares Outstanding (M)	412.57	412.57	412.57
Fair Value	$6.10	$6.38	$6.67
Upside / Downside	-61.45%	-59.68%	-57.83%

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Novogene Co., Ltd. (688315.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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