DDM Analysis: 688366.SS

Valuation Snapshot

Stable Growth	$55.77 - $316.36	$101.98
Multi-Stage	$35.09 - $38.25	$36.64
Blended Fair Value	$69.31
Current Price	$51.96
Upside	33.39%
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	26.56%	13.96%	1.13	0.30	0.53	0.38	0.54	0.35	0.35	0.37	0.25	0.22
YoY Growth	-	-	279.27%	-43.79%	38.65%	-29.13%	55.01%	0.00%	-6.71%	46.46%	17.88%	-29.35%
Dividend Yield	-	-	1.91%	0.41%	0.73%	0.55%	0.68%	0.69%	0.37%	0.40%	0.27%	0.23%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	384.21
(-) Cash Dividends Paid (M)	343.85
(=) Cash Retained (M)	40.36

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	76.84	48.03	28.82
Cash Retained (M)	40.36	40.36	40.36
(-) Cash Required (M)	-76.84	-48.03	-28.82
(=) Excess Retained (M)	-36.49	-7.67	11.54
(/) Shares Outstanding (M)	230.32	230.32	230.32
(=) Excess Retained per Share	-0.16	-0.03	0.05
LTM Dividend per Share	1.49	1.49	1.49
(+) Excess Retained per Share	-0.16	-0.03	0.05
(=) Adjusted Dividend	1.33	1.46	1.54
WACC / Discount Rate	8.02%	8.02%	8.02%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$55.77	$101.98	$316.36
Upside / Downside	7.34%	96.27%	508.86%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	384.21	409.18	435.78	464.10	494.27	526.39	542.19
Payout Ratio	89.50%	89.60%	89.70%	89.80%	89.90%	90.00%	92.50%
Projected Dividends (M)	343.85	366.61	390.88	416.76	444.34	473.76	501.52

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.02%	8.02%	8.02%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	336.19	339.38	342.57
Year 2 PV (M)	328.71	334.97	341.29
Year 3 PV (M)	321.38	330.61	340.01
Year 4 PV (M)	314.23	326.31	338.74
Year 5 PV (M)	307.23	322.07	337.47
PV of Terminal Value (M)	6,473.20	6,785.86	7,110.48
Equity Value (M)	8,080.94	8,439.19	8,810.56
Shares Outstanding (M)	230.32	230.32	230.32
Fair Value	$35.09	$36.64	$38.25
Upside / Downside	-32.47%	-29.48%	-26.38%

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Shanghai Haohai Biological Technology Co., Ltd. (688366.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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