DDM Analysis: 002899.SZ

Valuation Snapshot

Stable Growth	$11.12 - $26.03	$16.34
Multi-Stage	$10.45 - $11.44	$10.94
Blended Fair Value	$13.64
Current Price	$22.88
Upside	-40.40%
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	30.58%	-2.81%	0.30	0.27	0.19	0.10	0.00	0.08	0.06	0.06	0.11	0.12
YoY Growth	-	-	8.34%	47.05%	93.34%	66,120.84%	-99.81%	21.74%	-0.02%	-43.34%	-5.06%	-69.74%
Dividend Yield	-	-	1.35%	1.88%	1.37%	0.68%	0.00%	0.62%	0.39%	0.26%	0.49%	0.52%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	72.56
(-) Cash Dividends Paid (M)	28.69
(=) Cash Retained (M)	43.87

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	14.51	9.07	5.44
Cash Retained (M)	43.87	43.87	43.87
(-) Cash Required (M)	-14.51	-9.07	-5.44
(=) Excess Retained (M)	29.36	34.80	38.43
(/) Shares Outstanding (M)	134.52	134.52	134.52
(=) Excess Retained per Share	0.22	0.26	0.29
LTM Dividend per Share	0.21	0.21	0.21
(+) Excess Retained per Share	0.22	0.26	0.29
(=) Adjusted Dividend	0.43	0.47	0.50
WACC / Discount Rate	7.83%	7.83%	7.83%
Growth Rate	3.80%	4.80%	5.80%
Fair Value	$11.12	$16.34	$26.03
Upside / Downside	-51.40%	-28.60%	13.77%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	72.56	76.04	79.69	83.52	87.54	91.74	94.49
Payout Ratio	39.54%	49.63%	59.72%	69.82%	79.91%	90.00%	92.50%
Projected Dividends (M)	28.69	37.74	47.60	58.31	69.95	82.57	87.41

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.83%	7.83%	7.83%
Growth Rate	3.80%	4.80%	5.80%
Year 1 PV (M)	34.66	35.00	35.33
Year 2 PV (M)	40.16	40.93	41.72
Year 3 PV (M)	45.19	46.51	47.85
Year 4 PV (M)	49.79	51.73	53.74
Year 5 PV (M)	53.98	56.63	59.39
PV of Terminal Value (M)	1,182.60	1,240.68	1,301.01
Equity Value (M)	1,406.38	1,471.48	1,539.03
Shares Outstanding (M)	134.52	134.52	134.52
Fair Value	$10.45	$10.94	$11.44
Upside / Downside	-54.31%	-52.19%	-50.00%

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Impulse (Qingdao) Health Tech Co.,Ltd. (002899.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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