DDM Analysis: 688358.SS

Valuation Snapshot

Stable Growth	$30.35 - $91.42	$48.19
Multi-Stage	$35.28 - $38.71	$36.96
Blended Fair Value	$42.57
Current Price	$32.90
Upside	29.41%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	7.27%	0.00%	0.80	0.70	0.36	0.57	0.71	0.56	0.17	0.12	0.27	0.00
YoY Growth	-	-	14.03%	96.22%	-37.50%	-20.00%	26.98%	232.44%	45.14%	-56.48%	0.00%	0.00%
Dividend Yield	-	-	2.58%	2.05%	0.99%	2.00%	2.06%	1.14%	0.46%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	136.02
(-) Cash Dividends Paid (M)	57.46
(=) Cash Retained (M)	78.56

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	27.20	17.00	10.20
Cash Retained (M)	78.56	78.56	78.56
(-) Cash Required (M)	-27.20	-17.00	-10.20
(=) Excess Retained (M)	51.36	61.56	68.36
(/) Shares Outstanding (M)	112.20	112.20	112.20
(=) Excess Retained per Share	0.46	0.55	0.61
LTM Dividend per Share	0.51	0.51	0.51
(+) Excess Retained per Share	0.46	0.55	0.61
(=) Adjusted Dividend	0.97	1.06	1.12
WACC / Discount Rate	6.14%	6.14%	6.14%
Growth Rate	2.86%	3.86%	4.86%
Fair Value	$30.35	$48.19	$91.42
Upside / Downside	-7.74%	46.46%	177.86%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	136.02	141.26	146.71	152.37	158.24	164.35	169.28
Payout Ratio	42.24%	51.79%	61.35%	70.90%	80.45%	90.00%	92.50%
Projected Dividends (M)	57.46	73.16	90.00	108.02	127.31	147.91	156.58

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.14%	6.14%	6.14%
Growth Rate	2.86%	3.86%	4.86%
Year 1 PV (M)	68.27	68.93	69.59
Year 2 PV (M)	78.35	79.88	81.43
Year 3 PV (M)	87.75	90.33	92.97
Year 4 PV (M)	96.49	100.30	104.22
Year 5 PV (M)	104.60	109.79	115.18
PV of Terminal Value (M)	3,523.48	3,698.13	3,879.63
Equity Value (M)	3,958.94	4,147.36	4,343.01
Shares Outstanding (M)	112.20	112.20	112.20
Fair Value	$35.28	$36.96	$38.71
Upside / Downside	7.25%	12.35%	17.65%

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Chison Medical Technologies Co., Ltd. (688358.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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