DDM Analysis: 300832.SZ

Valuation Snapshot

Stable Growth	$82.68 - $417.55	$171.12
Multi-Stage	$46.73 - $51.03	$48.84
Blended Fair Value	$109.98
Current Price	$68.30
Upside	61.03%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	0.00%	42.61%	1.00	0.70	0.60	0.53	0.79	0.00	0.13	0.24	0.07	0.05
YoY Growth	-	-	43.37%	16.20%	14.12%	-33.21%	0.00%	-100.00%	-46.00%	233.33%	31.04%	87.66%
Dividend Yield	-	-	1.72%	1.03%	0.98%	1.55%	1.25%	0.00%	0.54%	0.99%	0.30%	0.23%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,649.67
(-) Cash Dividends Paid (M)	1,022.12
(=) Cash Retained (M)	627.55

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	329.93	206.21	123.73
Cash Retained (M)	627.55	627.55	627.55
(-) Cash Required (M)	-329.93	-206.21	-123.73
(=) Excess Retained (M)	297.62	421.34	503.83
(/) Shares Outstanding (M)	785.72	785.72	785.72
(=) Excess Retained per Share	0.38	0.54	0.64
LTM Dividend per Share	1.30	1.30	1.30
(+) Excess Retained per Share	0.38	0.54	0.64
(=) Adjusted Dividend	1.68	1.84	1.94
WACC / Discount Rate	7.64%	7.64%	7.64%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$82.68	$171.12	$417.55
Upside / Downside	21.05%	150.55%	511.34%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,649.67	1,756.90	1,871.09	1,992.72	2,122.24	2,260.19	2,327.99
Payout Ratio	61.96%	67.57%	73.18%	78.78%	84.39%	90.00%	92.50%
Projected Dividends (M)	1,022.12	1,187.08	1,369.18	1,569.93	1,791.00	2,034.17	2,153.39

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.64%	7.64%	7.64%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	1,092.44	1,102.79	1,113.15
Year 2 PV (M)	1,159.56	1,181.64	1,203.94
Year 3 PV (M)	1,223.57	1,258.69	1,294.48
Year 4 PV (M)	1,284.57	1,333.97	1,384.78
Year 5 PV (M)	1,342.66	1,407.51	1,474.84
PV of Terminal Value (M)	30,610.63	32,089.13	33,624.22
Equity Value (M)	36,713.42	38,373.74	40,095.42
Shares Outstanding (M)	785.72	785.72	785.72
Fair Value	$46.73	$48.84	$51.03
Upside / Downside	-31.59%	-28.49%	-25.29%

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Shenzhen New Industries Biomedical Engineering Co., Ltd. (300832.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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