DDM Analysis: 600587.SS

Valuation Snapshot

Stable Growth	$18.60 - $45.28	$27.67
Multi-Stage	$12.77 - $13.96	$13.36
Blended Fair Value	$20.52
Current Price	$16.03
Upside	27.98%
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	78.24%	11.18%	0.55	0.17	0.16	0.22	0.31	0.03	0.37	0.38	0.31	0.27
YoY Growth	-	-	216.98%	7.06%	-24.65%	-29.79%	902.10%	-91.67%	-3.88%	23.93%	14.10%	41.71%
Dividend Yield	-	-	3.43%	0.98%	0.76%	1.13%	3.05%	0.23%	3.08%	3.12%	1.66%	1.37%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	508.92
(-) Cash Dividends Paid (M)	30.14
(=) Cash Retained (M)	478.78

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	101.78	63.61	38.17
Cash Retained (M)	478.78	478.78	478.78
(-) Cash Required (M)	-101.78	-63.61	-38.17
(=) Excess Retained (M)	376.99	415.16	440.61
(/) Shares Outstanding (M)	596.16	596.16	596.16
(=) Excess Retained per Share	0.63	0.70	0.74
LTM Dividend per Share	0.05	0.05	0.05
(+) Excess Retained per Share	0.63	0.70	0.74
(=) Adjusted Dividend	0.68	0.75	0.79
WACC / Discount Rate	9.37%	9.37%	9.37%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$18.60	$27.67	$45.28
Upside / Downside	16.01%	72.64%	182.50%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	508.92	542.00	577.23	614.75	654.71	697.26	718.18
Payout Ratio	5.92%	22.74%	39.55%	56.37%	73.18%	90.00%	92.50%
Projected Dividends (M)	30.14	123.24	228.31	346.53	479.14	627.54	664.32

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.37%	9.37%	9.37%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	111.62	112.68	113.74
Year 2 PV (M)	187.29	190.85	194.46
Year 3 PV (M)	257.45	264.84	272.37
Year 4 PV (M)	322.41	334.81	347.57
Year 5 PV (M)	382.45	400.92	420.10
PV of Terminal Value (M)	6,351.30	6,658.07	6,976.59
Equity Value (M)	7,612.53	7,962.18	8,324.82
Shares Outstanding (M)	596.16	596.16	596.16
Fair Value	$12.77	$13.36	$13.96
Upside / Downside	-20.34%	-16.68%	-12.89%

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Shinva Medical Instrument Co., Ltd. (600587.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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