DDM Analysis: 300347.SZ

Valuation Snapshot

Stable Growth	$27.39 - $141.72	$55.54
Multi-Stage	$15.51 - $16.95	$16.21
Blended Fair Value	$35.88
Current Price	$58.00
Upside	-38.15%
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	19.28%	31.13%	0.75	0.69	0.57	0.33	0.32	0.31	0.15	0.07	0.07	0.06
YoY Growth	-	-	8.86%	19.89%	73.10%	4.77%	2.00%	110.01%	103.13%	5.46%	23.58%	11.98%
Dividend Yield	-	-	1.47%	1.29%	0.60%	0.31%	0.21%	0.48%	0.33%	0.20%	0.40%	0.30%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	612.15
(-) Cash Dividends Paid (M)	304.80
(=) Cash Retained (M)	307.34

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	122.43	76.52	45.91
Cash Retained (M)	307.34	307.34	307.34
(-) Cash Required (M)	-122.43	-76.52	-45.91
(=) Excess Retained (M)	184.92	230.83	261.43
(/) Shares Outstanding (M)	859.03	859.03	859.03
(=) Excess Retained per Share	0.22	0.27	0.30
LTM Dividend per Share	0.35	0.35	0.35
(+) Excess Retained per Share	0.22	0.27	0.30
(=) Adjusted Dividend	0.57	0.62	0.66
WACC / Discount Rate	7.70%	7.70%	7.70%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$27.39	$55.54	$141.72
Upside / Downside	-52.77%	-4.25%	144.34%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	612.15	651.94	694.31	739.44	787.51	838.70	863.86
Payout Ratio	49.79%	57.83%	65.88%	73.92%	81.96%	90.00%	92.50%
Projected Dividends (M)	304.80	377.04	457.38	546.58	645.43	754.83	799.07

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.70%	7.70%	7.70%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	346.81	350.10	353.39
Year 2 PV (M)	386.98	394.35	401.79
Year 3 PV (M)	425.37	437.58	450.02
Year 4 PV (M)	462.03	479.79	498.07
Year 5 PV (M)	497.01	521.02	545.95
PV of Terminal Value (M)	11,204.76	11,745.95	12,307.86
Equity Value (M)	13,322.96	13,928.80	14,557.07
Shares Outstanding (M)	859.03	859.03	859.03
Fair Value	$15.51	$16.21	$16.95
Upside / Downside	-73.26%	-72.04%	-70.78%

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Hangzhou Tigermed Consulting Co., Ltd. (300347.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener