DDM Analysis: 002007.SZ

Valuation Snapshot

Stable Growth	$5.97 - $9.81	$7.68
Multi-Stage	$7.57 - $8.29	$7.92
Blended Fair Value	$7.80
Current Price	$15.92
Upside	-50.99%
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	3.67%	7.25%	0.26	0.31	0.22	0.31	0.31	0.21	0.15	0.22	0.13	0.19
YoY Growth	-	-	-17.00%	41.10%	-29.19%	-1.29%	46.30%	41.92%	-30.67%	70.75%	-33.33%	50.10%
Dividend Yield	-	-	1.65%	1.55%	1.00%	1.52%	0.79%	0.58%	0.65%	1.41%	0.69%	1.34%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	948.62
(-) Cash Dividends Paid (M)	332.41
(=) Cash Retained (M)	616.21

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	189.72	118.58	71.15
Cash Retained (M)	616.21	616.21	616.21
(-) Cash Required (M)	-189.72	-118.58	-71.15
(=) Excess Retained (M)	426.48	497.63	545.06
(/) Shares Outstanding (M)	1,827.92	1,827.92	1,827.92
(=) Excess Retained per Share	0.23	0.27	0.30
LTM Dividend per Share	0.18	0.18	0.18
(+) Excess Retained per Share	0.23	0.27	0.30
(=) Adjusted Dividend	0.42	0.45	0.48
WACC / Discount Rate	8.74%	8.74%	8.74%
Growth Rate	1.67%	2.67%	3.67%
Fair Value	$5.97	$7.68	$9.81
Upside / Downside	-62.50%	-51.76%	-38.35%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	948.62	973.96	999.99	1,026.70	1,054.14	1,082.30	1,114.77
Payout Ratio	35.04%	46.03%	57.02%	68.02%	79.01%	90.00%	92.50%
Projected Dividends (M)	332.41	448.35	570.24	698.33	832.86	974.07	1,031.16

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.74%	8.74%	8.74%
Growth Rate	1.67%	2.67%	3.67%
Year 1 PV (M)	408.29	412.30	416.32
Year 2 PV (M)	472.89	482.24	491.68
Year 3 PV (M)	527.37	543.08	559.10
Year 4 PV (M)	572.76	595.63	619.17
Year 5 PV (M)	610.02	640.61	672.42
PV of Terminal Value (M)	11,245.63	11,809.65	12,396.08
Equity Value (M)	13,836.95	14,483.51	15,154.78
Shares Outstanding (M)	1,827.92	1,827.92	1,827.92
Fair Value	$7.57	$7.92	$8.29
Upside / Downside	-52.45%	-50.23%	-47.92%

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Hualan Biological Engineering Inc. (002007.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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