DDM Analysis: 2291.HK

Valuation Snapshot

Stable Growth	$10.25 - $14.75	$12.44
Multi-Stage	$16.83 - $18.48	$17.64
Blended Fair Value	$15.04
Current Price	$18.38
Upside	-18.16%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019
DPS	0.00%	0.00%	0.56	0.00	0.00	0.92	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	0.00%	0.00%	-100.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	3.43%	0.00%	0.00%	3.89%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	503.02
(-) Cash Dividends Paid (M)	194.77
(=) Cash Retained (M)	308.25

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	100.60	62.88	37.73
Cash Retained (M)	308.25	308.25	308.25
(-) Cash Required (M)	-100.60	-62.88	-37.73
(=) Excess Retained (M)	207.65	245.37	270.53
(/) Shares Outstanding (M)	346.75	346.75	346.75
(=) Excess Retained per Share	0.60	0.71	0.78
LTM Dividend per Share	0.56	0.56	0.56
(+) Excess Retained per Share	0.60	0.71	0.78
(=) Adjusted Dividend	1.16	1.27	1.34
WACC / Discount Rate	9.10%	9.10%	9.10%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$10.25	$12.44	$14.75
Upside / Downside	-44.24%	-32.29%	-19.75%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	503.02	497.99	493.01	488.08	483.20	478.37	492.72
Payout Ratio	38.72%	48.98%	59.23%	69.49%	79.74%	90.00%	92.50%
Projected Dividends (M)	194.77	243.90	292.02	339.16	385.32	430.53	455.77

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.10%	9.10%	9.10%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	221.30	223.56	225.81
Year 2 PV (M)	240.41	245.35	250.33
Year 3 PV (M)	253.35	261.19	269.18
Year 4 PV (M)	261.17	271.99	283.15
Year 5 PV (M)	264.77	278.56	292.92
PV of Terminal Value (M)	4,596.47	4,835.82	5,085.04
Equity Value (M)	5,837.48	6,116.46	6,406.43
Shares Outstanding (M)	346.75	346.75	346.75
Fair Value	$16.83	$17.64	$18.48
Upside / Downside	-8.41%	-4.03%	0.52%

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LEPU ScienTech Medical Technology (Shanghai) Co., Ltd. (2291.HK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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