DDM Analysis: 300015.SZ

Valuation Snapshot

Stable Growth	$22.07 - $69.10	$64.76
Multi-Stage	$9.36 - $10.23	$9.79
Blended Fair Value	$37.27
Current Price	$12.34
Upside	202.03%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	22.52%	36.01%	0.15	0.08	0.07	0.07	0.06	0.06	0.06	0.02	0.03	0.01
YoY Growth	-	-	90.03%	11.05%	1.52%	24.83%	3.23%	-2.34%	171.24%	-34.39%	201.18%	49.88%
Dividend Yield	-	-	1.15%	0.61%	0.30%	0.38%	0.21%	0.40%	0.61%	0.28%	0.88%	0.30%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	3,219.03
(-) Cash Dividends Paid (M)	1,603.11
(=) Cash Retained (M)	1,615.91

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	643.81	402.38	241.43
Cash Retained (M)	1,615.91	1,615.91	1,615.91
(-) Cash Required (M)	-643.81	-402.38	-241.43
(=) Excess Retained (M)	972.11	1,213.54	1,374.49
(/) Shares Outstanding (M)	9,264.74	9,264.74	9,264.74
(=) Excess Retained per Share	0.10	0.13	0.15
LTM Dividend per Share	0.17	0.17	0.17
(+) Excess Retained per Share	0.10	0.13	0.15
(=) Adjusted Dividend	0.28	0.30	0.32
WACC / Discount Rate	6.83%	6.83%	6.83%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$22.07	$64.76	$69.10
Upside / Downside	78.84%	424.76%	459.96%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	3,219.03	3,428.26	3,651.10	3,888.42	4,141.17	4,410.35	4,542.66
Payout Ratio	49.80%	57.84%	65.88%	73.92%	81.96%	90.00%	92.50%
Projected Dividends (M)	1,603.11	1,982.94	2,405.37	2,874.34	3,394.11	3,969.31	4,201.96

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.83%	6.83%	6.83%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	1,838.76	1,856.19	1,873.62
Year 2 PV (M)	2,068.29	2,107.69	2,147.45
Year 3 PV (M)	2,291.83	2,357.62	2,424.66
Year 4 PV (M)	2,509.49	2,606.00	2,705.26
Year 5 PV (M)	2,721.38	2,852.82	2,989.30
PV of Terminal Value (M)	75,243.42	78,877.71	82,651.09
Equity Value (M)	86,673.17	90,658.02	94,791.37
Shares Outstanding (M)	9,264.74	9,264.74	9,264.74
Fair Value	$9.36	$9.79	$10.23
Upside / Downside	-24.19%	-20.70%	-17.09%

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Aier Eye Hospital Group Co., Ltd. (300015.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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