DDM Analysis: 0503.HK

Valuation Snapshot

Stable Growth	$0.39 - $0.56	$0.47
Multi-Stage	$0.60 - $0.66	$0.63
Blended Fair Value	$0.55
Current Price	$0.20
Upside	168.63%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013
DPS	0.00%	0.00%	0.00	0.18	0.00	0.00	0.01	0.03	0.01	0.02	0.02	0.02
YoY Growth	-	-	-100.00%	0.00%	-100.00%	-46.12%	-71.59%	126.21%	-17.80%	-26.16%	-11.06%	13.25%
Dividend Yield	-	-	0.00%	118.37%	0.00%	4.30%	7.24%	16.35%	6.07%	5.86%	6.15%	6.44%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	23.38
(-) Cash Dividends Paid (M)	0.93
(=) Cash Retained (M)	22.46

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	4.68	2.92	1.75
Cash Retained (M)	22.46	22.46	22.46
(-) Cash Required (M)	-4.68	-2.92	-1.75
(=) Excess Retained (M)	17.78	19.53	20.70
(/) Shares Outstanding (M)	419.54	419.54	419.54
(=) Excess Retained per Share	0.04	0.05	0.05
LTM Dividend per Share	0.00	0.00	0.00
(+) Excess Retained per Share	0.04	0.05	0.05
(=) Adjusted Dividend	0.04	0.05	0.05
WACC / Discount Rate	9.27%	9.27%	9.27%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$0.39	$0.47	$0.56
Upside / Downside	89.98%	130.36%	172.52%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	23.38	23.15	22.92	22.69	22.46	22.24	22.90
Payout Ratio	3.97%	21.17%	38.38%	55.59%	72.79%	90.00%	92.50%
Projected Dividends (M)	0.93	4.90	8.80	12.61	16.35	20.01	21.19

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.27%	9.27%	9.27%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	4.44	4.49	4.53
Year 2 PV (M)	7.22	7.37	7.52
Year 3 PV (M)	9.38	9.67	9.96
Year 4 PV (M)	11.01	11.47	11.94
Year 5 PV (M)	12.21	12.85	13.51
PV of Terminal Value (M)	206.23	216.97	228.15
Equity Value (M)	250.49	262.81	275.61
Shares Outstanding (M)	419.54	419.54	419.54
Fair Value	$0.60	$0.63	$0.66
Upside / Downside	192.52%	206.91%	221.86%

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Lansen Pharmaceutical Holdings Limited (0503.HK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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