DDM Analysis: 600645.SS

Valuation Snapshot

Stable Growth	$1.06 - $1.51	$1.28
Multi-Stage	$1.54 - $1.70	$1.62
Blended Fair Value	$1.45
Current Price	$24.72
Upside	-94.14%
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	-44.61%	0.00%	0.00	0.00	0.00	0.00	0.01	0.02	0.03	0.03	0.02	0.00
YoY Growth	-	-	-35.55%	-27.71%	-21.03%	-60.03%	-64.55%	-2.78%	0.40%	35.93%	0.00%	0.00%
Dividend Yield	-	-	0.01%	0.01%	0.02%	0.01%	0.05%	0.13%	0.11%	0.10%	0.07%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	74.75
(-) Cash Dividends Paid (M)	0.12
(=) Cash Retained (M)	74.63

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	14.95	9.34	5.61
Cash Retained (M)	74.63	74.63	74.63
(-) Cash Required (M)	-14.95	-9.34	-5.61
(=) Excess Retained (M)	59.68	65.29	69.02
(/) Shares Outstanding (M)	462.98	462.98	462.98
(=) Excess Retained per Share	0.13	0.14	0.15
LTM Dividend per Share	0.00	0.00	0.00
(+) Excess Retained per Share	0.13	0.14	0.15
(=) Adjusted Dividend	0.13	0.14	0.15
WACC / Discount Rate	9.92%	9.92%	9.92%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$1.06	$1.28	$1.51
Upside / Downside	-95.71%	-94.82%	-93.91%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	74.75	74.00	73.26	72.53	71.80	71.08	73.22
Payout Ratio	0.16%	18.12%	36.09%	54.06%	72.03%	90.00%	92.50%
Projected Dividends (M)	0.12	13.41	26.44	39.21	51.72	63.97	67.72

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.92%	9.92%	9.92%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	12.08	12.20	12.32
Year 2 PV (M)	21.44	21.88	22.33
Year 3 PV (M)	28.64	29.52	30.42
Year 4 PV (M)	34.02	35.43	36.88
Year 5 PV (M)	37.89	39.86	41.92
PV of Terminal Value (M)	579.50	609.68	641.10
Equity Value (M)	713.56	748.57	784.97
Shares Outstanding (M)	462.98	462.98	462.98
Fair Value	$1.54	$1.62	$1.70
Upside / Downside	-93.77%	-93.46%	-93.14%

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Vcanbio Cell & Gene Engineering Corp., Ltd (600645.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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