DDM Analysis: 300015.SZ

Valuation Snapshot

Stable Growth	$15.10 - $69.10	$34.37
Multi-Stage	$8.01 - $8.76	$8.38
Blended Fair Value	$21.37
Current Price	$12.34
Upside	73.20%
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	7.44%	7.44%	7.44%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$15.10	$34.37	$69.10
Upside / Downside	22.36%	178.50%	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	7.44%	7.44%	7.44%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	1,828.26	1,845.59	1,862.92
Year 2 PV (M)	2,044.74	2,083.69	2,123.00
Year 3 PV (M)	2,252.80	2,317.47	2,383.37
Year 4 PV (M)	2,452.67	2,546.99	2,644.01
Year 5 PV (M)	2,644.58	2,772.31	2,904.94
PV of Terminal Value (M)	63,023.50	66,067.56	69,228.12
Equity Value (M)	74,246.56	77,633.62	81,146.36
Shares Outstanding (M)	9,264.74	9,264.74	9,264.74
Fair Value	$8.01	$8.38	$8.76
Upside / Downside	-35.06%	-32.10%	-29.02%

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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

High-Yield Dividend Screener