DDM Analysis: 002899.SZ

Valuation Snapshot

Stable Growth	$9.66 - $20.01	$13.60
Multi-Stage	$9.22 - $10.09	$9.65
Blended Fair Value	$11.62
Current Price	$22.88
Upside	-49.21%
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	30.58%	-2.81%	0.30	0.27	0.19	0.10	0.00	0.08	0.06	0.06	0.11	0.12
YoY Growth	-	-	8.34%	47.05%	93.34%	66,120.84%	-99.81%	21.74%	-0.02%	-43.34%	-5.06%	-69.74%
Dividend Yield	-	-	1.35%	1.88%	1.37%	0.68%	0.00%	0.62%	0.39%	0.26%	0.49%	0.52%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	72.56
(-) Cash Dividends Paid (M)	28.69
(=) Cash Retained (M)	43.87

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	14.51	9.07	5.44
Cash Retained (M)	43.87	43.87	43.87
(-) Cash Required (M)	-14.51	-9.07	-5.44
(=) Excess Retained (M)	29.36	34.80	38.43
(/) Shares Outstanding (M)	134.52	134.52	134.52
(=) Excess Retained per Share	0.22	0.26	0.29
LTM Dividend per Share	0.21	0.21	0.21
(+) Excess Retained per Share	0.22	0.26	0.29
(=) Adjusted Dividend	0.43	0.47	0.50
WACC / Discount Rate	8.44%	8.44%	8.44%
Growth Rate	3.80%	4.80%	5.80%
Fair Value	$9.66	$13.60	$20.01
Upside / Downside	-57.79%	-40.58%	-12.55%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	72.56	76.04	79.69	83.52	87.54	91.74	94.49
Payout Ratio	39.54%	49.63%	59.72%	69.82%	79.91%	90.00%	92.50%
Projected Dividends (M)	28.69	37.74	47.60	58.31	69.95	82.57	87.41

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.44%	8.44%	8.44%
Growth Rate	3.80%	4.80%	5.80%
Year 1 PV (M)	34.47	34.80	35.13
Year 2 PV (M)	39.71	40.47	41.25
Year 3 PV (M)	44.43	45.73	47.05
Year 4 PV (M)	48.68	50.58	52.54
Year 5 PV (M)	52.48	55.06	57.73
PV of Terminal Value (M)	1,020.80	1,070.93	1,123.00
Equity Value (M)	1,240.56	1,297.57	1,356.71
Shares Outstanding (M)	134.52	134.52	134.52
Fair Value	$9.22	$9.65	$10.09
Upside / Downside	-59.69%	-57.84%	-55.92%

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Impulse (Qingdao) Health Tech Co.,Ltd. (002899.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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