DDM Analysis: 300298.SZ

Valuation Snapshot

Stable Growth	$12.31 - $33.90	$19.04
Multi-Stage	$8.56 - $9.34	$8.94
Blended Fair Value	$13.99
Current Price	$19.93
Upside	-29.81%
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	-5.18%	7.19%	0.24	0.26	0.29	0.24	0.32	0.31	0.26	0.22	0.16	0.12
YoY Growth	-	-	-9.10%	-9.87%	22.24%	-25.86%	3.23%	21.39%	16.73%	34.29%	32.51%	3.63%
Dividend Yield	-	-	1.00%	1.24%	0.91%	1.28%	1.04%	2.10%	1.90%	1.09%	1.28%	0.85%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	281.95
(-) Cash Dividends Paid (M)	133.13
(=) Cash Retained (M)	148.82

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	56.39	35.24	21.15
Cash Retained (M)	148.82	148.82	148.82
(-) Cash Required (M)	-56.39	-35.24	-21.15
(=) Excess Retained (M)	92.43	113.58	127.68
(/) Shares Outstanding (M)	553.08	553.08	553.08
(=) Excess Retained per Share	0.17	0.21	0.23
LTM Dividend per Share	0.24	0.24	0.24
(+) Excess Retained per Share	0.17	0.21	0.23
(=) Adjusted Dividend	0.41	0.45	0.47
WACC / Discount Rate	9.00%	9.00%	9.00%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$12.31	$19.04	$33.90
Upside / Downside	-38.23%	-4.47%	70.10%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	281.95	300.28	319.80	340.58	362.72	386.30	397.89
Payout Ratio	47.22%	55.77%	64.33%	72.89%	81.44%	90.00%	92.50%
Projected Dividends (M)	133.13	167.48	205.73	248.24	295.41	347.67	368.05

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.00%	9.00%	9.00%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	152.21	153.65	155.10
Year 2 PV (M)	169.93	173.17	176.44
Year 3 PV (M)	186.36	191.71	197.16
Year 4 PV (M)	201.56	209.31	217.29
Year 5 PV (M)	215.60	226.01	236.82
PV of Terminal Value (M)	3,806.90	3,990.78	4,181.69
Equity Value (M)	4,732.57	4,944.64	5,164.50
Shares Outstanding (M)	553.08	553.08	553.08
Fair Value	$8.56	$8.94	$9.34
Upside / Downside	-57.07%	-55.14%	-53.15%

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Sinocare Inc. (300298.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener