DDM Analysis: 3692.HK

Valuation Snapshot

Stable Growth	$43.24 - $152.56	$71.59
Multi-Stage	$59.55 - $65.44	$62.44
Blended Fair Value	$67.02
Current Price	$27.14
Upside	146.93%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	4.38%	0.00%	0.31	0.11	0.12	0.06	0.70	0.25	0.00	0.07	0.40	0.00
YoY Growth	-	-	184.99%	-8.44%	86.99%	-90.93%	180.00%	0.00%	-100.00%	-82.94%	0.00%	0.00%
Dividend Yield	-	-	1.91%	0.76%	0.91%	0.41%	2.22%	1.08%	0.00%	0.42%	2.27%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	9,495.41
(-) Cash Dividends Paid (M)	2,510.43
(=) Cash Retained (M)	6,984.98

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,899.08	1,186.93	712.16
Cash Retained (M)	6,984.98	6,984.98	6,984.98
(-) Cash Required (M)	-1,899.08	-1,186.93	-712.16
(=) Excess Retained (M)	5,085.90	5,798.05	6,272.82
(/) Shares Outstanding (M)	5,988.04	5,988.04	5,988.04
(=) Excess Retained per Share	0.85	0.97	1.05
LTM Dividend per Share	0.42	0.42	0.42
(+) Excess Retained per Share	0.85	0.97	1.05
(=) Adjusted Dividend	1.27	1.39	1.47
WACC / Discount Rate	5.38%	5.38%	5.38%
Growth Rate	2.38%	3.38%	4.38%
Fair Value	$43.24	$71.59	$152.56
Upside / Downside	59.32%	163.78%	462.11%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	9,495.41	9,816.12	10,147.67	10,490.41	10,844.73	11,211.02	11,547.35
Payout Ratio	26.44%	39.15%	51.86%	64.58%	77.29%	90.00%	92.50%
Projected Dividends (M)	2,510.43	3,843.08	5,262.89	6,774.22	8,381.64	10,089.92	10,681.30

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	5.38%	5.38%	5.38%
Growth Rate	2.38%	3.38%	4.38%
Year 1 PV (M)	3,611.56	3,646.84	3,682.11
Year 2 PV (M)	4,647.88	4,739.13	4,831.26
Year 3 PV (M)	5,622.20	5,788.56	5,958.17
Year 4 PV (M)	6,537.20	6,796.38	7,063.19
Year 5 PV (M)	7,395.47	7,763.78	8,146.62
PV of Terminal Value (M)	328,789.47	345,163.94	362,184.39
Equity Value (M)	356,603.78	373,898.62	391,865.75
Shares Outstanding (M)	5,988.04	5,988.04	5,988.04
Fair Value	$59.55	$62.44	$65.44
Upside / Downside	119.43%	130.07%	141.13%

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Hansoh Pharmaceutical Group Company Limited (3692.HK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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