DDM Analysis: 688468.SS

Valuation Snapshot

Stable Growth	$1.26 - $1.89	$1.56
Multi-Stage	$2.62 - $2.87	$2.74
Blended Fair Value	$2.15
Current Price	$7.72
Upside	-72.12%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017
DPS	5.07%	0.00%	0.14	0.37	0.18	0.00	0.29	0.11	0.00	0.00	0.00	0.00
YoY Growth	-	-	-61.71%	104.12%	0.00%	-100.00%	157.17%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	1.92%	4.95%	1.43%	0.00%	1.15%	0.45%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	56.49
(-) Cash Dividends Paid (M)	56.15
(=) Cash Retained (M)	0.33

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	11.30	7.06	4.24
Cash Retained (M)	0.33	0.33	0.33
(-) Cash Required (M)	-11.30	-7.06	-4.24
(=) Excess Retained (M)	-10.96	-6.73	-3.90
(/) Shares Outstanding (M)	373.19	373.19	373.19
(=) Excess Retained per Share	-0.03	-0.02	-0.01
LTM Dividend per Share	0.15	0.15	0.15
(+) Excess Retained per Share	-0.03	-0.02	-0.01
(=) Adjusted Dividend	0.12	0.13	0.14
WACC / Discount Rate	7.40%	7.40%	7.40%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$1.26	$1.56	$1.89
Upside / Downside	-83.64%	-79.78%	-75.49%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	56.49	55.92	55.36	54.81	54.26	53.72	55.33
Payout Ratio	99.41%	97.53%	95.64%	93.76%	91.88%	90.00%	92.50%
Projected Dividends (M)	56.15	54.54	52.95	51.39	49.86	48.35	51.18

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.40%	7.40%	7.40%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	50.27	50.78	51.29
Year 2 PV (M)	44.98	45.91	46.84
Year 3 PV (M)	40.24	41.48	42.75
Year 4 PV (M)	35.98	37.47	39.01
Year 5 PV (M)	32.16	33.84	35.58
PV of Terminal Value (M)	774.05	814.36	856.33
Equity Value (M)	977.69	1,023.84	1,071.81
Shares Outstanding (M)	373.19	373.19	373.19
Fair Value	$2.62	$2.74	$2.87
Upside / Downside	-66.06%	-64.46%	-62.80%

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Chemclin Diagnostics Co., Ltd. (688468.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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