DDM Analysis: 002223.SZ

Valuation Snapshot

Stable Growth	$91.48 - $347.14	$266.48
Multi-Stage	$43.54 - $47.61	$45.54
Blended Fair Value	$156.01
Current Price	$39.01
Upside	299.92%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	50.37%	36.85%	1.23	0.66	0.35	0.32	0.42	0.16	0.16	0.27	0.24	0.01
YoY Growth	-	-	85.36%	88.30%	10.02%	-23.20%	160.68%	2.21%	-42.68%	13.05%	2,228.46%	-80.58%
Dividend Yield	-	-	3.52%	1.94%	1.11%	1.15%	1.59%	0.44%	0.59%	1.11%	1.13%	0.05%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,740.15
(-) Cash Dividends Paid (M)	807.77
(=) Cash Retained (M)	932.38

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	348.03	217.52	130.51
Cash Retained (M)	932.38	932.38	932.38
(-) Cash Required (M)	-348.03	-217.52	-130.51
(=) Excess Retained (M)	584.35	714.86	801.87
(/) Shares Outstanding (M)	996.92	996.92	996.92
(=) Excess Retained per Share	0.59	0.72	0.80
LTM Dividend per Share	0.81	0.81	0.81
(+) Excess Retained per Share	0.59	0.72	0.80
(=) Adjusted Dividend	1.40	1.53	1.61
WACC / Discount Rate	7.11%	7.11%	7.11%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$91.48	$266.48	$347.14
Upside / Downside	134.51%	583.10%	789.88%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,740.15	1,853.26	1,973.72	2,102.01	2,238.65	2,384.16	2,455.68
Payout Ratio	46.42%	55.14%	63.85%	72.57%	81.28%	90.00%	92.50%
Projected Dividends (M)	807.77	1,021.81	1,260.26	1,525.39	1,819.66	2,145.74	2,271.51

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.11%	7.11%	7.11%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	945.02	953.98	962.93
Year 2 PV (M)	1,077.96	1,098.49	1,119.21
Year 3 PV (M)	1,206.68	1,241.32	1,276.62
Year 4 PV (M)	1,331.30	1,382.49	1,435.15
Year 5 PV (M)	1,451.89	1,522.02	1,594.83
PV of Terminal Value (M)	37,392.51	39,198.58	41,073.77
Equity Value (M)	43,405.35	45,396.88	47,462.52
Shares Outstanding (M)	996.92	996.92	996.92
Fair Value	$43.54	$45.54	$47.61
Upside / Downside	11.61%	16.73%	22.04%

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Jiangsu Yuyue Medical Equipment & Supply Co., Ltd. (002223.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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