DDM Analysis: 002252.SZ

Valuation Snapshot

Stable Growth	$5.18 - $11.02	$7.36
Multi-Stage	$3.69 - $4.04	$3.86
Blended Fair Value	$5.61
Current Price	$6.69
Upside	-16.09%
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	207.68%	18.51%	0.07	0.03	0.03	0.03	0.01	0.00	0.03	0.03	0.03	0.02
YoY Growth	-	-	117.51%	7.14%	11.98%	148.67%	4,149.28%	-99.04%	-23.74%	26.69%	9.98%	94.72%
Dividend Yield	-	-	0.97%	0.43%	0.44%	0.42%	0.14%	0.00%	0.25%	0.17%	0.13%	0.11%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,826.23
(-) Cash Dividends Paid (M)	18.35
(=) Cash Retained (M)	1,807.88

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	365.25	228.28	136.97
Cash Retained (M)	1,807.88	1,807.88	1,807.88
(-) Cash Required (M)	-365.25	-228.28	-136.97
(=) Excess Retained (M)	1,442.64	1,579.60	1,670.91
(/) Shares Outstanding (M)	6,636.44	6,636.44	6,636.44
(=) Excess Retained per Share	0.22	0.24	0.25
LTM Dividend per Share	0.00	0.00	0.00
(+) Excess Retained per Share	0.22	0.24	0.25
(=) Adjusted Dividend	0.22	0.24	0.25
WACC / Discount Rate	9.98%	9.98%	9.98%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$5.18	$7.36	$11.02
Upside / Downside	-22.55%	10.08%	64.78%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,826.23	1,944.93	2,071.35	2,205.99	2,349.38	2,502.09	2,577.15
Payout Ratio	1.00%	18.80%	36.60%	54.40%	72.20%	90.00%	92.50%
Projected Dividends (M)	18.35	365.72	758.17	1,200.10	1,696.27	2,251.88	2,383.86

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.98%	9.98%	9.98%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	329.40	332.52	335.65
Year 2 PV (M)	615.07	626.79	638.62
Year 3 PV (M)	876.91	902.09	927.74
Year 4 PV (M)	1,116.39	1,159.32	1,203.48
Year 5 PV (M)	1,334.89	1,399.37	1,466.31
PV of Terminal Value (M)	20,238.92	21,216.47	22,231.43
Equity Value (M)	24,511.59	25,636.56	26,803.22
Shares Outstanding (M)	6,636.44	6,636.44	6,636.44
Fair Value	$3.69	$3.86	$4.04
Upside / Downside	-44.79%	-42.26%	-39.63%

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Financial Statements

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Shanghai RAAS Blood Products Co., Ltd. (002252.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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