DDM Analysis: 603739.SS

Valuation Snapshot

Stable Growth	$9.34 - $31.11	$15.23
Multi-Stage	$6.25 - $6.81	$6.52
Blended Fair Value	$10.88
Current Price	$13.69
Upside	-20.54%
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	12.29%	0.61%	0.23	0.16	0.22	0.15	0.13	0.13	0.26	0.25	0.22	0.11
YoY Growth	-	-	38.88%	-24.63%	39.64%	16.08%	5.23%	-50.39%	2.97%	12.29%	94.41%	-46.63%
Dividend Yield	-	-	1.78%	1.45%	1.48%	0.89%	0.81%	0.79%	1.10%	2.37%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	83.57
(-) Cash Dividends Paid (M)	47.77
(=) Cash Retained (M)	35.80

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	16.71	10.45	6.27
Cash Retained (M)	35.80	35.80	35.80
(-) Cash Required (M)	-16.71	-10.45	-6.27
(=) Excess Retained (M)	19.08	25.35	29.53
(/) Shares Outstanding (M)	244.21	244.21	244.21
(=) Excess Retained per Share	0.08	0.10	0.12
LTM Dividend per Share	0.20	0.20	0.20
(+) Excess Retained per Share	0.08	0.10	0.12
(=) Adjusted Dividend	0.27	0.30	0.32
WACC / Discount Rate	8.59%	8.59%	8.59%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$9.34	$15.23	$31.11
Upside / Downside	-31.81%	11.26%	127.28%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	83.57	89.00	94.79	100.95	107.51	114.50	117.93
Payout Ratio	57.16%	63.73%	70.30%	76.87%	83.43%	90.00%	92.50%
Projected Dividends (M)	47.77	56.72	66.63	77.59	89.70	103.05	109.09

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.59%	8.59%	8.59%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	51.74	52.23	52.72
Year 2 PV (M)	55.45	56.50	57.57
Year 3 PV (M)	58.90	60.59	62.32
Year 4 PV (M)	62.11	64.50	66.96
Year 5 PV (M)	65.09	68.24	71.50
PV of Terminal Value (M)	1,231.90	1,291.40	1,353.18
Equity Value (M)	1,525.19	1,593.47	1,664.24
Shares Outstanding (M)	244.21	244.21	244.21
Fair Value	$6.25	$6.52	$6.81
Upside / Downside	-54.38%	-52.34%	-50.22%

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Qingdao Vland Biotech Inc. (603739.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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