DDM Analysis: 688639.SS

Valuation Snapshot

Stable Growth	$25.76 - $148.38	$48.13
Multi-Stage	$14.94 - $16.35	$15.63
Blended Fair Value	$31.88
Current Price	$33.70
Upside	-5.39%
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	19.71%	24.74%	0.73	0.43	0.24	0.15	0.01	0.30	0.02	0.13	0.03	0.14
YoY Growth	-	-	68.44%	80.69%	60.45%	1,214.76%	-96.17%	1,509.63%	-85.38%	290.00%	-77.04%	76.05%
Dividend Yield	-	-	2.47%	0.57%	0.30%	0.30%	0.07%	1.77%	0.00%	0.00%	0.19%	0.84%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	187.25
(-) Cash Dividends Paid (M)	35.40
(=) Cash Retained (M)	151.85

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	37.45	23.41	14.04
Cash Retained (M)	151.85	151.85	151.85
(-) Cash Required (M)	-37.45	-23.41	-14.04
(=) Excess Retained (M)	114.40	128.44	137.80
(/) Shares Outstanding (M)	250.97	250.97	250.97
(=) Excess Retained per Share	0.46	0.51	0.55
LTM Dividend per Share	0.14	0.14	0.14
(+) Excess Retained per Share	0.46	0.51	0.55
(=) Adjusted Dividend	0.60	0.65	0.69
WACC / Discount Rate	7.94%	7.94%	7.94%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$25.76	$48.13	$148.38
Upside / Downside	-23.56%	42.83%	340.29%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	187.25	199.42	212.38	226.18	240.89	256.54	264.24
Payout Ratio	18.91%	33.13%	47.34%	61.56%	75.78%	90.00%	92.50%
Projected Dividends (M)	35.40	66.06	100.55	139.24	182.55	230.89	244.42

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.94%	7.94%	7.94%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	60.62	61.20	61.77
Year 2 PV (M)	84.68	86.29	87.92
Year 3 PV (M)	107.62	110.71	113.86
Year 4 PV (M)	129.47	134.45	139.58
Year 5 PV (M)	150.29	157.54	165.08
PV of Terminal Value (M)	3,217.64	3,373.06	3,534.42
Equity Value (M)	3,750.32	3,923.25	4,102.62
Shares Outstanding (M)	250.97	250.97	250.97
Fair Value	$14.94	$15.63	$16.35
Upside / Downside	-55.66%	-53.61%	-51.49%

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Anhui Huaheng Biotechnology Co., Ltd. (688639.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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