DDM Analysis: 603718.SS

Valuation Snapshot

Stable Growth	$1.83 - $2.57	$2.20
Multi-Stage	$2.70 - $2.97	$2.84
Blended Fair Value	$2.52
Current Price	$6.80
Upside	-63.00%
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	22.83%	-6.45%	0.04	0.06	0.00	0.01	0.01	0.01	0.07	0.06	0.06	0.24
YoY Growth	-	-	-43.07%	5,441.07%	-77.06%	-22.85%	-49.92%	-80.61%	11.65%	0.07%	-74.11%	227.45%
Dividend Yield	-	-	0.54%	0.70%	0.01%	0.04%	0.04%	0.09%	0.52%	0.59%	0.38%	1.39%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	171.34
(-) Cash Dividends Paid (M)	1.24
(=) Cash Retained (M)	170.10

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	34.27	21.42	12.85
Cash Retained (M)	170.10	170.10	170.10
(-) Cash Required (M)	-34.27	-21.42	-12.85
(=) Excess Retained (M)	135.83	148.68	157.25
(/) Shares Outstanding (M)	585.22	585.22	585.22
(=) Excess Retained per Share	0.23	0.25	0.27
LTM Dividend per Share	0.00	0.00	0.00
(+) Excess Retained per Share	0.23	0.25	0.27
(=) Adjusted Dividend	0.23	0.26	0.27
WACC / Discount Rate	9.99%	9.99%	9.99%
Growth Rate	-2.51%	-1.51%	-0.51%
Fair Value	$1.83	$2.20	$2.57
Upside / Downside	-73.12%	-67.71%	-62.23%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	171.34	168.76	166.22	163.71	161.25	158.82	163.59
Payout Ratio	0.72%	18.58%	36.43%	54.29%	72.14%	90.00%	92.50%
Projected Dividends (M)	1.24	31.35	60.56	88.88	116.33	142.94	151.32

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.99%	9.99%	9.99%
Growth Rate	-2.51%	-1.51%	-0.51%
Year 1 PV (M)	28.22	28.51	28.80
Year 2 PV (M)	49.05	50.06	51.08
Year 3 PV (M)	64.79	66.80	68.86
Year 4 PV (M)	76.32	79.50	82.78
Year 5 PV (M)	84.40	88.81	93.42
PV of Terminal Value (M)	1,279.00	1,345.95	1,415.68
Equity Value (M)	1,581.77	1,659.63	1,740.61
Shares Outstanding (M)	585.22	585.22	585.22
Fair Value	$2.70	$2.84	$2.97
Upside / Downside	-60.25%	-58.30%	-56.26%

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Shanghai Hile Bio-Technology Co., Ltd. (603718.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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