DDM Analysis: 600186.SS

Valuation Snapshot

Stable Growth	$2.07 - $3.49	$2.69
Multi-Stage	$2.52 - $2.76	$2.64
Blended Fair Value	$2.66
Current Price	$5.81
Upside	-54.15%
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	7.64%	3.87%	0.02	0.00	0.00	0.01	0.01	0.01	0.01	0.01	0.00	0.00
YoY Growth	-	-	6,411.87%	-91.25%	-74.72%	-3.68%	4.14%	100.64%	-27.91%	2,393.93%	-92.38%	-63.19%
Dividend Yield	-	-	0.28%	0.01%	0.11%	0.46%	0.45%	0.38%	0.35%	0.44%	0.01%	0.10%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	290.25
(-) Cash Dividends Paid (M)	27.38
(=) Cash Retained (M)	262.87

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	58.05	36.28	21.77
Cash Retained (M)	262.87	262.87	262.87
(-) Cash Required (M)	-58.05	-36.28	-21.77
(=) Excess Retained (M)	204.82	226.59	241.10
(/) Shares Outstanding (M)	1,703.17	1,703.17	1,703.17
(=) Excess Retained per Share	0.12	0.13	0.14
LTM Dividend per Share	0.02	0.02	0.02
(+) Excess Retained per Share	0.12	0.13	0.14
(=) Adjusted Dividend	0.14	0.15	0.16
WACC / Discount Rate	8.57%	8.57%	8.57%
Growth Rate	1.87%	2.87%	3.87%
Fair Value	$2.07	$2.69	$3.49
Upside / Downside	-64.31%	-53.66%	-40.01%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	290.25	298.57	307.14	315.95	325.01	334.33	344.36
Payout Ratio	9.43%	25.55%	41.66%	57.77%	73.89%	90.00%	92.50%
Projected Dividends (M)	27.38	76.28	127.95	182.53	240.14	300.90	318.53

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.57%	8.57%	8.57%
Growth Rate	1.87%	2.87%	3.87%
Year 1 PV (M)	69.57	70.26	70.94
Year 2 PV (M)	106.46	108.56	110.68
Year 3 PV (M)	138.53	142.65	146.85
Year 4 PV (M)	166.23	172.86	179.68
Year 5 PV (M)	189.99	199.50	209.39
PV of Terminal Value (M)	3,613.41	3,794.29	3,982.33
Equity Value (M)	4,284.19	4,488.10	4,699.86
Shares Outstanding (M)	1,703.17	1,703.17	1,703.17
Fair Value	$2.52	$2.64	$2.76
Upside / Downside	-56.71%	-54.64%	-52.50%

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Lotus Health Group Company (600186.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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