DDM Analysis: 688526.SS

Valuation Snapshot

Stable Growth	$32.57 - $184.78	$59.55
Multi-Stage	$19.63 - $21.45	$20.52
Blended Fair Value	$40.04
Current Price	$17.72
Upside	125.95%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	18.99%	0.00%	0.43	0.21	0.20	0.29	0.00	0.18	0.26	0.10	0.06	0.00
YoY Growth	-	-	110.72%	3.86%	-31.67%	36,981.60%	-99.57%	-29.87%	158.82%	57.36%	0.00%	0.00%
Dividend Yield	-	-	2.77%	1.10%	0.73%	1.15%	0.00%	0.58%	0.82%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	459.54
(-) Cash Dividends Paid (M)	199.78
(=) Cash Retained (M)	259.76

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	91.91	57.44	34.47
Cash Retained (M)	259.76	259.76	259.76
(-) Cash Required (M)	-91.91	-57.44	-34.47
(=) Excess Retained (M)	167.85	202.31	225.29
(/) Shares Outstanding (M)	471.79	471.79	471.79
(=) Excess Retained per Share	0.36	0.43	0.48
LTM Dividend per Share	0.42	0.42	0.42
(+) Excess Retained per Share	0.36	0.43	0.48
(=) Adjusted Dividend	0.78	0.85	0.90
WACC / Discount Rate	8.02%	8.02%	8.02%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$32.57	$59.55	$184.78
Upside / Downside	83.80%	236.07%	942.77%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	459.54	489.41	521.22	555.10	591.18	629.61	648.50
Payout Ratio	43.47%	52.78%	62.08%	71.39%	80.69%	90.00%	92.50%
Projected Dividends (M)	199.78	258.31	323.60	396.29	477.06	566.65	599.86

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.02%	8.02%	8.02%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	236.88	239.12	241.37
Year 2 PV (M)	272.13	277.31	282.54
Year 3 PV (M)	305.60	314.37	323.31
Year 4 PV (M)	337.36	350.34	363.68
Year 5 PV (M)	367.47	385.22	403.65
PV of Terminal Value (M)	7,742.77	8,116.75	8,505.04
Equity Value (M)	9,262.21	9,683.11	10,119.60
Shares Outstanding (M)	471.79	471.79	471.79
Fair Value	$19.63	$20.52	$21.45
Upside / Downside	10.79%	15.82%	21.05%

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Wuhan Keqian Biology Co.,Ltd (688526.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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