DDM Analysis: 1066.HK

Valuation Snapshot

Stable Growth	$16.12 - $35.29	$23.15
Multi-Stage	$18.65 - $20.43	$19.52
Blended Fair Value	$21.33
Current Price	$5.57
Upside	283.02%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	4.12%	12.11%	0.19	0.16	0.16	0.14	0.15	0.16	0.05	0.12	0.06	0.07
YoY Growth	-	-	18.83%	-1.21%	13.52%	-6.85%	-1.42%	226.49%	-61.48%	124.00%	-23.77%	19.35%
Dividend Yield	-	-	4.44%	2.40%	1.44%	1.81%	1.04%	2.70%	0.84%	2.30%	1.19%	1.63%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	3,879.12
(-) Cash Dividends Paid (M)	1,603.22
(=) Cash Retained (M)	2,275.90

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	775.82	484.89	290.93
Cash Retained (M)	2,275.90	2,275.90	2,275.90
(-) Cash Required (M)	-775.82	-484.89	-290.93
(=) Excess Retained (M)	1,500.08	1,791.01	1,984.97
(/) Shares Outstanding (M)	4,564.33	4,564.33	4,564.33
(=) Excess Retained per Share	0.33	0.39	0.43
LTM Dividend per Share	0.35	0.35	0.35
(+) Excess Retained per Share	0.33	0.39	0.43
(=) Adjusted Dividend	0.68	0.74	0.79
WACC / Discount Rate	7.11%	7.11%	7.11%
Growth Rate	2.78%	3.78%	4.78%
Fair Value	$16.12	$23.15	$35.29
Upside / Downside	189.45%	315.54%	533.52%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	3,879.12	4,025.60	4,177.62	4,335.37	4,499.08	4,668.97	4,809.04
Payout Ratio	41.33%	51.06%	60.80%	70.53%	80.27%	90.00%	92.50%
Projected Dividends (M)	1,603.22	2,055.62	2,539.89	3,057.81	3,611.22	4,202.07	4,448.36

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.11%	7.11%	7.11%
Growth Rate	2.78%	3.78%	4.78%
Year 1 PV (M)	1,900.66	1,919.16	1,937.65
Year 2 PV (M)	2,171.41	2,213.87	2,256.74
Year 3 PV (M)	2,417.13	2,488.38	2,561.01
Year 4 PV (M)	2,639.41	2,743.65	2,850.94
Year 5 PV (M)	2,839.75	2,980.61	3,127.02
PV of Terminal Value (M)	73,136.57	76,764.54	80,535.08
Equity Value (M)	85,104.94	89,110.21	93,268.43
Shares Outstanding (M)	4,564.33	4,564.33	4,564.33
Fair Value	$18.65	$19.52	$20.43
Upside / Downside	234.75%	250.51%	266.86%

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Shandong Weigao Group Medical Polymer Company Limited (1066.HK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener