DDM Analysis: 688606.SS

Valuation Snapshot

Stable Growth	$26.10 - $37.59	$31.71
Multi-Stage	$45.41 - $49.70	$47.52
Blended Fair Value	$39.61
Current Price	$68.95
Upside	-42.55%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	0.00%	0.00%	2.91	6.61	2.69	1.35	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	-55.99%	145.20%	100.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Dividend Yield	-	-	3.97%	11.55%	3.79%	1.20%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	294.76
(-) Cash Dividends Paid (M)	233.17
(=) Cash Retained (M)	61.58

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	58.95	36.84	22.11
Cash Retained (M)	61.58	61.58	61.58
(-) Cash Required (M)	-58.95	-36.84	-22.11
(=) Excess Retained (M)	2.63	24.74	39.48
(/) Shares Outstanding (M)	80.01	80.01	80.01
(=) Excess Retained per Share	0.03	0.31	0.49
LTM Dividend per Share	2.91	2.91	2.91
(+) Excess Retained per Share	0.03	0.31	0.49
(=) Adjusted Dividend	2.95	3.22	3.41
WACC / Discount Rate	9.06%	9.06%	9.06%
Growth Rate	-2.00%	-1.00%	0.00%
Fair Value	$26.10	$31.71	$37.59
Upside / Downside	-62.14%	-54.01%	-45.48%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	294.76	291.81	288.89	286.00	283.14	280.31	288.72
Payout Ratio	79.11%	81.29%	83.46%	85.64%	87.82%	90.00%	92.50%
Projected Dividends (M)	233.17	237.20	241.12	244.94	248.66	252.28	267.06

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.06%	9.06%	9.06%
Growth Rate	-2.00%	-1.00%	0.00%
Year 1 PV (M)	215.29	217.48	219.68
Year 2 PV (M)	198.63	202.70	206.82
Year 3 PV (M)	183.14	188.80	194.58
Year 4 PV (M)	168.74	175.74	182.95
Year 5 PV (M)	155.38	163.48	171.90
PV of Terminal Value (M)	2,712.17	2,853.40	3,000.45
Equity Value (M)	3,633.35	3,801.60	3,976.37
Shares Outstanding (M)	80.01	80.01	80.01
Fair Value	$45.41	$47.52	$49.70
Upside / Downside	-34.14%	-31.09%	-27.92%

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Financial Statements

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Sector

Hangzhou Alltest Biotech Co., Ltd. (688606.SS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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