DDM Analysis: 0383.HK

Valuation Snapshot

Stable Growth	$0.88 - $1.81	$1.23
Multi-Stage	$0.91 - $1.00	$0.95
Blended Fair Value	$1.09
Current Price	$0.81
Upside	34.91%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2019	2018	2017	2016
DPS	0.00%	-14.66%	0.01	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
YoY Growth	-	-	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-100.00%
Dividend Yield	-	-	1.37%	0.00%	0.00%	0.00%	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)	53.80
(-) Cash Dividends Paid (M)	32.52
(=) Cash Retained (M)	21.28

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	10.76	6.73	4.04
Cash Retained (M)	21.28	21.28	21.28
(-) Cash Required (M)	-10.76	-6.73	-4.04
(=) Excess Retained (M)	10.52	14.55	17.24
(/) Shares Outstanding (M)	1,085.49	1,085.49	1,085.49
(=) Excess Retained per Share	0.01	0.01	0.02
LTM Dividend per Share	0.03	0.03	0.03
(+) Excess Retained per Share	0.01	0.01	0.02
(=) Adjusted Dividend	0.04	0.04	0.05
WACC / Discount Rate	8.09%	8.09%	8.09%
Growth Rate	3.42%	4.42%	5.42%
Fair Value	$0.88	$1.23	$1.81
Upside / Downside	8.27%	52.09%	122.98%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	53.80	56.18	58.66	61.25	63.96	66.79	68.79
Payout Ratio	60.45%	66.36%	72.27%	78.18%	84.09%	90.00%	92.50%
Projected Dividends (M)	32.52	37.28	42.39	47.89	53.78	60.11	63.63

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.09%	8.09%	8.09%
Growth Rate	3.42%	4.42%	5.42%
Year 1 PV (M)	34.16	34.49	34.82
Year 2 PV (M)	35.59	36.28	36.98
Year 3 PV (M)	36.84	37.92	39.02
Year 4 PV (M)	37.91	39.39	40.93
Year 5 PV (M)	38.82	40.73	42.72
PV of Terminal Value (M)	806.56	846.32	887.63
Equity Value (M)	989.87	1,035.13	1,082.09
Shares Outstanding (M)	1,085.49	1,085.49	1,085.49
Fair Value	$0.91	$0.95	$1.00
Upside / Downside	12.58%	17.73%	23.07%

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Financial Statements

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Ticker

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Sector

Tian An Medicare Limited (0383.HK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener