DDM Analysis: 002432.SZ

Valuation Snapshot

Stable Growth	$120.54 - $411.10	$197.83
Multi-Stage	$76.17 - $83.33	$79.69
Blended Fair Value	$138.76
Current Price	$38.79
Upside	257.72%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	85.48%	48.44%	0.44	2.74	0.74	0.08	0.02	0.02	0.01	0.03	0.01	0.02
YoY Growth	-	-	-83.93%	268.50%	778.04%	449.54%	-23.15%	37.71%	-42.44%	143.36%	-53.88%	165.96%
Dividend Yield	-	-	1.05%	6.28%	1.68%	0.11%	0.19%	0.22%	0.19%	0.28%	0.07%	0.12%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	1,889.15
(-) Cash Dividends Paid (M)	153.49
(=) Cash Retained (M)	1,735.66

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	377.83	236.14	141.69
Cash Retained (M)	1,735.66	1,735.66	1,735.66
(-) Cash Required (M)	-377.83	-236.14	-141.69
(=) Excess Retained (M)	1,357.83	1,499.52	1,593.97
(/) Shares Outstanding (M)	432.91	432.91	432.91
(=) Excess Retained per Share	3.14	3.46	3.68
LTM Dividend per Share	0.35	0.35	0.35
(+) Excess Retained per Share	3.14	3.46	3.68
(=) Adjusted Dividend	3.49	3.82	4.04
WACC / Discount Rate	8.56%	8.56%	8.56%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$120.54	$197.83	$411.10
Upside / Downside	210.75%	410.01%	959.80%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	1,889.15	2,011.95	2,142.72	2,282.00	2,430.33	2,588.30	2,665.95
Payout Ratio	8.12%	24.50%	40.87%	57.25%	73.62%	90.00%	92.50%
Projected Dividends (M)	153.49	492.92	875.84	1,306.44	1,789.33	2,329.47	2,466.00

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.56%	8.56%	8.56%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	449.81	454.07	458.34
Year 2 PV (M)	729.33	743.22	757.24
Year 3 PV (M)	992.76	1,021.25	1,050.29
Year 4 PV (M)	1,240.78	1,288.49	1,337.57
Year 5 PV (M)	1,474.05	1,545.24	1,619.17
PV of Terminal Value (M)	28,087.98	29,444.64	30,853.22
Equity Value (M)	32,974.70	34,496.92	36,075.83
Shares Outstanding (M)	432.91	432.91	432.91
Fair Value	$76.17	$79.69	$83.33
Upside / Downside	96.37%	105.43%	114.83%

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Andon Health Co., Ltd. (002432.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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